International Trusts Order, 2000 · As enacted · Part III
31. Devolution of powers of trustees
Official textFrom Attorney General's Chambers, unchanged
Where there are more than two trustees and where a power or trust is given to or imposed upon two or more trustees jointly, a decision of the majority of trustees shall be binding on all, and such a power or trust may be exercised or performed by the survivors or survivor of them (being a trust corporation) for the time being. Subject to the terms of the trust instrument where there is an equality of trustees only, then the trust corporation which is one of the trustees shall have a casting vote.
trust
"trust" means an international trust except where the context otherwise requires;
Until the appointment of new trustees, the personal representatives or representative for the time being of a sole trustee, or, where there were two or more trustees, of the last surviving or continuing trustee, shall be capable of exercising or performing any power or trust which was given to, or capable of being exercised by, the sole or last surviving or continuing trustee, or the other trustees or trustee for the time being of the trust.
In this section, "personal representative" shall not include an executor who has renounced or has not proved.
personal representative
"personal representative" means the executor, original or by representation, or administrator for the time being of a deceased person;
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Terms defined in s 2
personal representative
Defined · s 2"personal representative" means the executor, original or by representation, or administrator for the time being of a deceased person;
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
trust corporation
Defined · s 2"trust corporation" means a person licensed to conduct international trust business under the Registered Agents and Trustees Licensing Order, 2000 and, where the context so admits, includes a wholly-owned subsidiary of a trust corporation authorised under section 3(3) of that Order;
trust instrument
Defined · s 2"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Part IV
Protections and Indemnities of Trustees
Part VI
Part VII
Powers of the Court
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI