The Law of Scotland Affecting Trustees
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303, as to curator bonis.
879. A partial exception to the general power of extra-judicial At - i " i H the case of a sole trustee.
Conditions o t c. xl jjaiuicui oavjojjiuliu \j\j unc tionbysoie resignation under the statute is trustee. ° chap. ix. J DIVESTMENT OF OFFICE 553 Such a trustee cart only resign under certain conditions. The statute reads thus : — " If any x trustee entitled to resign his office is at the time sole trustee, he shall not be entitled to resign until, with the consent o...f the beneficiaries under the trust of full age and capable of acting at the time, he shall have assumed new trustees, who shall have declared their acceptance of office, or he may apply to the Court stating his wish to resign, and praying for the appointment of new trustees or of a judicial factor 2 to administer the trust; and the Court, after intimation to the beneficiaries under the trust, or such of them as the Court may direct, shall thereafter either appoint a judicial factor, or, on the application of the beneficiaries or any of them, may appoint trustees in the same manner as is provided 'under the twelfth section of this Act ; and after such appointment, either of judicial factor 3 or of trustees, the petitioning trustee will be entitled to resign." 4 Where the petition was presented by one trustee within petition a month of the intimation of resignation of the other trustee, but resignation effective.
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To quickly assess the difficulty of the text, read a short excerpt:
303, as to curator bonis.
879. A partial exception to the general power of extra-judicial At - i " i H the case of a sole trustee.
Conditions o t c. xl jjaiuicui oavjojjiuliu \j\j unc tionbysoie resignation under the statute is trustee. ° chap. ix. J DIVESTMENT OF OFFICE 553 Such a trustee cart only resign under certain conditions. The statute reads thus : — " If any x trustee entitled to resign his office is at the time sole trustee, he shall not be entitled to resign until, with the consent o...f the beneficiaries under the trust of full age and capable of acting at the time, he shall have assumed new trustees, who shall have declared their acceptance of office, or he may apply to the Court stating his wish to resign, and praying for the appointment of new trustees or of a judicial factor 2 to administer the trust; and the Court, after intimation to the beneficiaries under the trust, or such of them as the Court may direct, shall thereafter either appoint a judicial factor, or, on the application of the beneficiaries or any of them, may appoint trustees in the same manner as is provided 'under the twelfth section of this Act ; and after such appointment, either of judicial factor 3 or of trustees, the petitioning trustee will be entitled to resign." 4 Where the petition was presented by one trustee within petition a month of the intimation of resignation of the other trustee, but resignation effective.
What to read after The Law of Scotland Affecting Trustees?
You can find similar books in the "Read Also" column, or choose other free books by Menzies, Alexander John Pople to read onlineMoreLess
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