Reference no: EM13146632
The relevant Australian statute law and case law (UK or Australian only) to be applied and concluded. The relevant statute here is the Trusts Act 1973 (Qld).
Looking for help in working towards answering this question. Needs about 800 - 1000 words.
Two friends, "A" and "B" established a trust for 150 named beneficiaries who were their classmates. The fund had $150 000 of funds.
Q: Is it a fixed or discretionary trust? Are the three 'Cs' present? Cases applicable?
The deed names both friends as trustees. "A" can appoint trustees. "A" died tragically, leaving "B" as sole trustee. "B" appointed another trustee who was bankrupt.
Q: Can he do this because he is not an appointer? No provision under Trusts Act saying a bankrupt can't be a trustee, but they can be removed based on being unfit (s 12(1)(e) or incapable s 12(1)(f) also Miller v Cameron).
"B" wanted to resign from being a trustee because he wanted to go surfing more often. The deed does not have provisions for resignation. "B" phoned the new trustee and asked, but his request was refused. "B" wants to remove the new trustee now.
Q: Surfing not a valid reason to resign. How can "B resign"? Can new trustee be removed because "B" is angry? Section 10 of the Trusts Act? Section 12, the named trustees may be removed and replaced, by the appointer (but "A" is dead) or court (s 80(1) or (2) Trusts Act.
Some of the beneficiaries hear about the arguments between "B" and the new trustee. They want to ensure the trust is administered correctly.
Q: What can the beneficiaries do?
Check ss 10, 12 and 80 of Trusts Act? Can beneficiaries force "B" and new trustee to administer?
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