Appendix B Searches

42

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‘Administration expenses

The trustee must pay all the expenses and costs of administering the trust out of the
income or capital of the trust. If the trustee is engaged in a profession, the trustee may
charge usual professional charges for any professional work done for the trust by the
trustee or a professional, partner or employee.

Appointment, retirement etc of trustee and appointor

Trustee of the trust

43

The initial trustee of the trust is named in the Schedule.

Retirement of the trustee -

44

A trustee may retire as trustee of the trust by giving the appointor sufficient Notice to
enable the appointor to appoint a replacement. However, unless there is a remaining
trustee, the retirement is only effective when a new trustee has been appointed. \

Removal of trustee

45 The appointor may remove a trustee at any time by signing a statement to that effect.

Appointment of trustee

46 The appointor may appoint an additional or replacement trustee at any time by a written
statement to that effect. If there is no appointor, the first named beneficiary who is still
alive may exercise this power.

47

The appointment provisions of this deed apply to the exclusion of any statutory
appointment provisions. Registration of any deed which changes the trustee is not
required to give effect to a change of trustee or to vest the trust's assets in a new trustee.

Termination of appointment of trustee

48

The appointment of a trustee terminates automatically if any of the following occurs:

+ the trustee is found to be of unsound-mind, or the trustee or his or her estate
becomes liable to be dealt with in any way under a law dealing with mental
health;

e the trustee becomes bankrupt or makes an arrangement or composition with his
or her creditors;

» the trustee enters into compulsory or voluntary liquidation (except for the
purposes of amalgamation or reconstruction), or has an administrator, receiver,
Official manager, or receiver and manager appointed to any part of its assets.

Transfer of assets

49

On retirement or removal of a trustee, or automatic termination of a trustee’s

appointment, the trustee must immediately do each of the following at the trust's
expense:

¢ hand over the books, accounts, documents and property of the trust to the new

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