Div 1Appointment of new trustees

Division 1—Appointment of new trustees 14—Power of appointing new trustees (1) Where a trustee, either original or substituted, and whether appointed by a court or otherwise, is dead or remains out of the State for more than twelve months, or desires to be discharged from all or any of the trusts or powers reposed in or conferred on him, or refuses or is unfit to act therein, or is incapable of acting therein, then the person or persons nominated for the purpose of appointing new trustees by the instrument (if any) creating the trust, or if there is no such person, or no such person able and willing to act, then the surviving or continuing trustees or trustee for the time being, or the representatives of the last surviving or continuing trustee, may, by writing, appoint a person or persons to be a trustee or trustees in the place of the trustee dead, remaining out of the State, desiring to be discharged, refusing or being unfit or being incapable, as aforesaid. (1a) The person, or any of the persons, by whom or with whose consent the appointment of a new or additional trustee is required to be made, may appoint himself or, as the case may be, consent to the appointment of himself as a new or additional trustee. (2) On the appointment of a new trustee— (a) the number of trustees may be increased; and (b) a separate set of trustees may be appointed for any part of the trust property held on trusts distinct from those relating to any other part or parts of the trust property; or, if only one trustee was originally appointed, then one separate trustee may be so appointed for the first-mentioned part; and (c) it shall not be obligatory to appoint more than one new trustee where only one trustee was originally appointed, or to fill up the original number of trustees where more than two trustees were originally appointed; but, except where only one trustee was originally appointed, a trustee shall not be discharged under this section from his trust unless there will be at least two trustees to perform the trust: Provided that the Public Trustee or a trustee company may, irrespective of the original number of trustees, be appointed as a sole new trustee and the original trustee or trustees shall thereupon be discharged from the trust. Notwithstanding any other Act it shall not be necessary to obtain the consent of the Supreme Court to an appointment of the Public Trustee under this section; and (d) any assurance or thing requisite for vesting the trust property, or any part thereof, jointly in the persons who are the trustees, or solely in the new trustee, as the case may require, shall be executed or done. (3) Every new trustee so appointed, as well before as after all the trust property becomes by law or by assurance or otherwise vested in him, shall have the same powers, authorities, and discretions, and be entitled to the same remuneration (if any), and may in all respects act as if he had been originally appointed a trustee by the instrument (if any) creating the trust. (4) The provisions of this section relative to a trustee who is dead include the case of a person nominated trustee in a will, but dying before the testator, and those relative to a continuing trustee include a refusing or retiring trustee, if willing to act in the execution of the provisions of this section. (5) This section applies only if and as far as a contrary intention is not expressed in the instrument (if any) creating the trust, and shall have effect subject to the terms of that instrument and to any provisions therein contained. (6) This section applies to trusts created either before or after the commencement of this Act. (7) Nothing in this section shall give power to appoint an executor or administrator. 14A—Appointment of separate trustees (1) Where trustees or a sole trustee or the representatives of the last surviving or continuing trustee deem it expedient that a separate set of trustees or a separate sole trustee should be appointed for any part of the trust property held on trusts distinct from those relating to any other part of the trust property, then the person or persons nominated for the purpose of appointing new trustees by the instrument (if any) creating the trust, or if there is no such person or no such person able and willing to act, then the trustees for the time being or the representatives of the last surviving or continuing trustee, may by writing appoint— (a) a separate set of trustees for any part of the trust property held on trusts distinct from those relating to any other part or parts of the trust property; or (b) if only one trustee was originally appointed, a separate sole trustee for the first mentioned part of the trust property. (2) When the appointment of a separate trustee is required to be made by, or with the consent of a person other than a trustee of the trust property, that person may appoint himself or, as the case may be, consent to the appointment of himself as a separate trustee or as one of a set of separate trustees. (2a) In subsection (2) the words beneficiary and beneficiaries mean the person or persons having a beneficial interest in the property held on distinct trusts as aforesaid. (3) Where two or more trustees were originally appointed the number of separate trustees shall be not less than two: Provided that the Public Trustee or a trustee company may in any case and irrespective of the original number of trustees be appointed as a sole separate trustee. Notwithstanding any other Act it shall not be necessary to obtain the consent of the Supreme Court to an appointment