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APPOINTMENT OF TRUSTEESCapacity:Any person with legal capacity to hold property may be a trustee, except an infant. But the court will not appoint, and may remove:Persons under a disability; Persons resident abroad; or Beneficiaries or their spouses or solicitors.Numbers:If the trust property includes land, the maximum number is four (in the case of a private trust; (s.36) and the minimum two, or a trust corporation (a sole trustee cannot give a receipt for capital money arising under a trust for sale of land or under a settlement of land; s.15. If not, there is no maximum or minimum number,Original trustees:These are appointed by the settlor; if he fails to appoint, he or his personal representatives act as trustees. The settlor has no power to make subsequent appointments unless he reserves the power to do so. New trustees:
New trustees may be appointed in writing to replace a trustee who: Is dead; Remains continuously out of kenya for more than one year; Desires to be discharged; Refuses to act; Is (legally) unfit to act, e.g. Bankrupt;Appointment by court:The court may appoint trustees:Whenever it is difficult, inexpedient or impracticable to appoint without the court’s assistance, on the application of a trustee or a beneficiary e.g. in substitution for a trustee who is bankrupt, mentally defective or a convicted criminal.
Receiver appointed by court If appointed by the court, the receiver must give security as directed by the court. The following notification must be given: (a) The debenture h
Could you please read this article? I am confused what the shortcoming of this critical review.
Variation of securities It would seem logical to carry out a strict apportionment between income and capital every time investments are bought or sold. If this were done, it wo
RESOLUTIONS OF CREDITORS Normally, decisions at meetings of creditors are taken by ordinary resolution, viz., a resolution passed by a simple majority in value of creditors pre
Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement
Can you help me balance my account number out
Recognition of PPE
Bakers Bagels LLC produces and sells 20 types of bagels by the dozen. Bagels are priced at $6.00 per dozen (or $0.50 each) and cost $.020 per unit to produce. The company is consid
A of surat consigns goods to B of jaipur to be sold at or above invoice price.B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price reali
Question: Mosman Ltd produces a single product. The projected sales for the first month of the coming year and the beginning and ending inventory data are as follows:
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