40. Vacancy in trusteeship; appointment of a new trustee
(1) A vacancy in a trusteeship occurs if:
(a) a person designated as trustee rejects the trusteeship;
(b) a person designated as trustee cannot be identified or does not exist;
(c) a trustee resigns;
(d) a trustee is removed;
(e) a trustee dies; or
(f) a guardian is appointed for an individual serving as trustee.
(2) Where the terms of a trust contain no provision for the appointment of a new trustee, the trustee for the time being may appoint a new trustee or failing that the Court may appoint a new trustee.
(3) Subject to the terms of the trust, a trustee appointed under this Article shall have the same powers, discretions and duties and may act as if he had been originally appointed a trustee.
(4) A trustee having power to appoint a new trustee who fails to exercise such power may be removed from office by the Court and the Court may appoint a new trustee.
(5) If one or more co-trustees remain in office, a vacancy in a trusteeship need not be filled.
(6) A vacancy in trusteeship shall be filled if the trust has no remaining trustee.
(7) Where there is no trustee a trust shall not fail on that account.