Article 17 – Requirements for creation
(1) A Trust is created if:
(A) the Settlor has the capacity to create a Trust ;
(B) the Settlor indicates an intention to create the Trust ;
(C) the Trust either:
(i) has a definite Beneficiary ; or
(ii) is a purpose Trust , as provided for in Article 22;
(D) the Trustee holds or has vested in it Property for the benefit of a Beneficiary or for a purpose;
(E) the Trustee has duties to perform; and
(F) the same Person is not the sole Trustee and sole Beneficiary .
(2) A Beneficiary is definite if the Beneficiary can be ascertained now or in the future.
(3) A Trust may have at the same time a definite Beneficiary and a purpose.
| Amended (as from 24th December 2017). |