of the Public Trustee under this section. (4) On the appointment of a separate set of trustees or a separate trustee any assurance or thing requisite for vesting the trust property or any part thereof jointly in the separate trustees or solely in the separate trustee, as the case may require, shall be executed or done. (5) Every trustee appointed under this section, as well before as after the part of the trust property for which he is appointed becomes by law or by assurance or otherwise vested in him shall have in relation to that part of the trust property the same powers, authorities and discretion and may in all respects act as if he had been originally appointed trustee by the instrument, if any, creating the trust. Where the original trustee or trustees were entitled to remuneration, the remuneration of the separate trustee or trustees shall be calculated on the value of the part of the trust property for which he is or they are appointed. (6) The provisions of this section relative to a continuing trustee include a refusing or retiring trustee if willing to act in the execution of the provisions of this section. (7) This section applies only if and as far as a contrary intention is not expressed in the instrument (if any) creating the trust, and shall have effect subject to the terms of that instrument and to any provisions therein contained. (8) This section applies to trusts created either before or after the commencement of the Trustee Act Amendment Act 1941. (9) Nothing in this section shall give power to appoint an executor or administrator. 14B—Appointment of additional trustees (1) The person or persons nominated for the purpose of appointing new trustees by the instrument (if any) creating the trust, or if there is no such person, or no such person able and willing to act, then the trustees for the time being or the representatives of the last surviving or continuing trustee, may by writing appoint one or more additional trustees. (2) Every additional trustee so appointed, as well before as after all the trust property becomes by law or by assurance or otherwise vested in him, shall have the same powers authorities and discretions, and may in all respects act as if he had been originally appointed a trustee by the instrument (if any) creating the trust. (3) On the appointment of an additional trustee any assurance or thing requisite for the vesting of the trust property or any part thereof jointly in the trustees shall be executed or done. (4) This section shall apply unless the instrument (if any) creating the trust expressly provides that it shall not apply, or expressly forbids the appointment of additional trustees. (5) This section applies to trusts created either before or after the commencement of the Trustee Act Amendment Act 1942. 15—Retirement of trustees (1) Where there are more than two trustees, if one of them by deed declares that he is desirous of being discharged from the trust, and if his co-trustees and any other person who 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, then the trustee desirous of being discharged shall be deemed to have retired from the trust, and shall, by the deed, be discharged therefrom under this Act, without any new trustee being appointed in his place. (2) Any assurance or thing requisite for vesting the trust property in the continuing trustees alone shall be executed or done. (3) This section applies only if and as far as a contrary intention is not expressed in the instrument (if any) creating the trust, and shall have effect subject to the terms of that instrument and to any provisions therein contained. (4) This section applies to trusts created either before or after the commencement of this Act. 16—Vesting of trust property in new or continuing trustees (1) Where a deed by which a new trustee is appointed to perform any trust contains a declaration by the appointor to the effect that any estate or interest in any land, subject to the trust, or in any chattel so subject, or the right to recover and receive any debt or other thing in action so subject, shall vest in the person or persons who, by virtue of the deed, become and are the trustee or trustees for performing the trust, that declaration shall, without any conveyance or assignment, operate to vest in that person or those persons, as joint tenants if more than one, and for the purposes of the trust, that estate, interest, or right. (2) Where a deed under the last preceding section, by which a retiring trustee is discharged under this Act, contains such a declaration as is in this section mentioned by the retiring and continuing trustees and by the other person (if any) empowered to appoint trustees, that declaration shall, without any conveyance or assignment, operate to vest in the continuing trustees alone, as joint tenants and for the purposes of the trust, the estate, interest, or right to which the declaration relates. (3) This section does not extend to land under the Real Property Act 1886 or to land conveyed by way of mortgage for securing money subject to the trust, or to any such share stock, annuity, or property as is only transferable in books kept by a company or other body, or in manner directed by or under Act of Parliament. (4) For purposes of registration of the deed in the General Registry Office the person or persons making the declaration shall be deemed the conveying party or parties, and the deed shall be deemed a conveyance made by him or them under a power conferred by this Act. (5) This section applies only to deeds executed after the twenty-third day of December, 1893.