Labuan Offshores Trusts Act 1996 · s 28

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s 28Resignation of trustees

(1)

Subject to subsection (2) and the terms of the trust, a trustee may resign his office by delivering to—

(a)

the settlor or, in the absence of the settlor, at least one beneficiary; and

(b)

in the case of a registered offshore trust, the Authority, a notice in writing of his intention and the resignation shall take effect on the delivery of the notice.

(2)

A resignation shall not have effect if—

(a)

it is given in order to facilitate a breach of trust; or

(b)

it would result in there being no trustee, unless, before the resignation takes effect, an application has been made to the Court for the appointment of a new trustee and a new trustee has been appointed.