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\s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11207394 \f35\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\f0\insrsid11207394\charrsid8790035 NIUE LAWS 
\par LEGISLATION AS AT DECEMBER 2006}{\f0\insrsid11207394\charrsid8790035 
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid11207394 \f35\fs24\lang2057\langfe1033\cgrid\langnp2057\langfenp1033 {\b\f0\insrsid11207394\charrsid8790035 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11207394 T}{\b\f0\insrsid11141481\charrsid2499874 RUSTS ACT 1994}{\b\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 1994/182 \endash  28 March 1994}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 1
\par PRELIMINARY
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 1 Short title
\par 2 Interpretation
\par 3 Definition of trust
\par 4 Validity of trusts
\par 5 Proper law of trusts
\par 6 Creation of a trust
\par 7 Maximum duration of a trust and of}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 accumulation of income
\par 8 Validity of a trust
\par 9 Property which may be held on trust}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 2
\par THE SETTLOR, BENEFICIARIES AND PURPOSES OF A}{\b\f0\insrsid2499874\charrsid2499874  }{\b\f0\insrsid11141481\charrsid2499874 TRUST}{\b\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid15818859 {\b\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 10 Who may be the settlor of a trust
\par 11 Beneficiaries of a trust
\par 12 Nature of a beneficial interest
\par 13 Protective or spendthrift trusts
\par 14 Letters or memorandum of wishes
\par 15 Definition of charitable purposes
\par 16 Trusts for non-charitable purposes}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 3
\par PROTECTORS AND TRUSTEES
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 17 The protector of a trust
\par 18 Who may be the trustee of a trust
\par 19 The number of trustees
\par 20 Appointment of new or additional trustees
\par 21 Appointment of trustee resident in Niue
\par 22 Renunciation of trusteeship
\par 23 Resignation or removal of trustees
\par 24 Nature of trustees\rquote  and protectors\rquote  interests
\par 25 Corporate trustee may act by resolution
\par 26 Trustees of more than one trust
\par 27 Dealings by trustees with third parties
\par }{\f0\insrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 4
\par DUTIES AND POWERS OF TRUSTEES
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 28 General duties of trustees
\par 29 Duty to supply information and duty of}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 confidentiality
\par 30 Duty of trustees to act together
\par 31 Duty to act impartially
\par 32 General powers of trustees
\par 33 Powers of investment
\par 34 Implied powers of trustees
\par 35 Delegation by trustees
\par 36 Reimbursement of expenses
\par 37 Payment of trustees
\par 38 Power to appropriate
\par 39 Power and duty of maintenance
\par 40 Power of advancement
\par 41 Accumulation and maintenance}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 settlements
\par 42 Receipts of parents or guardians
\par 43 Power of appointment
\par 44 Power of revocation or variation}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 5
\par TERMINATION OR FAILURE OF TRUSTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 45 Failure or lapse of interest
\par 46 Application of property held on charitable}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 trust
\par 47 Termination of trusts
\par 48 Termination by beneficiaries}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 6
\par VARIATION OF TRUSTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 49 Variation of trusts
\par 50 Approval of particular transaction}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 7
\par BREACH OF TRUST
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 51 Liability for breach of trust
\par 52 Constructive trusts
\par 53 Tracing trust property
\par 54 Beneficiary may relieve or indemnify a}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 trustee
\par 55 Power to relieve trustees from personal}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 liability
\par 56 Power to make beneficiaries indemnify
\par 57 Limitation and prescription
\par }{\f0\insrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 8
\par POWERS OF THE COURT
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 58 Jurisdiction of the Court
\par 59 General powers of the Court
\par 60 Applications for directions
\par 61 Payments of costs
\par }{\f0\insrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 9
\par VARIANT TYPES OF TRUST
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 62 Variant types of trust
\par 63 Provisions of variant types of trust}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 10
\par REGISTRATION OF TRUSTS AND EXEMPT TRUSTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 64 Facility to register trusts
\par 65 Exemption from taxes and duties}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 SCHEDULES}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 ____________________________
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 To make provision for the law relating to trusts and trustees and related}{\b\f0\insrsid2499874  }{\b\f0\insrsid11141481\charrsid2499874 matters}
{\b\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 1
\par PRELIMINARY
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 1 Short title}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) This Act is the Trusts Act 1994.}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) This Act shall apply only to trusts created on or after the 28 March}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 1994.}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 2 Interpretation}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) In this Act \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 bankrupt}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
, in relation to a corporation, includes a corporation which is}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 insolvent;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 beneficiary}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 means a person entitled to benefit under a trust, or in whose}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 favour a power to distribute trust property may be exercised;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 breach of trust}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 means a breach of any duty imposed on a trustee by this}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 Act or by the terms of the trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 corporate trustee}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  means a trustee which is a corporation;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 corporation}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  means a body corporate wherever incorporated;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 family}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  in relation to an
 individual means his father and mother, his}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 spouse, the father and mother of his spouse, his brothers and sisters}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
and the brothers and sisters of his spouse, his children and remoter}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 issue and the spouses of such children and issue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 functions}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  includes 
rights, powers, discretions, obligations, liabilities and}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 duties;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 he}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 , }{\f0\insrsid2499874 "}{
\f0\insrsid11141481\charrsid2499874 him}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 , and }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 his}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 , }{\f0\insrsid2499874 "}{
\f0\insrsid11141481\charrsid2499874 her}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 , }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 she}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
, in relation to a corporation include
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 it}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  and }{\f0\insrsid2499874 "}{
\f0\insrsid11141481\charrsid2499874 its}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 ;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 insolvency}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 includes the making of an administration order, the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 appointment of a receiver and the bankruptcy of any person;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 insurance}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  incudes assurance;}{\f0\insrsid2499874  }{
\f0\insrsid11141481\charrsid2499874 :interest}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 , in relation to a beneficiary, means interest of the beneficiary under}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 a trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 Minister}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  means the Minister of Justice;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 minor}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 means a person who has not attained full age under the law of his}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 domicile;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 ordinarily resident}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 has the same meaning as in article 17 of the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 Constitution;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 personal representative}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 means the executor or administrator of the estate}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 of a deceased person;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\i\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 profit}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  includes gain or advantage;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 property}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) means property of any description, wherever situated, including}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
any share in it,
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) In relation to rights and interests, includes rights and interests}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
whether vested, contingent, defeasible or future;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid15818859 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 provisions of this Act}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 includes the provisions of any order under this}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 Act;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 settlor}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 means a person who provides the trust property or makes a}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 testamentary disposition on trust or to a trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 terms of a trust}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  means the written or oral terms o
f a trust, and any other}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 applicable under its proper law;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 trust}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  includes \endash }{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) the trust property; and}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) the functions, interests and relationships under a trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 trustee}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 has the meaning given by section 3, and includes a corporate}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 trustee;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 trust property}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  means property held on trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 unit trust}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
 means a trust established for the purpose, or having the effect,}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 of providing, for persons having funds available for investment,}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
facilities for the participation by them as beneficiaries under the trust}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 in any profits or income arising from the acquisition, holding,}{\f0\insrsid2499874  }{
\f0\insrsid11141481\charrsid2499874 management or disposal of property.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) For the purposes of this Act, a corporation is resident in the place in}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 which it has its registered office.
\par }{\b\f0\insrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 3 Definition of trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 A trust exists where a person (known as }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 a trustee}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 ) holds or has vested in}{\f0\insrsid2499874  }{
\f0\insrsid11141481\charrsid2499874 him, or is deemed to hold or have vested in him, property which does not form, or}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 which has ceased to form, part of his own estate
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) For the benefit of a beneficiary, whether or not yet ascertained or in}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
existence; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) For any valid charitable or non-charitable purpose which is not for}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
the benefit only of the trustee; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (c) For such benefit as is mentioned in paragraph (a) and also for any}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
such purpose as is mentioned in paragraph (b).
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 4 Validity of trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 Subject to this Act, a trust is valid and enforceable in Niue.
