Trustee Act 1925

A trustee may by registered deed retire from the trust without any new trustee being appointed in the trustee’s place.

A trustee may not so retire, unless the trustee’s co-trustees and such other person, if any, as is empowered to appoint trustees, consent by the same or other registered deed to the retirement, and there will be left after the retirement at least two continuing trustees, or the NSW Trustee, or a trustee company, to perform the trust.

Two or more trustees may retire concurrently.

By the retirement the trustee shall be discharged from the trust, provided that, if in order to vest any part of the trust property in the continuing trustees alone, it is necessary that it should be duly transferred, the retiring trustee shall not be discharged in respect of that part until it is duly transferred.

At any time after the registration of the deed or deeds of consent and retirement the continuing trustees shall have the same powers authorities and discretions, and may in all respects act as if the retiring trustee were wholly discharged from the trust.

Any conveyance or thing required for vesting the trust property in the continuing trustees alone shall be executed or done.

Nothing in this section shall authorise any retirement from the office of an executor or administrator.

This section applies only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust, and shall have effect subject to the terms of that instrument and to the provisions therein contained.

This section applies to trusts created either before or after the commencement of this Act.