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TRUSTEE ACT 1925 - SECT 8
Retirement
8 Retirement
(1) A trustee may by registered deed retire from the trust without any new
trustee being appointed in the trustee's place.
(2) A trustee may not so
retire, unless the trustee's co-trustees and such other person, if any, as is
empowered to appoint trustees, consent by the same or other registered deed to
the retirement, and there will be left after the retirement at least two
continuing trustees, or the NSW Trustee, or a trustee company, to perform the
trust.
(3) Two or more trustees may retire concurrently.
(4) By the
retirement the trustee shall be discharged from the trust, provided that, if
in order to vest any part of the trust property in the continuing trustees
alone, it is necessary that it should be duly transferred, the retiring
trustee shall not be discharged in respect of that part until it is duly
transferred.
(5) At any time after the registration of the deed or deeds of
consent and retirement the continuing trustees shall have the same powers
authorities and discretions, and may in all respects act as if the retiring
trustee were wholly discharged from the trust.
(6) Any conveyance or thing
required for vesting the trust property in the continuing trustees alone shall
be executed or done.
(7) Nothing in this section shall authorise any
retirement from the office of an executor or administrator.
(8) This section
applies only if and as far as a contrary intention is not expressed in the
instrument, if any, creating the trust, and shall have effect subject to the
terms of that instrument and to the provisions therein contained.
(9) This
section applies to trusts created either before or after the commencement of
this Act.
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