\par }{\b\f0\insrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 5 Proper law of trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to subsection (4) below, the proper law of a trust shall be \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) The law expressed by the terms of the trust or intended by the }{\f0\insrsid2499874 settler }{\f0\insrsid11141481\charrsid2499874 
to be the proper law;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) If no such law is expressed or intended, the law with which the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
trust has its closest connection at the time of its creation; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (c) If the law expressed by the terms of the trust or intended by the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
settlor to be the proper law, or the law with which the trust has its}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 closest connection at the time of its creation, does not provide for}{\f0\insrsid2499874  }{
\f0\insrsid11141481\charrsid2499874 trusts or the category of trusts involved, then the proper law of the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 trust shall be the law of Niue.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\i\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) In ascertaining the law with which a trust has its closest connection,}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 reference shall be made in particular to \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) The place of administration of the trust designated by the settlor;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) The situs of the assets of the trust;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (c) The place of residence or business of the trustee;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (d) The objects of the trust and the places where they are to be fulfilled.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The terms of a trust may provide for a severable aspect of the trust}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 (particularly the administration of the trust) to be governed by a different law}{
\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 from the proper law of the trust.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (4) The terms of a trust may provide for the proper law of the trust or the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 law governing a severable aspect of the trust to be changed from the law of one}{
\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 jurisdiction to the law of another jurisdiction.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (5) Where the proper law of a trust or the law governing a severable aspect}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 of a trust is changed from the law of another jurisdiction (here called }{
\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 the old}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 law}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
) to the law of Niue no provision of the old law shall operate so as to render}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 the trust void, invalid, or unlawful or to render void, invalid or unlawful any}{\f0\insrsid2499874  }{
\f0\insrsid11141481\charrsid2499874 functions conferred on the trustee under the law of Niue.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Where the proper law of a trust or the laws governing a severable aspect}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 of a trust is changed from the law of Niue to the law of
 another jurisdiction (here}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 called }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 the old law}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 
) no provision of the law of Niue shall operate so as to render}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 the trust void, invalid or unlawful or to render void, invalid or unlawful }{\f0\insrsid6256737\charrsid2499874 any functions}{
\f0\insrsid11141481\charrsid2499874  conferred on the trustee under the new law.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (7) This Act shall not apply and the Trustee Act 1956 shall continue to apply}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 to a trust created on or after 28 March 1994 where \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) The trust substantially provides benefits for an individual ordinarily}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
resident in or domiciled in Niue; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) The trust substantially provides benefits for any corporation or other}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
entity owned by an individual ordinarily resident or domiciled in}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 Niue,
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 6 Creation of a trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trust other than a unit trust may be created by an instrument in writing}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
(including a will or codicil), by conduct, by operation of law, or in any other manner}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 whatsoever.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A unit trust may be created only by an instrument in writing.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) No formalities or technical expresses are required for the creation of a}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 trust provid
ed that the intention of the settlor to create a trust is clearly manifested.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (4) A trust (other than a trust by operation of law) respecting land situated}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 in Niue shall not be enforceable.}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 7 Maximum duration of a trust and of accumulation of income}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to subsection (2), the maximum duration of a trust shall be 120}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 years from the date of its creation and a trust shall terminate on the 120}{
\f0\super\insrsid11141481\charrsid2499874 th}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 anniversary of the date of its creation unless it is terminated sooner.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subsection (1) shall not apply to a trust established exclusively for a}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 charitable purpose or purposes.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The rule of law known as the rule against perpetuities shall not apply}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 to any trust to which this section applies.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (4) The terms of a trust may direct or authorise the accumulation of all or}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 part of the income of the trust for a period not exceeding the maximum duration}{
\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 of the trust.
\par }{\i\f0\insrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 8 Validity of a trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to this Act, a trust shall be valid and enforceable in accordance}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 with its terms.}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A trust shall be invalid and unenforceable \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) To the extent that \endash }{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (i) it purports to do anything contrary to the law of Niue; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (ii) it purports to confer any right or power or impose any}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
obligation the exercise of which or the carrying out of which is}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 contrary to the law of Niue; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (iii) it has no beneficiary identifiable or ascertainable (unless the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
trust was created for a valid charitable or non-charitable}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 purpose);}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) To the extent that the Court declares that \endash }{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (i) the trust was established by duress, fraud, mistake, undue}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
influence or misrepresentation; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (ii) the trust is immoral or contrary to public policy; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (iii) the terms of the trust are so uncertain that its performance is}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
rendered impossible (provided that a charitable purpose shall}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 be deemed always to be capable of performance); or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (iv) the settlor was, at the time of its creation, incapable under the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
law in force in Niue of creating such a trust.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where a trust is created for 2 or more purposes of which some are lawful}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
and others are not, or where some of the terms of a trust are invalid and others are}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 not \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) If those purposes cannot be separated or the terms cannot be}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
separated, the trust is invalid;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) If those purposes can be separated or the terms can be separated,}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
the Court may declare that the trust is valid as to the terms which}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 are valid and the purposes which are lawful.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Where a trust is partially invalid the Court may declare what property}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 is to be held subject to the trust.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (5) Property provided by a settlor and as to which a trust is invalid shall,}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
subject to any order of the Court, be held by the trust for the settlor absolutely or,}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 if he is dead, as if it had formed part of his estate at his death.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Where a trust is created under the law of Niue, the Court shall not vary}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
it or set it aside or recognise the validity of any claim against the trust property}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 under the law of another jurisdiction or the order of a court of another jurisdiction}{\f0\insrsid2499874  }{
\f0\insrsid11141481\charrsid2499874 in respect of \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) The personal and proprietary consequences of marriage or the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
termination of marriage;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) Succession rights (whether testate or intestate) including the fixed}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
shares of spouses or relatives; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (c) The claims of creditors in an insolvency.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 9 Property which may be held on trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Any property may be held by or vested in a trustee upon trust.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A trustee may accept from any person property to be held on trust.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A trustee shall not be bound to accept property to be held on trust, but}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 where a trustee accepts property subject to the performance of an obligation the}
{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 trustee shall be deemed to have given to the obligee for good consideration an}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 undertaking to perform that obligation.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Where a settlor declares a trust respecting property he does not own at}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 the time of the declaration, then \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) The trust is incompletely constituted at the time of the declaration}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
and no rights or duties arise thereunder, but
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) If the settlor subsequently receives property which was the intended}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
subject matter of the declaration of trust, the Court shall at the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 instance of the beneficiary or the trustee (and whether the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
beneficiary has given consideration for the declaration of trust or}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 not) compel the settlor to transfer that property to the trustee or to}{\f0\insrsid2499874  }{
\f0\insrsid11141481\charrsid2499874 hold that property on the terms of the trust.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid11141481\charrsid2499874 PART 2
\par THE SETTLOR, BENEFICIARIES AND PURPOSES OF A TRUST
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 10 Who may be the settlor of a trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Any person who has under the law of Niue the capacity to own and}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 transfer property may be the settlor of a trust.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The settlor may also be a trustee, a beneficiary or a protector of the}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 trust.}{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 11 Beneficiaries of a trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid2499874\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A beneficiary shall be identifiable by name or ascertainable by reference}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
to a relationship of some person (whether or not living at the time of creation of}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 the trust) or otherwise by reference to a description or to a class.
\par }{\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The terms of a trust may \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) Provide for the addition of a person as a beneficiary or the exclusion}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
of a beneficiary from benefit under the trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) Impose an obligation on a beneficiary as a condition of benefit under}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 the trust;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where a trust is in favour of a class of persons then, subject to the terms}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 of the trust \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) The class closes when it is no longer possible for any other person}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
to become a member of the class;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) A woman over the age of 60 years shall be deemed to be no longer}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
capable of bearing a child; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (c) Where the interest of the class relates to income, and no member of}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
the class exists, the income shall be accumulated and retained until}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 a member of the class exits or the class closes.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (4) A beneficiary may \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) Disclaim his whole interest under a trust; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) Subject to the terms of the trust, disclaim part of his interest under}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
a trust (whether or not he has received some benefit from his}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 interest);
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (5) Subject to the terms of the trust, a disclaimer \endash 
\par }{\f0\insrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (a) Shall be in writing;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (b) May be temporary; and}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (c) May, if the disclaimer so provides, be revoked in the manner and}{\f0\insrsid2499874  }{\f0\insrsid11141481\charrsid2499874 
under the circumstances specified therein.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Where a beneficiary disclaims the whole or part of his interest under a}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
trust the like consequences shall apply under section 7(5) as if the trust were invalid}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 with respect to that interest or that part.
\par }{\i\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 12 Nature of a beneficial interest}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) The interest of a beneficiary is personal property.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to the terms of the trust, the interest of a beneficiary may be}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 sold, pledged, charged, transferred or otherwise dealt with in any manner}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 whatsoever.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 13 Protective or spendthrift trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) The terms of a trust may make the interest of a beneficiary \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Subject to termination;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Subject to restriction on alienation of or dealing in that interest or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
any part of that interest; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) Subject to diminution or termination in the event of the beneficiary}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
becoming insolvent or any of his property becoming liable to seizure}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 or sequestration for the benefit o his creditors and such a trust shall}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 be known as a protective or a spendthrift trust.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Where any property is directed to be held on protective or spendthrift}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust for the benefit of a beneficiary, the trustee shall hold that property 
\endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) In trust to pay the income to the beneficiary until the interest}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
terminates in accordance with the terms of the trust or a determining}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 event occurs; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) If a determining event occurs, and while the interest of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
beneficiary continues, in trust to pay the income to such of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 following (and if more than one in such shares) as the trustee in his}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
absolute discretion shall appoint \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (i) the beneficiary and any spouse or child of the beneficiary; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (ii) if there is no spouse or child of the beneficiary the beneficiary}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
and the persons who would be entitled to the estate of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 beneficiary if he had then died intestate and domiciled in Niue.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) In subsection (2) }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 determining event}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  means the occurrence of any event}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 or any act or omission on the part of the beneficiary (other than the giving of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 consent to an advancement of trust property) which would result in the whole or}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 part of the income of the beneficiary from the trust becoming payable to any person}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 other than the beneficiary.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Any rule of law or public policy which prevents a settlor from}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 establishing a protective or a spendthrift trust of which he is a beneficiary is hereby}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 abolished.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 14 Letters or memoranda of wishes}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) The settlor of a trust may give to the trustee a letter of his wishes or the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
trustee may prepare a memorandum of the wishes of the settlor with regard to the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 exercise of any functions conferred on the trustee by the terms of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A beneficiary of a trust may give to the trustee a letter of his wishes or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the trustee may prepare a memorandum of the wishes of the beneficiary with}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 regard to the exercise of any functions conferred on the trustee by the terms of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where a trust is in favour of a class of persons then a member of that}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 class may give to the trustee a letter of his wishes or the trustee may prepare a}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 memorandum of the wishes of that member with regard to the exercise of any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 functions conferred on the trustee by the terms of that trust.

