Malaysia legislation
Section 26
Section 26
(2)
There are no restrictions imposed on the number of trustees that may be provided for in a trust instrument but—
(a)
if there is only one trustee, the trustee shall be a Labuan trust company; and
(b)
if there is more than one trustee, one of such trustees shall be a Labuan trust company.
(3)
Where there is no trustee appointed or provided by the trust instrument or there is a vacancy among the trustees which cannot otherwise be filled, any of the surviving or continuing trustees, any beneficiary or the last former trustee, as the circumstances may require, may apply to the Court for the appointment of a new trustee.
(4)
The Court may make an order appointing a new trustee where—
(a)
in a case where an application under subsection (3) is made by a beneficiary, it is satisfied that the application made by the beneficiary has been served on the last
36 Laws of Malaysia ACT 554
former trustee or on at least one of the surviving or continuing trustees, if any;
(b)
it has heard the representations made by the last former trustee, the surviving or continuing trustees or any beneficiary; and
(c)
it has ascertained that the person indicated in the application or otherwise intended for the appointment as the new trustee is willing to act.
(5)
Subject to the terms of the trust, a new trustee appointed under this section shall have the same powers, discretions and duties and may in all respects act as if he had been originally appointed a trustee by the trust instrument.
(6)
On the appointment of a new trustee, anything requisite for vesting the trust property in, or under the control of, the trustee shall be done.
Acceptance of appointment as trustee