Article 33 - Vacancy in Trusteeship; appointment of a new Trustee
(1) A vacancy in a trusteeship occurs if:
Person designated as Trustee rejects the trusteeship;
Person designated as Trustee cannot be identified or does not exist;
Trustee is removed;
Trustee dies; or
(F) a guardian is appointed for an individual serving as
(2) Where the
Terms of the Trust contain no provision for the appointment of a new Trustee, the Trustee for the time being may appoint a new Trustee or failing that the QFC Court may appoint a new Trustee.
(3) Subject to the
Terms of the Trust, a Trustee appointed under this Article will have the same powers, discretions and duties and may act as if it had been originally appointed a Trustee.
Trustee having power to appoint a new Trustee who fails to exercise such power may be removed from office by the QFC Court and the QFC Court may appoint a new Trustee.
(5) If one or more co-
Trustees remain in office, a vacancy in a trusteeship need not be filled.
(6) A vacancy in trusteeship must be filled if the
Trust has no remaining Trustee.
(7) Where there is no
Trustee a Trust will not fail on that account.
(8) If a new
Trustee is appointed, details of such new Trustee must be entered into the Register within five (5) days of such appointment by such new Trustee.
|Amended (as from 24th December 2017).|