\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Where a letter of wishes or a memorandum of wishes is given to or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 prepared by the trustee of a trust then \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The trustee may have regard to the letter or memorandum in}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
exercising any functions conferred upon him by the terms of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust; but
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The trustees shall not be bound to have regard to that letter or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
memorandum and shall not be accountable in any way for his failure}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 or refusal to have regard to that letter or memorandum.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) No fiduciary duty or obligation shall be imposed on a trustee merely}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 by the giving to him of a letter of wishes or the preparation by him of a}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 memorandum of wishes.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 15 Definition of charitable purposes}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) For the purposes of this Act, and subject to subsections (2) and (3), the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 following purposes shall be regarded as charitable \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The relief of poverty;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The advancement of education;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) The advancement of religion;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (d) The protection of the environment;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (e) The advancement of human rights and fundamental freedoms;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (f) The advancement of amateur sport;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (g) Any other purposes which are beneficial to the community.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A purpose shall not be regarded as charitable unless the }{\f0\insrsid6256737\charrsid2499874 fulfilment}{\f0\insrsid11141481\charrsid2499874  of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
that purpose is for the benefit of the community or a substantial section of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 community having regard to the type and nature of the purpose.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A purpose may be regarded as charitable whether it is to be carried out}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 in Niue or elsewhere and whether it is beneficial to the community in Niue or}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 elsewhere.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 16 Trusts for non-charitable purposes}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trust may be created for the purpose which is non-charitable provided}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 that \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The purpose is specific, reasonable and capable of }{\f0\insrsid6256737\charrsid2499874 fulfilment}{\f0\insrsid11141481\charrsid2499874 ;}{
\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The purpose is not immoral, unlawful or contrary to public policy;}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) The terms of the trust provide for the appointment of a protector}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
who is capable of enforcing the trust and for the appointment of a}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 successor to any protector.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) If Cabinet, on the advice of the Minister, has reason to believe that there}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
is no protector of a trust for a non-charitable purpose or the protector is unwilling}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 or incapable of acting, it may appoint a person to be protector of the trust and}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 such person shall from the date of appointment exercise the functions of protector}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of the trust.}{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\b\f0\insrsid11141481\charrsid5330438 PART 3
\par PROTECTORS AND TRUSTEES
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 17 The protector of a trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) The terms of a trust may provide for the office of protector of the trust.}{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The protector shall have the following powers \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) (Unless the terms of the trust shall otherwise provide) the power to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
remove a trustee and to appoint a new or additional trustee;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Such further powers as are conferred on the protector by the terms}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
of the trust or of this Act.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The protector of a trust may also be a settlor, a trustee or a beneficiary}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of the trust.
\par }{\i\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) In the exercise of his office, the protector shall not be accounted or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 regarded as a trustee.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) Subject to the terms of the trust, in the exercise of his office a protector}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
shall owe a fiduciary duty to the beneficiaries of the trust or to the purpose for}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 which the trust is created.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Where there is more than one protector of a trust then, subject to the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 terms of the trust, any functions conferred on the protectors may be exercised if}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 more than one half of the protectors for the time being agree on its exercise.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (7) A protector who dissents from a decision of the majority of }{\f0\insrsid5330438\charrsid2499874 protectors may}{\f0\insrsid11141481\charrsid2499874  require his dissent to be recorded in writing.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 18 Who may be the trustee of a trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Any person who has under the law of Niue the capacity to own and}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 transfer property may be the trustee of a trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The trustee may also be a settlor, a beneficiary or a protector of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust.}{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 19 The number of trustees}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Unless the terms of the trust provide for a greater number, the minimum}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of trustees shall be one.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A trust shall not cease to be valid only on the ground that there is no}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trustee or fewer than the number of trustees required by the terms of the trust.

\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where there is no trustee or fewer than the number of trustees required}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
by the terms of the trust, the necessary number of new or additional trustees shall}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 be appointed and until the minimum number is reached the surviving trustee (if}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 any) shall act only for the purpose of preserving the trust property.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Except in the case of a trust established for a charitable purpose \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The number of trustees shall be not more than 4; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) If at any time there are more than 4 persons named as trustees, only}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
the first 4 persons so named shall be the trustees of the trust.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 20 Appointment of new or additional trustees}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Where the terms of a trust contain no provision for the appointment of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 a new or additional trustee, then \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The protector (if any); or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The trustees for the time being (but so that a trustee shall not be}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
required to join in the appointment of his replacement); or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) The last remaining trustee; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (d) The personal representative or liquidator of the last remaining}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trustee; or

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (e) If there is no such person (or no such person willing to act) the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
Court may appoint a new or additional trustee.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to the terms of the trust, a trustee appointed under this section}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 shall have the same functions and may act as if he had been originally appointed
}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 a trustee.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) On the appointment of a new or additional trustee, anything requisite}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
for vesting the trust property in the trustees for the time being of the trust shall be}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 done.
\par }{\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 21 Appointment of trustee resident in Niue}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Where there is no trustee resident in Niue, a beneficiary may apply for}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the appointment of a person, resident in Niue and nominated in the application,}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 as an additional trustee.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The Court \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) If satisfied that notice of the application has been served on the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
existing trustee;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Having heard any representations; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) Having ascertained that the person nominated is willing to act;}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
may appoint that person as an additional trustee.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Notwithstanding section 19, the power contained in this section may}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 be exercised even if it results in there being more than 4 trustees for the time being
}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) The terms of a trust may expressly exclude the operation of subsections}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 (1) and (2).}{\f0\insrsid11141481 
\par }{\f0\insrsid77238\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 22 Renunciation of trusteeship}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) No person shall be obliged to accept appointment as a trustee, but a}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 person nominated as trustee who knowingly intermeddles with the trust property}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 shall be deemed to have accepted appointment as a trustee.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A person who has not accepted and is not deemed to have accepted}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 appointment as a trustee of a trust may within a reasonable period of time after}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 becoming aware of this nomination as trustee \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Disclaim his appointment by notice in writing to the other trustees}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
of such trust (if any); or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) If there are no such other trustees or such other trustees cannot be}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
contacted, apply to the Court for relief from his appointment and}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the Court may make such order as it thinks fit.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A person nominated as a trustee who does not act under subsection (2)}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 within a reasonable period of becoming aware of his nomination shall be deemed}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 to have accepted appointment as a trustee.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 23 Resignation or removal of trustees
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trustee other than a sole trustee may resign by notice in writing to his}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 co-trustees.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A trustee shall cease to be a trustee immediately upon \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The delivery of a notice of resignation under subsection (1);
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) His removal from office by the Court;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) His removal from office by the protector of the trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (d) The coming into effect of or the exercise of a power under a provision}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
in the terms of the trust under which he is removed from, or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 otherwise ceases to hold, his office.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A person who ceases to be a trustee shall do everything necessary to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 vest the trust property in the new or continuing trustees.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) When a trustee resigns or is removed \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) He shall, subject to paragraph (b), daily surrender all trust property}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
held by or vested in him or otherwise under his control;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) He may require that he be provided with reasonable security for}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
liabilities (existing, future, contingent or other) before surrendering}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the trust property.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) A former trustee shall not be liable to any trustee or to any beneficiary}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
or other person interested under the trust for any act or omission in relation to the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust property or to his functions as a trustee, except for any liability \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Arising from a breach of trust to which the trustee (or, in the case of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
a corporate trustee, any of its officers or employees) was a party or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 was privy;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) In respect of an action to recover from the trustee (or, in the case of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
a corporate trustee, any of its officers or employees) trust property}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 or the proceeds thereof in his possession or under his control.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 24 Nature of trustees\rquote  and protectors\rquote  interests
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to subsection (2) \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The interest of a trustee or protector in the trust property is limited}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
to that which is necessary for the proper performance of the trust;}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The trust property does not form part of the trustee\rquote s or protector\rquote s}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 estate.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Where a trustee or protector of a trust is also a beneficiary of it,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 subsection (1) does not apply to his interest as a beneficiary.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where a trustee or protector becomes insolvent, or upon his property}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 becoming liable to distraint, seizure, sequestration or similar process of law, his}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 creditors shall have no recourse against the trust property except to the extent}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
that the trustee or protector himself has a claim against it or a beneficial interest in}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 it.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 25 Corporate trustee may act by resolution
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 A corporate trustee may \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Act in connection with a trust by a resolution of the corporate trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
