The Supplemental Trust Deed For Appointment Of Trustee is a critical legal instrument used in Nigerian corporate and financial transactions when there is a need to change trustees in an existing trust arrangement. This document becomes necessary when the original trustee needs to be replaced due to resignation, retirement, merger, or other corporate actions. It ensures compliance with Nigerian legislation, particularly the Trustees Investment Act, CAMA 2020, and the Investments and Securities Act. The deed meticulously details the appointment of the new trustee, the transfer of trust property, and the continuation of all rights and obligations under the original trust deed. It's particularly important in corporate bond issuances, investment schemes, and other trust arrangements where continuity and proper governance are essential. The document must satisfy specific requirements under Nigerian law to ensure the valid transfer of trustee responsibilities and protection of beneficiaries' interests.
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1. Parties: Identifies all parties including the existing trustee(s), new trustee(s), and the settlor/issuer if still relevant
2. Background: Recitals explaining the original trust deed, reason for trustee change, and authority for making the appointment
3. Definitions: Defines key terms including references to original trust deed definitions and any new terms specific to this supplemental deed
4. Appointment of New Trustee: Formal appointment clause specifying the effective date and capacity of the new trustee
5. Transfer of Rights and Obligations: Details the transfer of all rights, powers, duties and obligations from existing to new trustee
6. Vesting of Trust Property: Provisions for the vesting of trust property and assets in the new trustee
7. Confirmation of Original Trust Deed: Confirms that original trust deed remains in full force and effect except as modified
8. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and relevant jurisdiction
9. Execution: Formal execution blocks for all parties with requirements under Nigerian law
1. Retirement of Existing Trustee: Required if the existing trustee is formally retiring rather than being replaced - includes specific retirement provisions
2. Specific Powers and Authorities: Include when new trustee requires specific or additional powers not covered in original trust deed
3. Fees and Expenses: Include if new fee arrangements or expense provisions differ from original trust deed
4. Indemnities: Additional indemnity provisions if required beyond original trust deed
5. Notices: Include if notice provisions or contact details need updating from original trust deed
1. Schedule 1 - Details of Original Trust Deed: Full details of original trust deed including date, parties, and any previous supplemental deeds
2. Schedule 2 - Trust Property: Detailed list of all trust property and assets being transferred to new trustee
3. Schedule 3 - Powers and Duties: Comprehensive list of trustee powers and duties (if modified from original trust deed)
4. Appendix A - Corporate Authorizations: Copies of relevant corporate authorizations for new trustee appointment
5. Appendix B - Regulatory Approvals: Copies of any required regulatory approvals or confirmations
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