Deed of appointment of new trustee and retiring of trustee

The document titled 'Deed of appointment of new trustee and retiring of trustee' is a legal agreement that is supplemental to the definitive trust deed and rules. It is entered into between four parties: party 1 (principal employer), party 2 (continuing trustee), party 3 (new trustee), and party 4 (retiring trustee). The purpose of this deed is to appoint the new trustee and retire the retiring trustee from their roles in the scheme known as 'name the scheme'.

 

The document begins by stating the current date and providing the principal place of business for each party. It clarifies that the deed is supplemental to the definitive trust deed and rules, which govern the scheme. The principal employer is identified as the present principal employer in the scheme, while the continuing trustee and the retiring trustee are identified as the present trustees of the scheme.

 

According to the deed and rules, the retiring trustees wish to resign as a trustee of the scheme. If the consent of the continuing trustees is given, the principal employer is vested with the power to appoint new trustees. If the consent is not given, the principal employer still has the power to appoint new trustees.

 

The principal employer desires to appoint the new trustee to be a trustee of the scheme. The deed outlines the following actions with effect from the current date:

1. The retiring trustee retires and is discharged from being a trustee of the scheme.

2. The principal employer appoints the new trustee to be a trustee of the scheme, to act jointly with the continuing trustee. The new trustee and the continuing trustee accept this appointment.

3. The scheme assets vest in the continuing trustees jointly with the new trustee.

 

The document concludes by stating that it may be executed in any number of counterparts and by the parties on separate counterparts. It is governed by the laws of the applicable jurisdiction.

 

This deed has been signed by the duly authorized representatives of the parties on the specified day and year.

 

Schedule 1 of the document lists the deeds related to the scheme.

How to use this document?

To use the 'Deed of appointment of new trustee and retiring of trustee' document, follow these steps:

1. Review the document: Read the entire document carefully to understand its purpose and the parties involved.

2. Gather information: Collect the necessary information about the parties involved, including their names and principal places of business.

3. Determine consent requirement: Determine whether the consent of the continuing trustees is required for the appointment of new trustees. This will impact the wording of the document.

4. Customize the document: Fill in the relevant information in the document, such as the names and addresses of the parties. Make sure to accurately reflect the consent requirement based on the previous step.

5. Execute the document: Have the duly authorized representatives of each party sign the document. Ensure that the signatures are witnessed.

6. Retire the trustee: Once the document is executed, the retiring trustee is officially retired and discharged from their role as a trustee of the scheme.

7. Appoint the new trustee: The principal employer appoints the new trustee to be a trustee of the scheme, to act jointly with the continuing trustee. Ensure that both the new trustee and the continuing trustee accept this appointment.

8. Vest scheme assets: The scheme assets should be vested in the continuing trustees jointly with the new trustee. Take the necessary steps to transfer the assets accordingly.

9. Keep counterparts: Remember that the document may be executed in multiple counterparts. Ensure that all parties have a copy of the executed document.

10. Comply with laws: Understand and comply with the laws of the applicable jurisdiction that govern this deed.

Note: This guidance is provided for informational purposes only and does not constitute legal advice. Consult with a qualified legal professional to ensure compliance with all legal requirements and to address specific circumstances.