or of its Board of Directors or other governing body; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Appoint an officer or employee to act on its behalf in connection}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
with the trust.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 26 Trustees of more than one trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trustee is not, in the absence of fraud, affected by notice of any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
instrument, matter, fact or thing in relation to a trust if he obtained notice of it by}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 reason of his acting or having acted as trustee of another trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A trustee of a trust shall disclose to his co-trustees any interest which}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
he has as trustee of another trust if any transaction in relation to the first mentioned}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust is to be entered into with the trustees of the other trust.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 27 Dealings by trustees with third parties}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Where, in a transaction or matter affecting a trust, a trustee informs a}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
third party that he is acting as trustee, a claim by the third party in respect of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 transaction or matter shall, subject to subsection (3), extend only to the trust}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 property.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) If the trustee fails to inform the third party that he is acting as trustee \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) He incurs personal liability to the third party in respect of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 transaction or
 matter; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) He has a right of indemnity against the trust property in respect of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
his personal liability, unless he acted in breach of trust.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Nothing in this section shall prejudice any claim for breach of warranty}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 or authority.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) A bona fide purchaser for value without notice of a breach of trust \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) May deal with a trustee in relation to trust property as if the trustee}{\f0\insrsid5330438  were the }{
\f0\insrsid11141481\charrsid2499874 beneficial owner of it; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Is not affected by the trusts on which the property is held.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) A third party paying or advancing money to a trustee is not concerned}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 to see \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) That the money is needed in the proper exercise of the trust}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 functions;}{
\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) That no more than is so needed is raised; or}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) That the transaction or the application of the money is proper.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid11141481\charrsid2499874 (6) In this section }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 third party}{\f0\insrsid2499874 "}{
\f0\insrsid11141481\charrsid2499874  means a person other than a settlor, trustee,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 protector or beneficiary of the trust.}{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\b\f0\insrsid11141481\charrsid5330438 PART 4
\par DUTIES AND POWERS OF TRUSTEES
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 28 General duties of trustees}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trustee shall in the execution of his functions \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\tx720\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Act with due diligence; and}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Observe utmost good faith; and}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) Act to the best of his skills and abilities; and}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (d) Exercise the standard or care of a reasonable and prudent man of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 business.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A trustee shall carry out and administer the trust under this Act and,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 subject to it, in accordance with the terms of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A trustee shall owe a fiduciary duty to the beneficiaries of the trust, the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 members of a class for whose be
nefit the trust was established, or the purpose for}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 which the trust was established.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Where a fiduciary duty is owed to a purpose for which a trust was}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 established, that duty may be enforced by the protector of the trust or (in the case}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of a trust established for a charitable purpose) by the Minister.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) A trustee shall, subject to the terms of the trust and to the provisions of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 this Act \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Ensure that the trust property is held by or vested in him or is}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
otherwise under his control; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Preserve and, so far as is reasonable, enhance the value of the trust}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 property.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Except with the approval of the Court or in accordance with the terms}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of the trust or the provisions of this Act, a trustee shall not \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Derive, directly or indirectly, any profit from his trusteeship;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Cause or permit any other person directly or indirectly to derive}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
any profit from his trusteeship; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) On his own account enter into any transaction with his co-trustees}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
or relating to the trust property which may result in any such profit.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (7) The trustee of a trust shall keep accurate accounts and records of his}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trusteeship.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (8) A trustee shall keep trust property separate from his own property and}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 separately identifiable from any other property of which he is a trustee.
\par }{\i\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 29 Duty to supply information and duty of confidentiality
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trustee shall so far as reasonable and within a reasonable time of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 receiving a request in writing to that effect, provide full and accurate information}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 as to the state and amount of the trust property and the conduct of the trust}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 administration to \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The Court;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The settlor or protector of the trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) In the case of a trust established for a charitable purpose, the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 Minister;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (d) Subject to the terms of the trust, any beneficiary of the trust who is}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
of full age and capacity; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (e) Subject to the terms of the trust, any charity for the benefit of which}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
the trust was established.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to this Act and to the terms of the trust, and except as is necessary}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
for the proper administration of the trust or by reason of any other Act, the trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of a trust shall keep confidential all information regarding the state and amount}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 of the trust property or the conduct of the trust administration.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A trustee is not (subject to the terms of the trust and to any order of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 Court) obliged to disclose documents which reveal \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) His deliberations as to how he should exercise his functions as}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trustee;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The reasons for any decision made in the exercise of those functions;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) Any material upon which such a decision was or might have been}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 based.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 30 Duty of trustees to act together}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust, all the trustees of a trust shall join in}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the execution of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to subsections (3) and (4), no functions conferred on trustees}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 shall be exercised unless all the trustees agree on their exercise.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Subject to the terms of the trust and to subsection (4), any functions}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 conferred on trustees of a charitable trust shall be exercised if more than one of}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the trustees for the time being of the trust agree on their exercise.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) The terms of a trust may empower the trustees to act individually or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 by a majority with respect to the exercise of some of all of the functions conferred}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 on the trustees or to delegate the exercise of these functions to one or more trustees.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) A trustee who dissents from a decision of the majority of trustees or of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 a co-trustee or of the trustees to whom any functions have been delegated may}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 require his dissent to be recorded in writing.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 31 Duty to act impartially}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust, where a trust is established for one or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
more beneficiaries or purposes (whether concurrent or consecutive), a trustee (other}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 than a trustee who is also a beneficiary) shall act impartially as between these}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 beneficiaries and purposes.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to the terms of the trust and to the provisions of this Act, any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
rule of law which requires a trustee to buy, hold or sell certain investments or to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 apportion the capital or income of the trust fund between beneficiaries is hereby}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 abolished.
\par }{\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 32 General powers of trustees}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust and the provisions of the Act, a trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
shall have in relation to the trust property all the powers of a beneficial owner.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to the terms of the trust and the provisions of this Act, a trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
shall exercise his functions only in the interests of the beneficiaries or of the purpose}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 for which the trust is established and in accordance with the terms of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where the terms of a trust provide that the trustee may add or remove}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 beneficiaries or purposes for which the trust is established, then if such power is}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 exercised properly and on the basis of valid considerations the exercise of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
power shall not be regarded as a breach of the duty of the trustee under the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) A trustee may sue and be sued as trustee.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) The terms of a trust may require a trustee to consult or obtain the consent}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of another person before exercising any functions under this trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Where he considers it necessary or desirable in the interests of the good}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
administration of the trust, a trustee may consult a lawyer, accountant, investment}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 advisor or other person in relation to the affairs of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (7) A person shall not, merely by virtue of giving or refusing his consent to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the exerci
se of any functions or being consulted in relation to the affairs of a trust,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 be deemed to be a trustee or to owe a fiduciary duty to the beneficiaries of the}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 trust.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 33 Powers of investment}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust and to the provisions of this Act, a}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trustee may invest any money requiring investment in any investment or property}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of whatsoever nature and wheresoever situated and whether producing income}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
or not and whether involving any liability or not and upon such security (if any)}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 as the trustee shall in his absolute discretion think fit as if the trustee were the}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 absolute owner of it.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Where the terms of a trust or any other instrument provide that any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 money requiring investing shall only be invested in }{\f0\insrsid2499874 "}{
\f0\insrsid11141481\charrsid2499874 authorised trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 investments}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  (or any similar expression) then the money shall be invested only in}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 such investments as are specified in Schedule 1.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The terms of a trust may provide that Schedule 1 shall apply to the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust with such modifications as are specified by the terms of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Cabinet may, on the advice of the Minister, by Order published in the}{\f0\insrsid5330438  }{\i\f0\insrsid11141481\charrsid2499874 Gazette }{\f0\insrsid11141481\charrsid2499874 
amend the list of authorised trustee investments in paragraph 1 of Schedule}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 1.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (5) A trustee shall not be liable for breach of trust by reason only of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 continuing to hold an investment which has ceased to be an investment authorised}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 by the terms of the trust or by the general law.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Subject to the terms of the trust, in selecting investments a trustee or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 (as the case may be) any investment advisor or other person to whom the trustee}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 has delegated the management of the trust property shall have regard \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) To the need of diversification of investments in the trust, in so far}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
as is appropriate to the circumstances of the trust; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) To the suitability to the trust of the investments proposed.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (7) Subject to the terms of the trust, before investing money in any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 investment a trustee shall consider whether he should obtain appropriate advice}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 as to whether the investment is suitable and satisfactory and (if he considers that}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
the obtaining of such advice is necessary) shall obtain and consider such advice}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 accordingly.
