South Australian Current Acts South Australian Current Acts15—Retirement of trustees
(1) Where there are
more than two trustees, if one of them by deed declares that he is desirous of
being discharged from the trust, and if his co-trustees and any other person
who is empowered to appoint trustees, by deed consent to the discharge of the
trustee, and to the vesting in the co-trustees alone of the trust property,
then the trustee desirous of being discharged shall be deemed to have retired
from the trust, and shall, by the deed, be discharged therefrom under this
Act, without any new trustee being appointed in his place.
(2) Any assurance or
thing requisite for vesting the trust property in the continuing trustees
alone shall be executed or done.
(3) 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 any provisions therein contained.
(4) This section
applies to trusts created either before or after the commencement of this Act.