I now examine the Deed of 28 October 1983. I confirm it mirrors the provisions of Section 38(1) of the 1961 Trustee Act (the Deemster here recited in full the provisions of the Deed).

That deed was executed on 28 October 1983 and was recorded in the General Registry by Mr Hanson on 31 October 1983.

Mr Conti has attacked that deed of retirement and asked the Court to declare that Sections 35 and 38 of the Trustee Act 1961 rendered the retirement of Mr Moore void and ineffective.

Under Section 38 I say that the provisions have been strictly complied with. Mr Conti seems to seek the assistance of Section 35 to persuade me that the retirement is ineffective.

Before the Trustee Act 1961 had been enacted, quite often Trustees had to come to the Court for the appointment of new Trustees or their retirement. There are lots of cases under the previous law and under the provisions of the Variations of Trusts Act 1961. But the 1961 Trustee Act devolves power to the Trustees. Section 35 is the principal section dealing with the appointment of Trustees but the power of the Court is still preserved in certain circumstances in Section 41.

Section 35 covers a multitude of sins such as the death of a Trustee, a Trustee being outside the British Isles for more than 12 months, a desire to retire, the Trustee being unfit, incapable, an infant or refusing to act.

The persons entitled to appoint are the continuing Trustee i.e. W.R.S. Katz and W.E. Katz and they could have done so if they wanted to do so, but no one was appointed.