In general, when members of a trust want to leave the trust, there are certain steps that should be followed:
Review the trust deed: Carefully review the trust deed to understand the provisions related to resignation or removal of trustees and the distribution of trust property.
Compliance with trust deed: Determine if there are any specific procedures or conditions outlined in the trust deed regarding the resignation or removal of trustees. Follow these procedures to ensure compliance with the trust deed.
Resignation of trustees: If the mother and son family want to leave the trust, they can formally resign from their positions as trustees. The trust deed may specify the process for resignation, such as providing written notice to the other trustees or following a particular voting process.
Appointment of new trustees: Once the mother and son family have resigned, new trustees may need to be appointed to maintain the functioning of the trust. The trust deed may outline the procedure for appointing new trustees, which may involve the remaining trustees or other stakeholders.
Share in trust property: If the mother and son family had a 50 percent share in the trust property, their share may need to be transferred to the remaining trustees or the newly appointed trustees. The trust deed should provide guidance on how the transfer of shares or ownership interests in the trust property should be handled.
Legal advice: It is strongly recommended to seek legal advice from a lawyer who specializes in trust and property law. They can review the trust deed, assess the specific circumstances, and guide you through the process of resignation, appointment of new trustees, and the transfer of ownership interests in the trust property.
Regarding the manager of the school selling assets belonging to the school, such as the bus registered in the name of the school, this could potentially be a breach of trust. It is important to take immediate legal action to protect the assets of the trust and prevent any further unauthorized sales or actions that could harm the school's interests.