44Retirement of trustee without a new appointment

44 Retirement of trustee without a new appointment S. 44(1) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 70), 45/1994 s. 42(Sch. item 12.12). (1) This section applies where a trustee declares by writing that he is desirous of being discharged from all or any of the trusts reposed in him, and after his discharge there will be either a trustee company or at least two individuals to act as trustees to perform the trusts from which that trustee desires to be discharged. (2) In any case to which this section applies if the co‑trustees and such other person (if any) as is empowered to appoint trustees consent by writing 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— (a) shall be deemed to have retired from the trusts from which he has declared he desires to be discharged; and (b) subject to subsection (3) of this section, shall, by the writing by which consent is given to his discharge, be discharged from the trusts under this Act— without any new trustee being appointed in his place. (3) Any conveyance requisite for vesting in the continuing trustees alone the property subject to the trusts from which the retiring trustee is to be discharged shall be executed or done; and in respect of any part of the trust property for the vesting of which in the continuing trustees a conveyance is necessary, the retiring trustee shall not be discharged until that part is duly conveyed. No. 5770 s. 45.