\par }{\i\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (8) Subject to the terms of the trust, a trustee shall determine whether and}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 at what intervals he should obtain appropriate advice as to whether the existing}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 investments of the trust are suitable and satisfactory and (if he considers that the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
obtaining of such advice is necessary) shall obtain ad consider such advice}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 accordingly.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (9) For the purposes of subsections (7) and (8), advice is appropriate if it is}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
the advice of a person who is reasonably believed by the trustee to be qualified to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 give such advice; and such advice may be given by a person notwithstanding that}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 he gives it in the course of his employment (including employment with a trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 of the trust).
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 34 Implied powers of trustee}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust, the powers contained in Schedule 2}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 shall apply to all trusts to which this section applies.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The terms of a trust may provide that some or all of the powers}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 contained in Schedule 2 shall apply to that trust and with or without modification.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 35 Delegation by trustees}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trustee may not delegate the exercise of his functions unless permitted}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 to do so by this Act or by the terms of the trust.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Except where the terms of the trust provide to the contrary, a trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 may \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Delegate the management of trust property to and appoint}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
investment managers whom the trustee reasonably considers to be}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 qualified to manage the investment of the trust property;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Appoint and employ any lawyer, accountant or other person to act}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
in relation to any of the affairs of the trust or to hold any of the trust}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 property; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) Authorise any such manager or person to retain or receive}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
commission or other payment usually payable for services of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 description rendered.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A trustee shall not be liable for any loss arising to the trust from a}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 delegation or appointment under subsection (2) or from the default of any such}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 delegate or appointee provided that the trustee exercised the standard of care of a}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 reasonable and prudent man of business in \endash 

\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The selection of the delegate or appointee; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The supervision of the activities of the delegate or appointee.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 36 Reimbursements of expenses}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 A trustee shall be entitled to be reimbursed out of the trust property all}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 expenses properly incurred by him in connection with the trust.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 37 Payment of trustees
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust, an individual trustee engaged in any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
profession or business shall be entitled to charge and be paid all usual professional}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 or other charges for business transacted, time spent and acts done by him or any}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 partner or employee of his or of his firm in connection with the trust including}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 acts which a trustee not being engaged in any profession or business could have
}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 done personally.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to the terms of the trust, a corporate trustee shall be entitled to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 such remuneration as may from time to time be agreed in writing between such}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 corporation and the settlor or protector of (in the absence of such agreement) in}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
accordance with its standard terms and conditions as to the administration of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trusts current from time to time.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where the terms of the trust provide that a trustee shall not receive any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 payment for acting as such, payment may nevertheless be authorised \endash 

\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) By the Court; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) By some or all of the beneficiaries of the trust:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 Provided that a beneficiary may not authorise such payment if the beneficiary \endash 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (i) is a minor or a person under legal disability;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (ii) does not have full knowledge of all material facts; or}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (iii) is improperly induced by the trustee to authorise such payment.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Where only some of the beneficiaries authorise payment to a trustee}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 under subsection (3), the payment shall be made out of the share of the trust}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 property which in the opinion of the trustee is referable to the interests of those}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 beneficiaries who so authorise payment.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 38 Power to appropriate}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 Subject to the terms of the trust, a trustee may, without the consent of any}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 beneficiary, appropriate trust property in or towards satisfacti
on of the interest of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 a beneficiary in such manner and in accordance with such valuation as he considers}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 appropriate.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 39 Power and duty of maintenance}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 Subject to the terms of the trust and to any prior interest or charge affecting}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the trust property, where any property is held by a trustee in trust for any}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 beneficiary for any interest whatsoever \endash 
\par }{\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) While the beneficiary is a minor, the trustee \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (i) may pay to the parent or guardian of the beneficiary or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
otherwise apply the whole or part of the income attributable}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 to that interest for or towards the maintenance, education or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
benefit of the beneficiary; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (ii) shall accumulate the residue of that income as an accretion to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
the trust property and as one fund with the trust property for}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 all purposes:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li2160\ri0\nowidctlpar\faauto\rin0\lin2160\itap0\pararsid15818859 {\f0\insrsid11141481\charrsid2499874 Provided that the trustee may while the beneficiary is a minor apply those}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
accumulations as if they were income of the then current year; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) If the beneficiary is no longer a minor and his interest has not yet}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
vested in possession, the trustee shall thenceforth pay the income}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 attributable to the interest to the beneficiary until his interest vests}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 in possession or terminates.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 40 Power of advancement}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust, a trustee may in his discretion pay or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 apply trust property for the advancement or benefit of any beneficiary whose}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 interest in the trust has not yet vested in possession.
\par }{\f0\insrsid5330438 
\par (2)
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Any trust property so paid or applied shall be brought into account}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
in determining the share of the beneficiary in the trust property.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) No such payment or application shall be made which prejudices}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
any person entitled to any prior interest unless such person is of}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 full age and consents to the payment or application or (if such person}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 is not of full age) the Court consents.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) The part of the trust property so paid or advanced shall not exceed}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
the presumptive share of the beneficiary in the trust property.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\i\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 41 Accumulation and maintenance settlements
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 Where property is directed to be held on accumulation and maintenance}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trusts for the benefit of a beneficiary or a class of beneficiaries, the provisions of}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 sections 40 and 41 (unless the terms of the trust otherwise provide) apply to the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 interest of such beneficiary or beneficiaries.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 42 Receipts of parents or guardians
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 The receipt of a parent or guardian of a beneficiary who is a minor or is}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 under legal disability shall be a sufficient discharge to the trustee for a payment}
{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 made to or for the benefit of the beneficiary.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 43 Power of appointment
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 The terms of a trust may confer on the trustee or any other person power to}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
appoint all or any part of the trust property or any interest in the trust property to,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 or to trustees for the benefit of, any person or valid charitable or non-charitable}{\f0\insrsid5330438  }{
\f0\insrsid11141481\charrsid2499874 purpose (whether or not such person was a beneficiary of the trust or such purpose}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 was an object of the trust prior to such appointment).
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 44 Power of revocation or variation}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A trust and any exercise of a power or discretion under a trust may be}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 expressed to be capable of revocation (in whole or in part) or of variation.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) No such revocation or variation shall prejudice anything lawfully done}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
by a trustee in relation to the trust before he receives notice of the revocation or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 variation.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Subject to the terms of the trust, if a trust is revoked in whole or in part,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
the trustee shall hold the trust property, or the part of the trust property which is}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the subject of the revocation, in trust for the settlor absolutely or, if he is dead, as}{\f0\insrsid5330438  
}{\f0\insrsid11141481\charrsid2499874 if it had formed part of his estate at death.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (4) In so far as the terms of a trust make no provision for revocation of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust, then the trust shall be irrevocable.
\par }{\f0\insrsid5330438 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\b\f0\insrsid11141481\charrsid5330438 PART 5
\par TERMINATION OR FAILURE OF TRUSTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 45 Failure or lapse of interest}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to the terms of the trust and to any order of the Court, where \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\tx540\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) An interest lapses;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\tx540\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\tx540\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) A trust terminates; or}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\tx540\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\tx540\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) There is no beneficiary and no person (whether or not then living)}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
who can become a beneficiary in accordance with the terms of the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 trust;}{\f0\insrsid5330438 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 the interest or property concerned shall be held by the trustee in trust for the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
settlor absolutely, if he is dead, as if it had formed part of his estate at death.
\par }{\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subsection (1) shall not apply to a trust established for a charitable}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 purpose to which section 46 applies.
\par }{\b\f0\insrsid5330438 
\par }{\b\f0\insrsid11141481\charrsid2499874 46 Application of property held on charitable trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Where trust property is held for a charitable purpose and \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) The purpose has been, as far as may be, fulfilled;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) The purpose cannot be carried out at all, or not under directions}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
given and to the spirit of the gift;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (c) The purpose provides a use for part only of the property;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (d) The property, and other property applicable for a similar purpose,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
can be more effectively used in conjunction, and to that end can}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 more suitably be applied to a common purpose;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (e) The purpose was laid down by reference to an area which was then,}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
but has since ceased to be a unit for some other purpose, or by}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 reference to a class of persons or to an area which has for any reason}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
since ceased to be suitable or to be practicable in administering the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 gift;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (f) The purpose has been adequately provided for by other means;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (g) The purpose has ceased to be charitable (by being useless or harmful}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
to the community or otherwise); or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (h) The purpose has ceased in any other way to provide a suitable and}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
effective method of using the property;}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the property, or the remainder of the property, as the case may be, shall be held for}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
such other charitable purpose as the Court, on the application of the Minister or}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 the trustee, may declare to be consistent with the original intention of the settlor.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Where trust property is held for a charitable purpose, the Court, on the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 application of the Minister or the trustee, may approve any arrangement which}{
\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 varies or revokes the purposes or terms of the trust or enlarges or modifies the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 
powers of management or administration of the trustee, if it is satisfied that the}{\f0\insrsid5330438  }{\f0\insrsid11141481\charrsid2499874 arrangement \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (a) Is no suitable or expedient; and}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5330438 {\f0\insrsid5330438\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5330438 {\f0\insrsid11141481\charrsid2499874 (b) Is consistent with the original intention of the settlor.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5330438\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The Court shall not make a declaration under subsection (1) or approve}{\f0\insrsid10760243  }{\f0\insrsid11141481\charrsid2499874 an arrangement under subsection (2) unless satisfied that any person with a}{
\f0\insrsid10760243  }{\f0\insrsid11141481\charrsid2499874 material interest in the trust has had an opportunity of being heard.
