Appointment of new trustees, See TRUSTEES. It was formerly necessary to inset a full power in instruments creating a trust providing a succession of trustees and nominating the person or persons by whom the power was to be exercised and specifying the various contingencies, as death, resignation, incapacity, etc., of the trustee, in which the power was to arise; otherwise application had to be made to the Court of Chancery. Latterly, however, a power for this purpose has been supplied by various Acts of Parliament, the statute at present in force being the (English) Trustee Act, 1925, ss. 36 and 37 replacing and extending the 10th section of the (English) Trustee Act, 1893 (56 & 57 Vict. c. 53), and s. 36 of the (English) Act of 1925 also provides for the appointment of additional trustees. S. 40 provides for the vesting of the trust property in the new trustees by a declaration in the deed of appointment or, deeds of appointment executed after 1925, no express vesting declaration appears, by implication. The declaration express or implied will not transfer lands constituting a security for trust moneys, except lands securing debentures or debenture stock; it will not pass certain leaseholds or shares or other property which are only transferable in the books of a company or other body or otherwise as directed by Statute. Accordingly it is not usual in modern deeds and wills to do more than nominate the person or persons who are to have the power of appointing new trustees.
Ss. 41, 42 and43 of the (English) Trustees Act, 1925, enable the Court, whenever it is expedient in cases of difficulty and impracticable otherwise, to appoint a new trustee or trustees and, if necessary (s. 44), to make an order vesting the trust estate in the new trustees, or the continuing and new trustees, as the case may require. Under s. 42 the Court may authorise remuneration for a Trust Corporation. As to appointment of new trustees on trust for sale, and trustees for the purposes of the (English) Settled Land Act, 1925, see s. 35 of the T. A. Act, 1925, and s. 35 of the Settled Land Act, 1925.
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