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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.
Problem1 Derive from first principles an expression for the variance of the benefits payable under an endowment assurance with benefits payable at the end of the year of death.
A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c
categories of assets
Is goodwill a fictitious asset?
Effect of Winding-up Order The consequences of a winding-up order are: 1) Any disposition of the company's property and any transfer of shares is void, unless the court otherwis
EVERLIGHT COMPANY LIMITED Comparative Balance Sheet December 31, Year 1 and Year 2 Year 1 Year2
Options with discontinuous payoffs are called Binary options. An example is the cash-or-nothing callwhich pays nothing if the stock price at the maturity of the option is below the
EXPRESS TRUSTS Creation : An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) Completely an
The City of Miami must replace a number of its concrete mixer trucks with new trucks. It has received two bids and has evaluated closely the performance characteristics of the seve
Q. Evaluation of Net working capital? The evaluation presumes that several key variables will remain constant such as the inflation rates, discount rate and the taxation rate.
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