\par }{\b\f0\insrsid10760243 
\par }{\b\f0\insrsid11141481\charrsid2499874 47 Termination of trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid10760243\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) On the termination of a trust, the trust property shall, subject to}{\f0\insrsid10760243  }{\f0\insrsid11141481\charrsid2499874 subsection (2), be distributed by the trustee within a reasonable time in accordance}
{\f0\insrsid10760243  }{\f0\insrsid11141481\charrsid2499874 with the terms of the trust to the persons entitled.}{\f0\insrsid11141481 
\par }{\f0\insrsid10760243\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The trustee may retain sufficient assets to make reasonable provision}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 for liabilities (existing, future, contingent or other).
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 48 Termination by beneficiaries}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Without prejudice to any power of the Court and notwithstanding}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the terms of the trust, where all the beneficiaries are in existence and have been}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 ascertained, and none is a person under legal disability or a minor, and all}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
beneficiaries are in agreement so to do, they may require the trustee to terminate}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the trust and distribute the trust property as the beneficiaries direct.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A beneficiary of an interest under a protective or spendthrift trust may}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 not enter into such an agreement as is referred to in subsection (1).}{
\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid5843124 PART 6
\par VARIATION OF TRUSTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 49 Variation of trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) The Court may, on the application of any beneficiary, the trustee, the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
settlor or his personal representatives, or the protector of a trust, approve on behalf}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 of \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) A minor or a person under legal disability having, directly or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
indirectly, an interest, vested or contingent, under the trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Any person unborn;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\i\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) Any person who is presently unascertained but who may become}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
entitled, directly or indirectly, to an interest under the trust, as being}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 (at a future date or on the happening of a future event) a person of}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 any specified description or a member of any specified class; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (d) Any person, in respect of an interest that may accrue to him by}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
virtue of the exercise of a discretionary power on the failure or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 determination of an interest under a protective or spendthrift trust \endash 
any arrangement which varies or revokes the terms of the trust or enlarges or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 modified the powers of management or administration of the trustee, whether or}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 not there is another person with a beneficial interest who is capable of assenting}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 to the arrangement:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The Court shall not approve an arrangement on behalf of a person}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 mentioned in subsection (1) (a), (b) or (c) unless the arrangement appears to be for}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 his benefit.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 50 Approval of particular transaction
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 Where, in the management or administration of a trust, a transaction is, in}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the opinion of the Court, expedient, but cannot be effected because the necessary}
{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 power has not been conferred on the trustee by the terms of the trust or by law,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the Court, on the application of the trustee \endash 

\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) May confer upon the trustee, generally or in any particular}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
circumstances, the necessary power, on such terms and subject to}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 such conditions as the Court thinks fit; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) May direct the manner in which, and the property from which, any}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
monies authorised to be expended, and the costs of any transaction,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 are to be paid or borne.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid5843124 PART 7
\par BREACH OF TRUST
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 51 Liability for breach of trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) Subject to this Act and to the terms of the trust, a trustee who commits}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 or concurs in a breach of trust is liable for \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) Any loss or depreciation in value of the trust property resulting}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
from the breach; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Any profit which would have accrued to the trust had there been}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 no breach.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A trustee may not set-off a profit accruing from one breach of trust}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 against a loss or depreciation in value resulting from another.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) A trustee is not liable for a breach of trust committed by another person}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 prior to his appointment or for a
 breach of trust committed by a co-trustee unless \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) He becomes or ought to have become aware of the breach; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) He actively conceals the breach, or fails within a reasonable time to}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
take proper steps to protect or restore the trust property or to prevent}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the breach.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (4) Where trustees are liable for a breach of trust, they are liable jointly and}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 severally.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (5) A trustee who becomes aware of a breach of trust shall take all}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 reasonable steps to have the breach remedied.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Nothing in terms of a trust shall relieve a trustee of liability for a breach}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 of trust arising from his own fraud or wilful misconduct.
\par }{\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 52 Constructive trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A person who derives a profit from a breach of trust, or who obtains}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 property in breach of trust, shall be deemed to be a trustee of the property, unless}
{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 he derives or obtains it in good faith and without actual constructive or implied}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 notice of the breach of trust.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) A person who becomes a trustee by virtue of subsection (1) shall deliver}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 up the profit or property to the person properly entitled to it.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) This section does not exclude any other circumstances in which a}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 constructive trust may arise.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 53 Tracing trust property}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 Without prejudice to the personal liability of a trustee, trust property which}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
has been charged or dealt with in breach of trust, or any property into which it has}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 been converted, may be followed and recovered unless \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) It is no longer identifiable; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) It is in the hands of a bona fide purchaser for value without actual,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
constructive or implied notice of the breach of trust.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 54 Beneficiary may relieve or indemnify a trustee}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A beneficiary may relieve a trustee of liability to him for a breach of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 trust or indemnify a trustee against liability for a breach of trust.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subsection (1) does not apply if the beneficiary \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) Is a minor or a person under legal disability;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Does not have full knowledge of all material facts; or}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) Is improperly induced by the trustee to act under subsection (1).}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 55 Power to relieve trustees from personal liability}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 The Court may relieve a trustee wholly or partly of liability for a breach of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 trust where it appears to the Court that the trustee has acted honestly and}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 reasonably and ought fairly to be excused for the breach of trust or for omitting to}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
obtain the directions of the Court in the matter in which the breach arose.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 56 Power to make beneficiaries indemnify}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 Where a trustee commits a breach of trust at the instigation, at the request}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 or with the concurrence
 of a beneficiary, the Court (whether or not the beneficiary}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 is a minor or a person under legal disability) may impound all or part of his interest}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 by way of indemnity to the trustee or any person claiming through him.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 57 Limitation and prescription}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) No period of limitation or prescription applies to an action brought}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 against a trustee \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) In respect of any fraud to which the trustee was a party or was}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 privy; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) To recover from the trustee trust property or the proceeds of it \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (i) held by or vested in him or otherwise in his possession or under}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
his control; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (ii) previously received by him or converted to his use.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Subject to subsection (1), the period within which an action founded}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 on breach of trust may be brought against a trustee is \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) Three years from delivery of the final accounts of the trust to the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
beneficiaries; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Three years from the date on which the plaintiff first has knowledge}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
of the breach of trust, whichever period first begins to run.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\i\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) Where the plaintiff if a minor or a person under legal disability, the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 period referred to in subsection (2) does not begin to run until his minority or}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 disability, as the case may be, ceases.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid5843124 PART 8
\par POWERS OF THE COURT
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 58 Jurisdiction of the Court}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 The Court has jurisdiction in respect of any matters concerning a trust}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 where \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) The proper law of the trust is the law of Niue;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) A trustee of the trust is resident in Niue;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) Any property of the trust is situated in Niue;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (d) Any part of the administration of the trust is carried on in Niue.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 59 General powers of the Court}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) On the application of a trustee, a beneficiary, a settlor or his personal}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 representatives, a protector (in the case of a trust established for a cha
ritable}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 purpose) the Minister or, with the leave of the Court, any other person the Court}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 may \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) Make an order in respect of \endash }{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\tx1440\faauto\rin0\lin1440\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (i) the execution, administration or enforcement of a trust;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\tx1440\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li1440\ri0\nowidctlpar\tx1440\faauto\rin0\lin1440\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (ii) a trustee, including an order as to the exercise by a trustee of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
his functions, the removal of a trustee, the appointment,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 remuneration or conduct of a trustee, the keeping and}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
submission of accounts, and the making of payments whether}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 into Court or otherwise;
\par }\pard \ql \li0\ri0\nowidctlpar\tx1440\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li1440\ri0\nowidctlpar\tx1440\faauto\rin0\lin1440\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (iii) a protector, including an order appointing a protector;
\par }\pard \ql \li0\ri0\nowidctlpar\tx1440\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li1440\ri0\nowidctlpar\tx1440\faauto\rin0\lin1440\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (iv) a beneficiary, or any person connected with a trust;
\par }\pard \ql \li0\ri0\nowidctlpar\tx1440\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li1440\ri0\nowidctlpar\tx1440\faauto\rin0\lin1440\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (v) any trust property, including an order as to the vesting,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
preservation, application, surrender or recovery of it;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Make a declaration as to the validity or enforceability of a trust;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) Direct the trustee to distribute, or not to distribute the trust property;}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (d) Make such order in respect of the termination of the trust and the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
distribution of the property as it thinks fit;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (e) Rescind or vary an order or declaration under this Act, or make a}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
new or further order or declaration.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Where the Court appoints or removes a trustee under this section \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) It may impose such requirements and conditions as it thinks fit,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
including provisions as to remuneration and requirements or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 conditions as to the vesting of trust property;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Subject to the Court\rquote s order, a trustee appointed by the Court has}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
the same functions, and may act in all respects, as if he had been}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 originally appointed a trustee.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) If a person does not comply with an order of the Court under this Act}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 requiring him to do any thing, the Court may, on such terms and conditions as it}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 thinks fit, order that the thing be done by another person, nominated for the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
purpose by the Court, at the expense of the person in default (or otherwise, as the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 Court directs) and a thing so done has effect in all respects as if done by the person}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 in default.
