Trustee Retirement Clause Samples
Trustee Retirement. Each trustee confirms and undertakes that the retirement of any trustee shall be effected in terms of section 45 of the Trustee ▇▇▇ ▇▇▇▇ and that, on retirement, it will notify us in writing that it has retired in accordance with those provisions. Each Trustee is to remain liable under this Agreement after it ceases to be a trustee until released in writing by us. We will release such trustee from its liabilities under this Agreement (in its capacity as trustee and not, if applicable, in its personal capacity) when we are satisfied that all things requisite for vesting the secured property in the continuing or new trustees has been executed and done.
Trustee Retirement. Any Trustee shall retire as a Trustee as of the end of the calendar year in which the Trustee attains the age of 75 years.
Trustee Retirement each trustee confirms and undertakes that the retirement of a trustee shall be effected in terms of section 45 of the Trustee Act 1956 and that, on retirement, he she or it will notify the Bank in writing that a trustee has retired in accordance with those provisions. Each trustee is to remain liable under this Mortgage after he she or it ceases to be a trustee until released in writing by the Bank. The Bank will release such trustee from its liabilities under this Mortgage (in its capacity as trustee and not, if applicable, in its personal capacity) when the Bank is satisfied that all things required for vesting the Secured Property in the continuing or new trustee have been executed and done. This clause 14.2 is not intended to enter notice of a trust in the register, in contravention of section 128 of the Land Transfer Act 1952.