Labuan Offshores Trusts Act 1996 · s 29

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s 29Vacancy in a trust

(1)

A trustee shall cease to be a trustee and his position as trustee shall be considered vacant upon—

(a)

his removal as trustee by the Court;

(b)

his resignation taking effect;

(c)

the coming into effect of a provision in the terms of the trust under which the trustee is removed from office or otherwise ceases to hold office; or

(d)

steps being taken for the winding up of the trust company acting as trustee.

(2)

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

38 Laws of Malaysia ACT 554