<%@LANGUAGE="VBSCRIPT"%>
<%
option explicit
%>
<%
dim rsArticles, sSQL, gStr
set rsArticles = server.createobject("adodb.recordset")
rsArticles.cursorlocation = 3
sSQL = sSQL & "SELECT TOP 10 Articles.Article_ID, Articles.Article_Title, Articles.Article_Excerpt, "
sSQL = sSQL & "Articles.Article_Content, Articles.Article_Posted, Articles.Article_Comments, "
sSQL = sSQL & "Articles.Article_Images, Categories.Category_ID, Categories.Category_Title, Users.User_ID, "
sSQL = sSQL & "Users.User_Name FROM FB_Users AS Users INNER JOIN (FB_Categories AS Categories "
sSQL = sSQL & "INNER JOIN FB_Articles AS Articles ON Categories.Category_ID = Articles.Article_Category_ID) "
sSQL = sSQL & "ON Users.User_ID = Articles.Article_User_ID WHERE Article_Status = 1 AND Article_Level = 0 "
sSQL = sSQL & "ORDER BY Article_Posted DESC;"
rsArticles.open sSQL, adoConn
Do While Not rsArticles.EOF
gStr = gStr & "
" & vbCrLf
rsArticles.MoveNext
Loop
%>
<%=gStr%>
Appointment of trustees
With a trust created by deed, the deed will create the trustees by naming them. Where it is created by will that will usually name the trustees who are often also the executors of the will. An estate handled under intestate succession then the administrators will be the trustees.
Trustees may need to be changed or replaced at some time in the future. Deeds and wills will often name who or how a new trustee is to be appointed. If there are no such provisions then the power to appoint rests with the surviving trustees. If there are no surviving trustees then the power rests with the personal representatives of the last trustee.
Under section 36 of the Trustee Act 1925 a new trustee can be appointed to replace a trustee who;
- Dies,
- Remains outside of the UK for more than 12 months,
- Desires to be discharged,
- Refuses to act,
- Is unfit to act e.g. insane or bankrupt,
- Is an infant.
A trustee can appoint an attorney to act for him under Section 25. This is useful if the trustee is going on holiday or abroad for a period of time. The period of delegation can not exceed a year. The attorney can not be sole trustee unless the co-trustee is a corporation. This appointment must be witnessed and notice served on the appointer and all co-trustees.
There is no limit to the number of trustees unless the settlement is land, in which case the limit is four.
Death of a trustee
This is covered by section 18 of the act. If a trustee dies then his powers can be exercised by the surviving trustees. The only exception is that a sole trustee (unless his co-trustee is a corporation) can not give good receipt for land.
If the sole surviving trustee dies then his personal representatives can act for him until an appointment is made. If no appointer was named or is dead then they can continue to act.
Discharge of trustees
A trustee can be replaced under section 36. See above. If a trustee wishes to retire he can do so under section 39 of the act so long as at least two individuals remain to act as trustees or a trust corporation. Co-trustees and the appointer must consent to the retirement in deed.
Trust corporations
A trust corporation is defined as the Treasury Solicitor, the official Solicitor, other officials prescribed by the Lord Chancellor or a corporation either appointed by the court or entitled to under the rules in the Public Trustee Act 1906 section 4 to act as custodian trustee.
Therefore a corporation can be a trustee and many companies that fit the criteria do act as trustees. Major Banks are a common example.
The advantage of a trust corporation is that it can not die like an individual. They should always have administration continuity and may have access to specialised services and knowledge where required. Such as investment and tax advice. However these services need to be paid for and that may make their use prohibitive for small trusts.
Trustees’ duties and powers
A trust must first become knowledgeable with the terms of the trust and then look at gaining control over the property. Control over the property is by gaining possession or obtaining what ever documents represent power over the property, such as share certificates.
The trustees must make certain that their names are entered as owners of the property on any register (land register or share register).
The trustees must then administer the property for the benefit of the beneficiaries. Trustees faced with a portfolio of shares may decide that it is in the interests of the beneficiaries to buy and sell shares.
The Trustee Act 1925 provides some statutory powers in addition to those written into the trust.
Section 32 allows trustees to apply capital for the advancement of the beneficiary. Such a payment would have to be taken into account when the beneficiaries share was calculated at a later date.
A trustee has an obligation to invest any monies which are not immediately to be paid out.
Trustees must use the utmost diligence to avoid loss. Failure to up hold this trust could face the trustee with legal action. However when the trustee is exercising discretion as opposed to a duty a different standard of care is required. Exercising diligence requires a level compared with a prudent man of business managing his own affairs.
Trustees must keep proper accounts for all trust property and monies and these are open to inspection by the beneficiaries.