Resignation or change of trust agent and its effect

(1) Where the trust agent of a trust desires to cease to act as trust agent and the trust agent is unable to reach an agreement with the trustees of the trust for which he or she is the trust agent concerning his or her replacement, the following provisions apply– (a) the trust agent shall give not less than 90 days written notice to any trustee or protector of the trust of which he or she is the trust agent at the trustee’s or protector’s last known address, or if the trust agent is not aware of the identity of any trustee or protector then the person from whom the trust agent last received instructions concerning the trust, specifying the wish of the trust agent to resign as trust agent and shall together with the notice provide a list of all trust agents in Belize with their names and addresses; (b) the trust agent shall submit to the Registrar a copy of the notice referred to in paragraph (a); (c) if, at the time of expiry of the notice, the trustees of the trust have not taken a decision to change the trust agent, the trust agent shall inform the Registrar in writing that the trustees have not changed the trust agent whereupon the Registrar shall publish a notice in the Gazette that the name of the trust will be struck off the Register, unless the trustees, within 30 days from the date of publication of the notice in the Gazette, register with the Registrar a copy of a resolution or other memorandum changing its trust agent; and 61 (d) if the trustees fail within 30 days from the date of the publication of the notice referred to in paragraph (c) to register with the Registrar a copy of a resolution or other written memorandum evidencing the appointment of a new trust agent, the Registrar shall strike the name of the trust off the Register and shall publish in the Gazette a notice that the name of the trust has been struck off the Register. (2) The trustees of the trust that has been struck off the Register under this Part remain liable for all claims, debts, liabilities and obligations of the trust, and the striking off shall not affect the liability of any person to whom the trustees have lawfully delegated their functions. (3) Notwithstanding the foregoing provisions of this section, the trustees may apply to the court for restitution of the trust to the Register.