Section 86Part 1 — Trusts Act
Definitions in this Part
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In this Part — “ beneficiary ” means any person interested under a trust (whether or not that person is the principal beneficiary and notwithstanding that that person’s interest is liable to be affected or defeated by any exercise of any power vested in any person) and a person is deemed to be interested under a trust if any capital or income comprised in the trust is liable to be or capable of being transferred, paid, applied or appointed to that person or for that person’s benefit either pursuant to the terms of the trust or in consequence of an exercise of any power or discretion conferred on any person by such terms, but does not include any person by reason only that that person is remunerated or indemnified as a trustee or as the servant or agent of a trustee; “ person domiciled in the Islands ” does not include a company incorporated in the Islands which is an exempted company or a non-resident company, as defined in section 2(1) of the Companies Act (2021 Revision); and “ trust ” means any settlement, declaration of trust or other similar disposition created inter vivos or by will (including codicil) and taking effect under the law in force in the Islands.
This Part applies in relation to a disposition made otherwise than by an instrument as if the disposition had been contained in an instrument taking effect when the disposition was made.
Parts I to V and the rules of law and equity shall (subject to section 83(5)) apply to every exempted trust as they apply to any other trust save as expressly provided in this Part. PART VII - Trusts-Foreign Element