Trusts and Trustees Act (Cap. 331), article 20

20. (1) Subject to the provisions of subarticle (2), a trustee may resign as trustee by notice in writing to his co-trustee or co- trustees and in the case of there being no other trustee, to th e beneficiaries or, if impracticab le, to at least one beneficiary , or if there are none to whom notice can be given, to the settlor or t o the trustee’s duly appointed succe ssor and the resignation shall ta ke effect on delivery of the aforesaid notice. (2) A resignation - (a) given in order to facilitate a b reach of trust; or (b) which would result in there being no trustee, shall have no effect: Provided that a trustee may re sign office notwithstanding the provisions of paragraph ( b), if, before the resignation takes effect, application is made to the court for the appointment of a new trustee and a new trust ee has been so appointed. TRUSTS AND TRUSTEES [CAP. 331. 19 (3) A trustee shall cease to be a trustee immediately upon - (a) the removal of the trustee by the court; or (b) the coming into effect of a provision in the terms of a trust under which the trustee is removed from office or otherwise ceases to hold office; or (c) steps are taken for the winding up of, or declaration of bankruptcy, of the person acting as trustee. (4) A trustee ceasing to be a trustee shall concur in executing all documents necessary for the vesting of the trust property i n or under the control of the new trustee and such obligation of the person ceasing to be a trustee shall be capable of forced execu tion by the court. Duties of trustees. Amended by: XIV . 1989.4; XX. 1994.4; XIII. 2004.20; XI. 2014.12.