transfer in shares and by declaration. On one hand‚ the settlor may opt to transfer property to a trustee who is meant to hold the property on behalf of the beneficiary. The obligations of the trustee are provided in the Trust deed between the settlor and the trustee. Often‚ the trustee has the legal obligation to hold the property on behalf of the beneficiary. This means that although the trustee is the legal owner of the property‚ he is not
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trustees to do things beyond their powers. CASE LAW: Saunders v/s Gautier: It states that changes can be made in the Trust. Hence‚ the general rule is that the original trust probate must be obtained and a breach of trust will be committed if the trustee changes the terms of the trust. The case of NEW It has been said that even the court of law cannot change the terms of trust because there is the role of fidelity of the settlor when he has created the trust. Exceptionally‚ in certain circumstances
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an accounting student because it helps the student to understand the laws that governs Trusteeship‚ Executorship and Bankruptcy. In the area of Trusteeship it helps the student to understand the roles of the settler‚ trustee and the beneficiary. To understand who can appoint a trustee and what is required to make a Trust valid. It also helps the student to understand the difference between Trusteeship and other concepts. It helps the student understand the different classification of Trust and how
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Why is it important to have a policy protecting children? This is a statement of intent that demonstrates a commitment to safeguard children involved with a charity from harm. The essential inclusions for a child protection policy are outlined below: the welfare of the child is paramount; all children without exception have the right to protection from abuse regardless of gender‚ ethnicity‚ disability‚ sexuality or beliefs; the policy is approved and endorsed by the board of trustees; who
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responsible for management of the organization. They participate in the administration‚ guidance and supervision of the affairs of an organization. Most provinces require at least three directors on the board; they could be given titles of governor‚ trustee or administrator. In small organizations‚ the directors may also be involved in the day to day operations of the organization. The overall responsibility of a director is to ensure the organization is achieving its legal purpose. Directors should
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DATE OF SUBMISSION: 25/11/2013 QUESTION: Acquisition of property by a fiduciary of his principal is governed by two rules..discuss INTRODUCTION “A fiduciary is a person holding the character of a trustee‚ or a character analogous to that of a trustee‚ in respect to the trust and confidence involved in it and the scrupulous good faith and cador which it requires” (blacklaws dictionary). Lord Millet in Bristol and West Building Society V Mothew1 stated that a fiduciary
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These obligations exist to ensure that funds’ assets are protected and maintained for the sole purpose of providing retirement benefits to members. Compliance with the Sole purpose test is arguably the single most important obligation of a SMSF trustee and failure to comply can result in serious civil and criminal penalties and loss of tax concessions. This paper will commence by providing an explanation of the Sole purpose test in the context of how it applies to an SMSF. It will then draw
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findings of the topic that is whether the duties of constructive trustee have been equated with the expressive trustee. The paper will highlight both the trustees in a detailed discussion. This discussion will bring differentiation between both aspects. The paper will also aim to distinguish circumstances surrounding the statutory direction of courts when imposing a constructive trust upon a trustee de son tort. Constructive Trustee Constructive trusts are not confined to one definition. They are
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Breen v Williams (1996) HCA: Facts • Dow Corning manufactures a silicone breast implant; due to a design defect‚ it leaks and causes harm to those in whom the devices were implanted. • Breen has had an implantation surgery‚ and the implants subsequently leak. • She undergoes corrective surgery‚ but it fails to relieve her pain and resolve the problem. • She wants to join in a class action lawsuit against the United States manufacturer. • Permission to do so is granted‚ providing that she
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Definition – the law of Trust determines the relationship among trustee‚ trustor and beneficiaries over the property. Trustor means owner of the property‚ which enjoys extended bundle of rights over his property. Trustee is a person who manages the property. Beneficiary: A beneficiary is anyone who receives benefits from any assets the trust owns. We have two types of trust. First division of types: First is Inter Vivos - the management of the property during one’s lifetime. Mortis Causa –
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