Hello Rashmi
Thanks for the question.
Where the fund member, director of the corporate trustee until their death, has passed away, and the three adult children are legal personal representatives of the deceased, then all three adult children who are the LPRs should be appointed as directors of the corporate trustee.
This would be consistent with section 17A(3)(a).
There is no restriction that the ratio of the deceased member as a director to the replacement director(s) needs to be 1:1.
Whilst not an expert in ASIC forms, it is my understanding that form 484 will be required. Note that if any of the adult children do not already have a director ID number from ASIC, they would need to obtain this first before becoming a director of the corporate trustee.
Best regards
The Auditors Institute