\par }{\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 60 Applications for directions}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 A trustee may apply to the Court for directions as to how he should or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 might act in any of the affairs of the trust, and the Court may make such order as}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 it thinks fit.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 61 Payment of costs}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 The Court may order the costs and expenses of and incidental to an}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 application of the Court under this Act to be paid from the trust property or in}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 such manner and by such persons as it thinks fit.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid5843124 PART 9
\par VARIANT TYPES OF TRUST
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 62 Variant types of trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) A settlor may create a trust (in whatever form and whatever name it is}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 known) of a type recognised by the law or rules of his religion or nationality or}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 which is customarily used by his community, provided that \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) There is a recital to that effect in the instrument creating the trust;}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 and

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) The trust is of a type approved by the Minister by Order published}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 in the }{
\i\f0\insrsid11141481\charrsid2499874 Gazette.}{\f0\insrsid11141481\charrsid5843124 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The instrument creating a trust may be written in a language other}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 than English, provided that a version in the English language certified by the}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 original trustee to be a true translation is appended to the instrument.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 63 Provisions of variant types of trust}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 A trust of a type approved under section 62 (1) may provide that the trustee}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 shall hold the trust property \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) For a period not exceeding 120 years, to pay or apply the income}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
and capital of it for the maintenance, education, advance or benefit}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 of the family of the settlor, and/or for the purpose of performing}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
acts or services in honour of the settlor or the ancestors of the settlor;}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Thereafter for the advancement of the settlor\rquote s religion, or for such}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
other charitable purpose as the settlor may specify or, if the }{\f0\insrsid5843124 settler }{\f0\insrsid11141481\charrsid2499874 has not specified a charitable purpose, for such charitable purpose}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 as the trustee shall determine.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid5843124 PART 10
\par REGISTRATION OF TRUSTS AND EXEMPT TRUSTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 64 Facility to register trusts}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (1) The Registrar of the Court shall maintain a register of trusts.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The settlor or a trustee of a trust may apply to the Registrar to enter the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 trust on the Register.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) An application for entry on the Register shall be accompanied by \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) A certified copy of the instrument creating the trust (if any); and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) A fee of $300.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (4) The Registrar shall, on receipt of an application for registration, a}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 certified copy of the instrument creating the trust (if any) and the required fee 
\endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) Enter on the Register the name of the trust (if any), the name of the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 settlor an
d the name of the beneficiary or the purpose for which}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the trust is established; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Issue to the trustee a certificate of registration.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\i\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (5) Where the terms of a trust which has been registered are varied, the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 trustee shall send to the Registrar a notification of such variation together with a}
{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 fee of $150 and the Registrar shall amend the entry on the Register accordingly}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 and issue an amended certificate of registration.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (6) Where a trust which has been registered terminates, the trustee shall}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
notify the Registrar and return the certificate of registration and the Registrar shall}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 then cancel the entry on the Register and the certificate of registration.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (7) The Register shall not be open for inspection except that the trustee of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 a trust may in 
writing authorise a person to inspect the entry of that trust on the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 Register.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (8) Notwithstanding subsection (7) and section 29, the Register shall be}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 open to inspection by any foreign government or any court and tribunal of any}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 other country including Niue but only if and to the extent that the Court so directs}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
having been satisfied that the information is required and will be used solely for}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the purposes of an investigation or prosecution of any person in relation to the}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 sale, or the laundering of the proceeds of sale, of any prohibited narcotic substances}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
of the laundering of the proceeds gained from any other serious criminal activity}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 whether that sale or laundering or other serious criminal activity occurred in Niue}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 or elsewhere.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (9) The Minister may increase the fees payable under this section by Order}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 in Cabinet.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (10) Nothing in subsection (7) shall prevent the Court from requiring}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 any person to produce claimants or to give evidence in any proceedings of any}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 facts relevant in such proceedings.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 65 Exemption from taxes and duties
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (1) For the purposes of this Act a trust shall be an exempt trust in any year}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 if \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) The settlor is not resident in Niue during that year;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) None of the beneficiaries are resident in Niue during that year; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) The trust property does not include any land situated in Niue.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) In any year when a trust is an exempt trust, then, notwithstanding any}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 provision to the contrary in any enactment \endash 
\par }{\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) The income of the trust for that year shall be exempt from all}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
provisions of the Income Tax Act 1961;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) No estate, inheritance, succession or gift tax or duty shall be payable}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
with respect to the trust property by reason of any death occurring}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 during that year; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) All instruments executed in that year and relating to the trust}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
property or to transactions carried out by the trustee on behalf of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the trust shall be exempt from stamp duty.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) In this section }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 resident}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  means resident for the purposes of the Income}{\f0\insrsid5843124  }
{\f0\insrsid11141481\charrsid2499874 Tax Act 1961.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash 
\endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid6554151 SCHEDULES
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid5843124\charrsid6554151 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid6554151 SCHEDULE 1
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5843124\charrsid6554151 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid6554151 Authorised Trustee Investments
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) Securities issued by, or the payment of interest on which is guaranteed}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
by, the Government of Niue or by any other sovereign state;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) Securities issued by, or the payment of interests on which is guaranteed}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
by, any of the African Development Bank, the Asian Development Bank,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the Caribbean Development Bank, the European Economic Community,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
the European Investment Bank, the International Finance Corporation,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the International Monetary Fund, or the International Bank for}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
Reconstruction and Development;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) Any trustee investments authorised by the Trustee Act 1956, the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
Commonwealth of Australia or any State or Territory of it, or the United}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 Kingdom;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (d) Securities issued by or deposits with any Bank registered with the relevant}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
authorities in any of the jurisdictions in subparagraph (c) or in the United}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 States of American, the Cook Islands, or Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (e) Freehold property situated in any of the jurisdictions in subparagraph (c)}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
or leasehold property situated in Niue of which the unexpired term of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the end of the investment is not less than 40 years.}{\f0\insrsid11141481 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid6554151 SCHEDULE 2
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid5843124\charrsid6554151 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\b\f0\insrsid11141481\charrsid6554151 Implied Powers of Trustees
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Trust for Sale and Investment}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 1 }{\f0\insrsid11141481\charrsid2499874 (1) The trustee shall hold real or immovable property included in the trust}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
property on trust for sale with power to postpone the sale of the whole or any part of it}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 for such period as he thinks fit and shall hold all other investments included in the trust}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 property on trust either (at his discretion) to retain them for such period as he thinks fit or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
to sell or otherwise dispose of the whole or any part of them.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The trustee shall hold all money received or held by him as capital money}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 (including the net proceeds of such sale) on trust t
o invest it in any manner authorised by}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the terms of the trust as he thinks fit.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The trustee may change investments included in the trust property into others}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 authorised by the terms of the trust.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 Powers respecting trustee investments}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 2 }{\f0\insrsid11141481\charrsid2499874 (1) Where in the event that any land, building or chattel were producing income,}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the whole of }{
\f0\insrsid6256737\charrsid2499874 such income}{\f0\insrsid11141481\charrsid2499874  would or might be payable to any person under the terms of the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
trust, the trustee may permit such person together with the members of his household to}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 reside in and occupy such land or buildings or to enjoy the use or benefit of such chattels}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 either gratuitously or on such terms as the trustee shall think fit.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The trustee shall have power to purchase any land, building or chattel or any}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 interest in it in any j
urisdiction, provided that the power to purchase land in Niue shall}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 be limited to the purchase of a leasehold interest only, for the use or occupation of any}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 one or more persons (such use or occupation to be}{\f0\insrsid5843124  only under subparagraph (1) or }{\f0\insrsid11141481\charrsid2499874 partly}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 for such u
se and partly as an investment.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The trustee shall have power to employ any capital of the trust property or to}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
take such other steps as may be requisite to insure, protect, maintain or preserve or to}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 improve the value of or to guard against any loss of value of the trust property or the}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 income thereof.
