Trusts and Trustees Act (Cap. 331), article 18

18. (1) Trustees are appointed by, or as provided in, the trust instrument, and in such number as may be so provided. The fact that there may not be a trustee in office at any time shall not operate as a cause of invalidity or termination of an y trusts and in such cases the ma tter shall be determined by the terms of the trust and the provisions of this article. (2) A trustee may be a natural person provided he is of full age and legal capacity and not under any legal impediment to so act . A trustee may also be a juridical person the objects of which inc lude acting as a trustee. (3) Where there is no trustee or there is a vacancy among the trustees which cannot otherwise b e filled, the last former trus tee or any trustee, or any beneficiary or the Attorney General may app ly to the court for the appointment of a new trustee. (4) The court - (a) upon being satisfied that an application made by beneficiary has been served on the last former trustee or on at least one of the other trustees, if any; and (b) having heard the repres entations made by the said trustee or trustees, or by any beneficiary; and (c) having ascertained that th e trustee indicated for the purpose in the application or otherwise intended for appointment as the new tr ustee is willing to act, may make an order appointing a new trustee. (5) Subject to the terms of the trust, a trustee appointed as a new trustee under this article shall have the same powers, discretions and duties as if he had originally been appointed trustee. (6) On the appointment of a new trustee anything requisite for vesting the trust property in or under the control of the trust ee for the time being shall be, and may be required by the trustee or any beneficiary to be, done. (7) In the case of death of a trustee, his heirs or testamentary executor shall be bound to immedi ately transfer all trust prope rty to a successor trustee appointed in ter ms of the trust instrument or by the Court. (8) In the case of the insolvency, dissolution or winding up of a trustee set up as a company, any person having authority to bin d the trustee being a director, liquidator, provisional administrator or similar functionary shall be bound to immediately transfer all trust property to a successor trustee, and this irrespective of any proceedings or formalities applicable upon such events. (9) Without prejudice to the generality of sub-articles (7) and (8), until such time as such obligation is performed, all perso ns in control of trust property shall be obliged to preserve the trus t assets and shall be bound by fiduciary obligations towards the beneficiaries. 18 CAP. 331.] TRUSTS AND TRUSTEES Acceptance of trust. Amended by: XIII. 2004.18; XIII. 2007.18; XI. 2014.10.