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). |