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How much time is required to upgrade name by trust
30-Nov-2023 (In Wills / Trusts Law)
I have submitted application to upgrade the names in trust body. But since 7 yrs I have not been completed with task. I would like to know how many days does it take if no any objections??
How are new trustees appointed? How are trustees removed?
Usually the trust deed will provide for when and how new trustees will be appointed. But if the trust deed doesn't deal with this, the matter is governed by the TRUSTEE ACT 1956 (any provision in the trust deed overrides the Act). The Act provides that a new trustee may be appointed when a trustee
is dead
is unfit to act or incapable of acting
refuses to act
is overseas for more than a year
no longer wishes to be a trustee
is a company that has stopped trading or been liquidated
The Act says that the new trustee is appointed by the person whom the trust deed nominates to make new appointments, or, if the trust deed doesn't nominate anyone, by the other trustees.
The beneficiaries cannot control the exercise of the power of appointing new trustees conferred on a continuing trustee by the Act.
The court also has a general power to appoint new trustees, whether instead of or in addition to existing trustees, when it is "expedient" to do so. In particular the court can appoint a new trustee in place of an existing trustee who:
is guilty of misconduct in administering the trust
is convicted of a crime involving dishonesty
is mentally disordered
is bankrupt
is a company that has stopped trading or been liquidated
Trustees can also be removed under any express power contained in the trust deed.
Usually the trust deed will provide for when and how new trustees will be appointed. But if the trust deed doesn't deal with this, the matter is governed by the TRUSTEE ACT 1956 (any provision in the trust deed overrides the Act). The Act provides that a new trustee may be appointed when a trustee
is dead
is unfit to act or incapable of acting
refuses to act
is overseas for more than a year
no longer wishes to be a trustee
is a company that has stopped trading or been liquidated
The Act says that the new trustee is appointed by the person whom the trust deed nominates to make new appointments, or, if the trust deed doesn't nominate anyone, by the other trustees.
The beneficiaries cannot control the exercise of the power of appointing new trustees conferred on a continuing trustee by the Act.
The court also has a general power to appoint new trustees, whether instead of or in addition to existing trustees, when it is "expedient" to do so. In particular the court can appoint a new trustee in place of an existing trustee who:
is guilty of misconduct in administering the trust
is convicted of a crime involving dishonesty
is mentally disordered
is bankrupt
is a company that has stopped trading or been liquidated
Trustees can also be removed under any express power contained in the trust deed.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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