Section 31: Resignation or removal of trustee

31. Resignation or removal of trustee (1) A trustee other than a sole trustee may resign his office by delivering a written notice of resignation to his co-trustees. (2) A trustee shall cease to be a trustee immediately upon— (a) the delivery of a notice of resignation under subsection (1); (b) his removal from office by the Court; (c) the coming into effect of, or the exercise of a power under, the terms of the trust under or by which he is removed from or otherwise ceases to hold his office. (3) A person who ceases to be a trustee under this section shall do everything necessary to vest the trust property in the new or continuing trustees. (4) When a trustee resigns or is removed— (a) he shall, subject to paragraph (b), duly surrender all trust property held by or vested in him or otherwise under his control; (b) where so permitted by the terms of the trust, he may require that he be provided with reasonable security for liability (existing, future, contingent or otherwise) before surrendering the trust property. (5) A trustee who complies with subsection (4) (a) shall be relieved of liability to any beneficiary, trustee or other person interested under the trust for any act or omission in relation to the trust property or to his functions as a trustee, except any liability— (a) arising from a breach of trust to which the trustee (or, in the case of a corporate trustee, any of its officers or employees) was a party or was privy; (b) in respect of any action to recover from the trustee (or, in the case of a corporate trustee, any of its officers or employees) trust property or the proceeds thereof in his possession.