Trusts and Trustees Act (Cap. 331), article 16

16. (1) Subject to the terms of a trust and to any order of the court, where a trust terminates due to - (a) a lapse of an inter est under a trust; or (b) there being no beneficiary and no person who can become a beneficiary in accordance with the terms of the trust, the interest of the property aff ected by such lapse, or lack of beneficiary, shall be held by the trustee in trust for the sett lor absolutely or, if he is deceased, for his heirs. (2) Where an interest or property is held by a trustee for a charitable purpose which has ceased to exist or is no longer 16 CAP. 331.] TRUSTS AND TRUSTEES applicable, that interest or pro perty shall be held for such ch aritable purposes as the court may declar e to be consistent with the ori ginal intention of the settlor, or as the court may otherwise determi ne. (3) In this article "settlor" means the particular person who provided the interest or property affected as mentioned in subarticle (1). (4) An application to the court under this article may be made by any of the persons mentioned in article 37(3). Termination of a trust. Amended by: XX. 1994.4; XI. 2014.7, 8.