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  Article 31 Where there are two or more trustees in the same trust, they are co-trustees. (来源:EnglishCN英语问答中心[e问e答])

  The co-trustees shall handle trust business jointly, but where the trust documents stipulate that the trustees may separately handle certain specified affairs, such stipulations shall prevail.

  If the co-trustees disagree with each other when handing trust business jointly, the matter shall be dealt with in accordance with the provisions in the trust documents; where there are no provision in this regard in the documents, the settler, beneficiary or the party interested shall make a decision.

  Article 32 The co-trustees who incur debts to a third party in the course of handling trust business shall bear joint and several responsibilities for clearing the debts. The intention expressed by the third party to any one of the co-trustees shall be equally effective to the other co-trustees.

  Where one of the co-trustees disposes of the trust property against the purposes of the trust or causes losses to the trust property due to his departure from his administrative duties or his improper handling of trust business, the other co-trustees shall bear joint and several responsibility for compensation.

  Article 33 The trustee shall keep complete records of the trust business handled.

  The trustee shall, at regular intervals every year, report to the settler and beneficiary on the administration and disposition of the trust property and the income and expenses relating to the property.

  The trustee shall, in accordance with law, have the obligation to keep confidential minutes relating to the settler, the beneficiary and trust business handled.

  Article 34 The trustee shall have the obligation to pay the beneficiary benefits from the trust with the limits of the trust property.

  Article 35 The trustee shall have the right to obtain remuneration as agreed in the trust documents. Where there is no such agreement in the documents, a supplementary agreement may be made with the consent given by the parties concerned after consultation; in the absence of a prior or supplementary agreement, no remuneration may be asked for.

  The agreed remuneration may, with the consent given by the parties concerned after consultation, be increased or decreased.

  Article 36 Where the trustee disposes of the property against the purposes of the trust or causes losses to the trust property due to his departure from his administrative duties or his improper handling of trust business, he may not ask to be paid before he restores the property to its former state or makes compensation.

  Article 37 The charges paid and the debts owed to a third party by the trustee in the course of handling trust business shall be borne by the trust property. Where the trustee effects such payment in advance with his own property, he shall have the priority right to be paid with the trust property.

  The debts owed to a third party or the losses suffered by himself as a result of his departure from his administrative duties or his improper handling of trust business shall be borne by him with his own property.

  Article 38 After the creation of a trust, with the consent of the settler and beneficiary, the trustee may resign. Where there are other provisions in this Law governing the resignation of the trustee of a public welfare trust, those provisions shall prevail.

  Where the trustee resigns, he shall, before another trustee is appointed, continue to perform the duties of administering the trust business.

  Article 39 Under one of the following circumstances, the trustee's appointment shall be terminated:

  (1)he dies or is declared dead according to law;

  (2)he is declared to be a person with no or restricted capability for civil conduct;

  (3)his trusteeship is removed or he is declared bankrupt;

  (4)his trusteeship is dissolved in accordance with law or he forfeits his legal qualifications;

  (5)he resigns or is dismissed; or

  (6)other circumstances stipulated in laws or administrative regulations.

  Where the trustee's appointment is terminated, his successor, or the supervisor of heritage, guardian or liquidator shall keep the trust property, and help the new trustee to take over the trust business.

  Article 40 Where the trustee's appointment is terminated, a new trustee shall be appointed according to the provisions in the trust documents; where there are no such provisions in the documents, the settler shall make the appointment; where the settler does not make the appointment or is incapable of doing so, the beneficiary shall designate one; where the beneficiary is a person with no or restricted capacity for civil conduct, his guardian shall, in accordance with law, make the appointment on his behalf.

  The new trustee shall take up the rights and obligations of the former trustee in the handing of trust business.

  Article 41 Where the trustee is found to be under one of the circumstances listed in subparagraphs 3 to 6 of the first paragraph Article 39 of this law and his appointment is thus terminated, he shall produce a report on the trust business handled and go through the formalities for the handing over of the trust property and affairs to the new trustee.

  Upon acceptance of the report, mentioned in the preceding paragraph, by the settler or beneficiary, the original trustee shall be exempted from the liability for issues listed in the report, except for the illegitimate acts committed by him.

  Article 42 Where the appointment of one of the co-trustees is terminated, the trust property shall be administered and disposed of by the rest of the trustees.

  Section 3

 
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