An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1936 |
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Law Number | 341 |
Subjects |
Law Body
Chap. 341.—An ACT to amend and re-enact section 6298-a of the Code of Vir-
ginia, relating to surviving and substitute trustees in the case of discretionary
trusts. [H B 288]
Approved March 27, 1936
1. Be it enacted by the General Assembly of Virginia, That section
sixty-two hundred and ninety-eight-a of the Code of Virginia be
amended and re-enacted so as to read as follows:
Section 6298-a. Surviving and substitute trustees in case of dis-
cretionary trusts.—Where any trust heretofore or hereafter created
by any will, deed or other instrument is discretionary, or one of per-
sonal confidence, and there is more than one trustee named in such
will, deed or other instrument, and some but not all of such trustees
die, resign or become incapable of acting, the trustee or trustees remain-
ing shall thereafter exercise the powers given in such will, deed or
other instrument, unless it is expressly provided in such will, deed or
other instrument that the discretionary powers cannot be exercised by
any number less than all of the original trustees named in such will,
deed or other instrument.
Where any trust heretofore or hereafter created by any will, deed
or other instrument is discretionary or one of personal confidence
and all of the trustees named in such will, deed or other instrument die,
resign or become incapable of acting, or where there is only one trus-
tee named and such sole trustee dies, resigns or becomes incapable of
acting, then in such event a substituted trustee or substituted trustees
may be appointed by the court in which such former or original trus-
tee or trustees were appointed or qualified, or in the clerk’s office of
which such will, deed or other instrument is of record, and in the
same manner as provided for the appointment of substituted trustees
in other cases, and such substituted trustee or trustees shall exercise
the powers of discretion and personal confidence vested in the original
trustee or trustees, to such extent, and under such conditions as to
judicial supervision, as may be directed by the appointing court; pro-
vided that where the power or right of exercising the discretion con-
ferred by such will, deed or other instrument is by express language
limited or restricted to the trustee or trustees named therein, or the
rights of remaindermen thereunder have already become vested, such
discretion shall not thereafter be controlled by the court nor exercised
by any substituted trustee except to such extent as may be necessary
to prevent a failure of the purposes of the trust.