Article 33 - Vacancy in Trusteeship; appointment of a new Trustee

(1) A vacancy in a trusteeship occurs if:
(A) a Person designated as Trustee rejects the trusteeship;
(B) a Person designated as Trustee cannot be identified or does not exist;
(C) a Trustee resigns;
(D) a Trustee is removed;
(E) a Trustee dies; or
(F) a guardian is appointed for an individual serving as Trustee.
(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.
(4) A 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).