Part 1Trusts

Chapter 1Appointment, assumption, resignation, removal and discharge of trustees

Appointment or assumption

4Operation of appointment or assumption as general conveyance of trust property

(1)

The appointment under section 1(1)(a), or assumption under section 3, of an additional trustee operates as a general conveyance of the trust property in favour, jointly, of the additional trustee and the existing trustees.

(2)

The appointment, under section 1(1)(b) or 2(1), of a new trustee operates as a general conveyance of the trust property in favour of the new trustee.

(3)

The appointment of a trustee, on the application under section 66 of an ex officio trustee, operates as a general conveyance of the trust property—

(a)

in favour, jointly, of the appointed trustee and the existing trustees (other than the applicant), or

(b)

if there are no existing trustees (other than the applicant), in favour of the appointed trustee.

(4)

This section applies—

(a)

irrespective of when the trust was created, but

(b)

only as respects an assumption which takes place, or an appointment which is made, after the section comes into force.