s.105Trust corporation
105
Section 105Part 1 — Trusts Act

Trust corporation

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Except as authorised by an order of the court, or permitted by or pursuant to this section —
the trustee of a special trust shall be, or include, a trust corporation; and
the trustee shall keep in the Islands at the office of the trust corporation a documentary record of —
the terms of the special trust;
the identity of the trustee and the enforcers;
all settlements of the property upon the special trust and the identity of the settlors;
the property subject to the special trust at the end of each of its accounting years; and
all distributions or applications of the trust property.
Repealed by section 6 of the Trusts (Amendment) Act, 2019 [Law 4 of 2019].
The court may authorise non-compliance with subsection (1) on such terms as it thinks fit if it is satisfied that the execution of the trust will not be prejudiced.
A person who, in the Islands or elsewhere, knowingly administers a special trust while there is a breach of paragraph
of subsection (1), apart from — (a) actions intended to bring the trust into compliance with paragraph (a) of subsection (1) as soon as possible; and
actions intended to preserve the trust property pending compliance with paragraph (a) of subsection (1) commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for one year, and on conviction on indictment, to a fine of one hundred thousand dollars and to imprisonment for five years.
A trustee who knowingly fails to comply with paragraph (b) of subsection (1) commits an offence and is liable on summary conviction to a fine of ten thousand dollars.
This section does not apply to the holder of a power which is granted or reserved by the terms of a special trust to a person other than the trustee of the special trust, even though the power is held in trust.
This section does not apply (except as regards any antecedent offence) if the governing law of the trust has been changed from the law of the Islands.
The Cabinet may make regulations subject to affirmative resolution restricting the application of subsection (1).

Cross References