\par }{\i\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 Corporations}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 3 }{\f0\insrsid11141481\charrsid2499874 (1) The trustee may promote or incorporate any corporation to carry on any trade}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 or hold any investments.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) Where all or any part of the capital of a corporation is included in the trust}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
property the assets of such corporation shall not be impressed with any of the trusts but}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the trustee may nevertheless cause or procure such corporation to do any act or thing as}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 regards the assets of the corporation as he is}{\f0\insrsid5843124  empowered to do as regards the }{\f0\insrsid11141481\charrsid2499874 trust property.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 Appropriation}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 4 }{\f0\insrsid11141481\charrsid2499874 The trustee shall have power to appropriate any investments or property forming}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
part of the trust property in its actual state of investment in or towards the satisfaction of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the beneficial interest of any person interested in the trust property upon making such}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 valuation if any as the trustee may think fit and without the necessity of obtaining the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 consent of any person.}{\f0\insrsid11141481 

\par }{\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Holding and Custody of Investments}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 5 }{\f0\insrsid11141481\charrsid2499874 Investments included in the trust property may be held by or in the name of or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
under the control of any person (whether or not a trustee) as nominee or bailee for the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 trustee and in that case the trustee shall not be responsible for any default of such nominee}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 or bailee of good standing appointed in good faith.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Land}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 6 }{\f0\insrsid11141481\charrsid2499874 Subject to the Land Act 1969, the Niue Amendment Act 1968 and any relevant}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
principles of land law applicable to Niue, where the trust property includes any land (in}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 this paragraph called }{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874 the Land}{
\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  \endash }{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (a) The trustee may lease, mortgage, charge, grant any licence over (whether}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
exclusive or not) and otherwise dispose of the Land or any interest in it}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 provided that there shall be no power to sell, mortgage or exchange land}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 in Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (b) The trustee may spend capital money on erecting buildings on the Land}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
or on demolishing and rebuilding or on altering or improving buildings}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 on it or otherwise on improving the Land as he thinks fit (and any}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 certificate of any architect or surveyor employed by the trustee or of any}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 trustee who is qualified as an architect or surveyor that the work specified}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 in such certificate consists only of alteration or improvement shall be}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
conclusive as between the trustee and all persons interested under the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 trust that any capital money spent on such work was properly spent by}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 the trustee in exercise of the powers conferred by this subparagraph);
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (c) The trustee may observe and perform all obligations imposed on or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
incurred by him as owner or lessor or lessee of the Land and shall be}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 entitled to be indemnified out of every part of the trust property against}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 all personal liability imposed on him by or by any breach of any one or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 more of such obligations and in this subparagraph }{\f0\insrsid2499874 "}{
\f0\insrsid11141481\charrsid2499874 obligations}{\f0\insrsid2499874 "}{\f0\insrsid11141481\charrsid2499874  includes}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 every obligation whether imposed by contract or by general law or}{
\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 otherwise;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5843124 {\f0\insrsid5843124 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5843124 {\f0\insrsid11141481\charrsid2499874 (d) The trustee may employ any of the capital of the trust property in}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
repairing, developing, enlarging, equipping, furnishing, insuring and}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 maintaining the Land and buildings and fixtures on it.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 7 }{\f0\insrsid11141481\charrsid2499874 Where the trust property includes any chattel the trustee may employ any of the}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
capital of the trust property in repairing or insuring such chattel and may store, lend or}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 hire on such terms as he thinks fit.
\par }{\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 Borrowing}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 8 }{\f0\insrsid11141481\charrsid2499874 (1) The trustee may borrow on such terms as he thinks fit and for such purpose}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
may mortgage or charge all or any of the assets included in the trust property.
\par }{\f0\insrsid5843124 
\par }{\f0\insrsid11141481\charrsid2499874 (2) The trustee shall hold any borrowed money as capital of the trust property}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 and as one fund w
ith other money and investments included in the trust property or as a}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 separate fund as he shall think fit and shall invest, advance, distribute, pay or otherwise}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 deal with such money in accordance with the trusts and powers relating to the capital of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the trust property.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }{\f0\insrsid11141481\charrsid2499874 (3) The trustee may repay borrowed money and pay interest out of the capital of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 the trust property.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Insurance}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 9 }{\f0\insrsid11141481\charrsid2499874 The trustee may effect and maintain out of the capital of the trust property any}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
policy of insurance or assurance upon the life of any person or under which the death of}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 any person is one of the events under which money becomes payable.
\par }{\b\f0\insrsid5843124 
\par }{\b\f0\insrsid11141481\charrsid2499874 Loans to Beneficiaries}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 10 }{\f0\insrsid11141481\charrsid2499874 Where in the event that any money forming part only of the trust property were}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 
producing income the whole of such income would or might be payable to any person}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 under the terms of the trust the trustee may lend such money to that person either free of}{\f0\insrsid5843124  }{
\f0\insrsid11141481\charrsid2499874 interest or upon such terms relating to interest and to repayment and either with or without}{\f0\insrsid5843124  }{\f0\insrsid11141481\charrsid2499874 security as the trustee thinks fit.}{\f0\insrsid11141481 
\par }{\f0\insrsid5843124\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Release of Powers}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid7223690\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 11 }{\f0\insrsid11141481\charrsid2499874 The trustee may in his absolute discretion at any time and by instrument in writing}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
release or restrict the future exercise of any powers conferred on him by the terms of the}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 trust or by the general law either wholly or to t}{\f0\insrsid7223690 he extent specified in any such }{
\f0\insrsid11141481\charrsid2499874 instrument.}{\f0\insrsid11141481 
\par }{\f0\insrsid7223690\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Trustees Appointed as Directors}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid7223690\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 12 }{\f0\insrsid11141481\charrsid2499874 Any trustee who shall be or become a director or the holder of any other office or}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
employment in any company any of whose shares shall form part of the trust property}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 shall be entitled to retain for his own use and benefit any reasonable fees or remuneration}{\f0\insrsid7223690 
 }{\f0\insrsid11141481\charrsid2499874 received by him in connection with such office or employment notwithstanding that his}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 appointment to or retention of such o
ffice or employment may be directly or indirectly}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 due to the exercise or non-exercise of any votes in respect of any of the shares forming}{\f0\insrsid7223690  }{
\f0\insrsid11141481\charrsid2499874 part of the trust property.}{\f0\insrsid11141481 
\par }{\f0\insrsid7223690\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Associated Parties}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid7223690\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 13 }{\f0\insrsid11141481\charrsid2499874 If the trustee places or causes to be placed any banking, broking or other business}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
with an associated or other person so that (but for this paragraph) he would be liable to}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 account in any manner to the trust property he shall ensure that such business is done on}{
\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 such terms as that person would make with an unassociated customer or client and if he}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
does so he shall not be required to account for any receipt from or profit of such person}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 from such business.}{\f0\insrsid11141481 
\par }{\f0\insrsid7223690\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 Sundry Powers}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid7223690\charrsid2499874 
\par }{\b\f0\insrsid11141481\charrsid2499874 14 }{\f0\insrsid11141481\charrsid2499874 (1) The powers of the trustee shall extend to any and every act or omission of the}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 trustee which 
is necessary or desirable for the due execution of the trust and the protection}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 and realisation and the due administration of the investments in the trust property and}{\f0\insrsid7223690  }{
\f0\insrsid11141481\charrsid2499874 the cost of and incidental to every act of the trustee shall be met out of income or capital}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
of the trust property or partly out of each (as the trustee thinks fit).
\par }{\f0\insrsid7223690 
\par }{\f0\insrsid11141481\charrsid2499874 (2) In addition to all the powers vested in the trustee by the terms of the trust or}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
the general law the trustee shall have and may exercise the following powers
\par }{\f0\insrsid7223690 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid7223690 {\f0\insrsid11141481\charrsid2499874 (a) To compromise and settle for such consideration and upon such terms}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
and conditions as the trustee may consider advisable all matters arising}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 in relation to the trust;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid7223690 {\i\f0\insrsid7223690 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid7223690 {\f0\insrsid11141481\charrsid2499874 (b) To pay out of the income or capital of the trust property all the costs of}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
and incidental to the preparation and execution of the trust instrument;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid7223690 {\f0\insrsid7223690 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid7223690 {\f0\insrsid11141481\charrsid2499874 (c) To receive any property from any person as an addition to the trust}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 
property either by gift inter vivos or by will or under the provisions of}{\f0\insrsid7223690  }{\f0\insrsid11141481\charrsid2499874 any other trust or otherwise.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2499874 {\b\f0\insrsid7223690 
\par }{\b\f0\insrsid11141481\charrsid2499874 Revocable Appointments}{\b\f0\insrsid11141481 
\par }{\b\f0\insrsid7223690\charrsid2499874 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid7223690 {\b\f0\insrsid11141481\charrsid2499874 15 }{\f0\insrsid11141481\charrsid2499874 Any revocable appointment, decision or resolution of the trustee may be treated}{\f0\insrsid7223690  }{
\f0\insrsid11141481\charrsid2499874 by him for any purpose as irrevocable unless and until it is revoked.}{\f0\insrsid11087364\charrsid2499874 
\par }}