INTERNATIONAL TRUSTS ACT, 1994 (Act 26 of 1994)

PART IV

APPOINTMENT AND DISCHARGE OF TRUSTEES

22.(1) Unless it is administered by a corporate trustee, t he number of trustees of an international trust shall not be less than two.

(2) A trust shall not be invalid on the ground that -

(a) it does not have a trustee or the number of trustees is less than that required by subsection (1) or by the terms of the international trust;

(b) it does not have a trustee who is resident in Seychelles.

(3) Subject to the terms of the international trust, where the number of trustees is less than the number required, the necessary number of additional trustees shall be appointed in accordance with section 23.

(4) Until the required number of trustees under this section or the terms of the international trust is reached, the existing trustee of a trust shall act only for the purpose of preserving the trust property.

23.(1) Where the terms of a trust does not contain provision for the appointment of an additional trustee, the additional trustee may be appointed by the persons in the order set out hereunder -

(a) the remaining trustee;

(b) the last remaining trustee;

(c) the personal representative or liquidator of the last remaining trustee; or

(d) in the absence of any of the persons referred to in paragraphs (a) to (c) by the court, on application by the person interested.

(2) Subject to the terms of the international trust, a trustee appointed under this section has the same functions, and may act in all respects, as if the appointment has been an original appointment.

(3) A trustee with power to appoint a new or additional trustee who fails to exercise the power may be removed from office by the court.

(4) On the appointment of a new or additional trustee, anything may be done which is necessary to vest the trust property in the trustee jointly with a co-trustee.

24.(1) A person appointed as trustee may refuse the appointment, but the person shall be deemed to have accepted it if the person knowingly intermeddles with the international trust or its affairs.

(2) A person appointed as trustee may, within 3 months of being informed of the appointment -

(a) disclaim the appointment by notice in writing to the settlor or to the other trustees; or

(b) where the settlor is dead or cannot be found, and there are no other trustees, apply to the court for relief from t he appointment, whereupon the court may make such order as it thinks fit.

(3) A person who fails to disclaim an appointment as trustee or to apply for relief within that time under subsection (2) shall be deemed to have accepted the appointment.

25.(1) A trustee, other than a sole trustee, may resign by delivering a written notice of resignation to the co-trustees of the international trust.

(2) Subject to subsection (3), a resignation shall take effect upon delivery of the notice.

(3) A resignation -

(a) given to facilitate a breach of trust; or

(b) which would result in there being no trustee or less than the number required by section 22;

shall have no effect.

(4) A person shall cease to be a trustee immediately upon -

(a) removal from office by the court;

(b) resignation of the person taking effect; or

(c) the coming into effect of, or the exercise of a power under, the terms of the international trust under or by which the person is removed from, or otherwise ceases to hold office.

(5) A person who ceases to be a trustee under this section shall do everything necessary to vest the trust property in the new or continuing trustees.

(6) Subsections (1) and (2) are subject to the terms of the trust.