Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 40

Retirement of trustee without a new appointment

(1) Where a trustee is desirous of being discharged from the trust, and after
his discharge there will be either a trust corporation or at least 2
individuals to act as trustees to perform the trust, then, if such trustee as
aforesaid by deed declares that he is desirous of being discharged from the
trust, and if his co- trustees and such other person, if any, as is empowered
to appoint trustees, by deed consent to the discharge of the trustee, and to
the vesting in the co-trustees alone of the trust property, the trustee
desirous of being discharged shall be deemed to have retired from the trust,
and shall, by the deed, be discharged therefrom under this Ordinance, without
any new trustee being appointed in his place.

(2) Any assurance or thing requisite for vesting the trust property in the
continuing trustees alone shall be executed or done. [cf. 1925 c.19 s.39 U.K.]