tract of land for development held by a UK co [SPV] in trust for an overseas co. The UK directors who signed the trust deed initially made a clandestine sale of the land and the overseas company who was a joint trustee with the UK company of the land knew nothing about it.
Thank you. Is there any general rule that all trustees must sign off a sale or can one of the trustees act on their own which is what has happened in this case?
As provided in the Trustee Act 1925, at least 2 individual trustees may sign off or one trustee if it is a trust corporation.
For more information on what is a trust corporation, see here:
Hope this clarifies.
i am sorry to keep pressing on with this.It would be helpful to know the section of the act which states the requirement of two individual trustees. The trustee which disposed of the land without the knowledge of the other trustee was a company [though not a trust corporation] is that the same as an 'individual' please? If the company has infringed the act what is the action one should now take against that company and its directors who were win fact the same people who signed the trust declaration.
Thank you. Would their infringement be a criminal offence under the act or a civil matter? How would a civil matter be pursued?
Sorry don't want to go on and on and thought rating came at conclusion . All Excellent so far. Do I need to pay to get this final answer - please advise.