Trustees Act 1967 · 2020 Revised Edition · Part 4 · Appointment and Discharge of Trustees
40. Retirement of trustee without a new appointment
Feedback & supportWhere 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 —
trust corporation
“trust corporation” means the Public Trustee or a corporation either appointed by the court in any particular case to be a trustee, or licensed as a trust company under the Trust Companies Act 2005;
if the trustee by deed declares that he or she is desirous of being discharged from the trust; and
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.
Any assurance or thing requisite for vesting the trust property in the continuing trustees alone must be executed or done.
property
“property” includes movable and immovable property, and any estate, share and interest in any property, movable or immovable, and any debt, and any thing in action, and any other right or interest, whether in possession or not;