Trusts and Trustees Act (Cap. 331), article 43B

43B. Notwithstanding the provisions of article 43A, a trustee set up as a company - (a) whose object and activities are limited to acting as trustee in relation to a specific settlor or settlors and providing administrative services in respect of a specific family tru st or trusts; and (b) which does not otherwise hold itself out as a trustee to the public; and (c) which does not act habitually as a trustee, in any case in relation to more than f ive settlors at a time, shall not require authorisation in terms of this Act but shall be required to apply for registration by the Authority under this article, and no company shall act as a trustee for a family trust TRUSTS AND TRUSTEES [CAP. 331. 47 unless it is so registered. The registration process shall be established by rules issued by th e Authority under article 52(3 ) and trustees shall comply with any registration requirements and conditions imposed by the Authority: Provided that for the purposes of this sub-article, a "family trust" shall mean a trust created to hold property settled by t he settlor or settlors for the present and future needs of family members or family dependants who are definite and can be ascertained: Provided further that for the purposes of this article, rules issued by the Authority in terms of article 52 of this Act may further define the meaning of the terms "family members" and "family dependants". DUTY OF AUDITORS Auditor’s duty to report. Added by: XI. 2014.23.