The Rotation of Trustees
As a beneficial owner it's important you know and understand about the Trusts' rotation of Trusteeship as set out below:
If you have any further questions relating to the rotation of Trustees do not hesitate to contact the office.
- There will be no more than five (5) Trustees.
- There will be a rotating trusteeship and the elections will take place at an AGM as set out in the Trust Order that is in place at that time.
- Under the current Trust Order dated the 24 February 2020 the Trustees at the first Trust meeting shall determine the order for rotation of the Trustees. If agreement cannot be reached the Trustees shall draw numbers out of a hat. The numbers so drawn shall determine the order of rotation.
- Once every two (2) years the Trustee due to resign in the order of rotation shall resign as Trustee and a new Trustee shall be elected to take their place.
- Each Trustee elected pursuant to this provision shall assume the place in order of rotation of the Trustee that he or she replaced and shall resign at the relevant biennial general meeting in which he or she is due to rotate.
- Trustees shall be elected by the beneficiaries at an AGM pursuant to the provisions of the Trust Order following which application shall be made for the appointment of that Trustee(s) by the court.
- Nothing shall prevent a Trustee who has resigned pursuant to these provisions for rotation from being nominated for a position of Trustee at the same biennial general meeting in which the Trustee resigned or at any other general meeting in which Trustees are being elected provided that no Trustee can serve longer than nine (9) continuous years as a Trustee.