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\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11161825 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\b\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 COOK ISLANDS}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16348674 {\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11161825 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 INTERNATIONAL TRUSTS AMENDMENT (No. 2) ACT 1989
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16348674 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 1989}{\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 , No. 31}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16348674 {\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 ANALYSIS
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\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11161825 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 Title
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 
\par }\pard \ql \li0\ri0\widctlpar\tx4896\faauto\adjustright\rin0\lin0\itap0\pararsid11161825 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 1. Short Title}{\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 
\par 2. Application
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 3. Fraud
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16348674 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 1989, No. 31
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\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9790505 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 An Act to amend the International Trusts Act 1984
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\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11161825 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 (22 December 1989
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\par }\pard \ql \li0\ri0\widctlpar\tx8208\faauto\adjustright\rin0\lin0\itap0\pararsid16348674 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 B}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 E}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505  IT ENACT}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 ED}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 
 by the Parliament of the Cook Islands}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 in Session assembled, and by the authority of the same, as follows:
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16348674\charrsid9790505 
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\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 Short Title}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  This Act may be cited as}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 
the International Trusts Amendment (No.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9790505  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 2) Act 1989 and shall be read together with and deemed part of the Internationa}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9790505 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  Trusts Act 1984 (herein referred to as "the principal Act").
\par 
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\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 Application}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  - This Act shall apply to every international trust settled or established on or}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 after}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 the 8th day of September 1989 and every disposition of property to such trust made on or after that date, whether}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 such property is situated in the Cook Islands or elsewhere, unless, but without limiting the provisions of section 13G of the principal }{
\fs24\lang2057\langfe1033\langnp2057\insrsid12152676 Act (as inserted by section 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  of the International Trusts Amendment Act }{\fs24\lang2057\langfe1033\langnp2057\insrsid12152676 1}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 989) expressly}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505 
provided in such trust or disposition that the governing law of that trust or relating to that disposition shall be law other than that of the Cook Islands.
\par 
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\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid9790505 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  Section 13D of the princip}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12152676 al Act (as inserted by section 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid9790505  of the International Trusts Amendment Act 1989) is amended by:
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 
\par }\pard \ql \li720\ri0\widctlpar\tx720\tx2304\tx2736\faauto\adjustright\rin0\lin720\itap0\pararsid9790505 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 inserting}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 in}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676  }{\fs24\lang2057\langfe1033\langnp2057\insrsid12152676 subsection (3)}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676  the word "if";
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\par }\pard \ql \li720\ri0\widctlpar\tx720\tx2304\tx2736\faauto\adjustright\rin0\lin720\itap0\pararsid12152676 {\fs24\lang2057\langfe1033\langnp2057\insrsid12152676 (b) inserting in subsection (3)(a) before the word "settled" the word "if";
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\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6887673 {\fs24\lang2057\langfe1033\langnp2057\insrsid9790505\charrsid12152676 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 c) omitt}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 ing after the words "cause of action a}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 ccrued" the word "and", and substitut}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 i}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 g}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676  therefor the word "or";
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\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6887673 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 (d) deleting paragraph (b) and substitu}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 ing therefor the following new paragraph }{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676 -
}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 
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\par }\pard \ql \li1440\ri0\widctlpar\tx7776\faauto\adjustright\rin0\lin1440\itap0\pararsid6887673 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 "(b) where settled, esta}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 bl}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 ished}{\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 ,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676  }{\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 r }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 the disposition takes place befo}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 re the expiration of 2 years from th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 
date that the creditor's cause of action accrued, that creditor fails to commence such action befo}{\fs24\lang2057\langfe1033\langnp2057\insrsid9790505\charrsid12152676 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 
e the expiration of 1 year from the date such settlement}{\fs24\lang2057\langfe1033\langnp2057\insrsid12152676 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676  establishment or disposition took place."
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\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 4. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 Spendthrift beneficiary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid12152676  S}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 ection 13F}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676  }{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11161825\charrsid12152676  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 the principal Act (as inserted by section 6 of the Interna}{\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 t}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 ional Trusts Amendment Act 1989) is amended by deleting subs}{\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 e}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 ction (3) and substituting therefor the following subsection}{\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid12152676 :}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9790505\charrsid12152676 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6887673 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 "(3) Where property is given subject to a restriction}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3698122  against alienation then the rig}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 ht to derive income from that property shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid3698122 
not}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676  be alienated for as long as that restriction remains in force."
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6887673 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 This Act is administered by the Cook Islands Monetary B}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9577899\charrsid12152676 oard}{\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9790505 {\fs24\lang2057\langfe1033\langnp2057\insrsid4140721\charrsid12152676 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6887673 {\fs24\lang2057\langfe1033\langnp2057\insrsid6887673\charrsid6887673 ---------------------------------------------
\par }}