28 Retirement Of Trustee

28 (1) If there are more than 2 trustees and one of them by deed declares a wish to be discharged from the trust, and if the co-trustees and any other person empowered to appoint trustees by deed consent to the discharge, and to the vesting in the co-trustees alone of the trust property, then the trustee who wishes to be discharged is deemed to have retired from the trust, and is, by the deed, discharged from the trust under this Act, without a new trustee being appointed in the trustee’s place.

• (2) The assurances or things required for vesting the trust property in the continuing trustees alone must be executed or done.
• (3) This section applies only if and as far as a contrary intention is not expressed in any instrument creating the trust, and has effect subject to the terms of that instrument.

1979-414-28; 2023-10-1124.