Singapore legislation

Section 40

of Trustees Act 1967

Section 40

Retirement of trustee without a new appointment

(1)

Where a trustee is desirous of being discharged from the trust, and after the trustee’s discharge there will be either a trust corporation or at least 2 individuals to act as trustees to perform the trust, then —

(a)

if the trustee by deed declares that he or she is desirous of being discharged from the trust; and

(b)

if his or her co‑trustees and such other person (if any) as is empowered to appoint trustees, by deed consent to the discharge of the trustee, and to the vesting in the co‑trustees alone of the trust property,the trustee desirous of being discharged is deemed to have retired from the trust, and is, by the deed, discharged from the trust under this Act, without any new trustee being appointed in his or her place.

(2)

Any assurance or thing requisite for vesting the trust property in the continuing trustees alone must be executed or done.

Read in full context — Trustees Act 1967 →