Trusts and Trustees Act (Cap. 331), article 15

15. (1) Where a trust or a power exercisable under a trust is by the terms thereof , expressed to be - (a) revocable, whether w holly or in part; or (b) capable of variation, no such revocation or variation shall prejudice anything lawful ly done by a trustee in relation to a trust before he receives not ice of such revocation or variation. (2) Subject to the terms of the trust, if a trust is revoked the trustee shall hold the trust property in trust for the settlor absolutely. (3) Where a trust is partly revoked subarticle (2) shall apply t o the property affected by the revocation. (4) Where trusts have been settl ed by more than one settlor and are expressed to be revocable, such trusts may only be revoked with the express consent of all settlors. (5) Unless the terms of a trust e xpressly provide that the trust is revocable or capable of variation, the settlor may not revoke o r amend the trus t instrument. Termination of a trust due to lapse of interest or lack of beneficiary. Amended by: XIII. 2004.16; XI. 2014.7.