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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.
assignment ofr p V RATIO ANALYSIS
#questioSavage Distribution markets CDs of the performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Sister’s CDs with a unit cost o
Internal audit department and financial statements, Financial Accounting
DUTIES OF TRUSTEES 1) Not to profit from the trust : A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the
Presentation and hearing The petition is presented to the court and must be served on the debtor at least eight days before the hearing. If the debtor wishes to oppose it he mu
Q. Show example of Internal rate of return? IRR (Internal rate of return) is a discounted cash flow investment appraisal method that calculates the discount rate which causes th
SYSTEM ONE-THE HEAD OFFICE MAINTAINS ALL THE ACCOUNTS This system is suitable for an enterprise that has small branches (possibly in another area of the town or city where the
This is a comprehensive assessment of the material related to our first two class meetings. You are NOT being tested on material related to capital budgeting (NPV, IRR, etc.). Tha
Question 1 Describe and differentiate the four (4) different Financial Statements. HINT : use examples of actual companies or transactions to illustrate your answer. Give
Q. What do you mean by Re - organization? Reorganization - This is a change in businesses capital arrangements. If for a CORPORATION there are 7 statutory options for reorganiz
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