International Trusts Order, 2000 · As enacted · Part I
3. Application and restrictions
Official textFrom Attorney General's Chambers, unchanged
( 1)
This Order applies to a trust only if it is an international trust and all the provisions of this Order shall be read and understood and take effect accordingly.
trust
"trust" means an international trust except where the context otherwise requires;
For the purposes of this Order, a trust is an international trust except where the context otherwise requires if it is created in writing whether by deed, unilateral declaration will or other testamentary document or otherwise and at least one of the trustees is a trust corporation or a wholly-owned subsidiary of a trust corporation authorised under section 3(3) of the Registered Agents and
trust corporation
"trust corporation" means a person licensed to conduct international trust business under the Registered Agents and Trustees Licensing Order, 2000 and, where the context so admits, includes a wholly-owned subsidiary of a trust corporation authorised under section 3(3) of that Order;
Trustees Licensing Order, 2000; and
{a)
if it is an authorised purpose trust or a special trust; or
authorised purpose trust
"authorised purpose trust" has the meaning assigned by section 69(3);
{b)
if it is an ordinary trust, and
ordinary trust
"ordinary trust" means an international trust that is neither a purpose trust nor a special trust;
at the creation of the trust or (if later) when it &rst becomes subject to the law of Brunei Darussalam the settlor does not reside in Brunei Darussalam; and
the trust instrument (or an instrument under which the trust becomes subject to the law of Brunei Darussalam) provides or implies that the trust is to be an international trust for the purposes of this Order.
For the purposes of subsection (2)fb)(ii) -
{a)
if a trust is created by will or codicil then the testator is its settlor and the time of the testator's death shall be considered to be the time when the trust was created;
settlor
"settlor" includes the testator where trusts are declared by will or codicil;
{b) each person who donates or contributes property to a trust shall be considered a settlor;
person
"person" includes a natural person, any company or.association or body of persons, corporate or incorporated, including a partnership whether limited, unlimited or an international limited partnership created under the International Partnerships Order, 2000;
{c)
if a settlor makes such a donation or contribution after the original creation of the trust then as regards that settlor and the property so donated the time of the donation or contribution shall be considered to be the time when the trustee became entitled to hold the donation or contribution on the trusts created and if the donation is made by will or codicil then the time of the testator's death shall be considered to be the time of the donation.
property
"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
No capital or income subject to an international trust shall be paid or applied (otherwise than in the execution of a charitable purpose) in any way which might confer any direct or indirect benefit on any person who is residing in Brunei
Darussalam at the time of the payment or application.
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Terms defined in s 2
authorised purpose trust
Defined · s 2"authorised purpose trust" has the meaning assigned by section 69(3);
instrument
Defined · s 2"instrument" includes a written law and an instrument made under such law;
ordinary trust
Defined · s 2"ordinary trust" means an international trust that is neither a purpose trust nor a special trust;
person
Defined · s 2"person" includes a natural person, any company or.association or body of persons, corporate or incorporated, including a partnership whether limited, unlimited or an international limited partnership created under the International Partnerships Order, 2000;
property
Defined · s 2"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
settlor
Defined · s 2"settlor" includes the testator where trusts are declared by will or codicil;
special trust
Defined · s 2"special trust" or "special power" means a trust or power that under section 76 is subject to Part IX of this Order;
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
trust corporation
Defined · s 2"trust corporation" means a person licensed to conduct international trust business under the Registered Agents and Trustees Licensing Order, 2000 and, where the context so admits, includes a wholly-owned subsidiary of a trust corporation authorised under section 3(3) of that Order;
trust instrument
Defined · s 2"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Part II
Investments
Part III
Part IV
Protections and Indemnities of Trustees
Part VI
Part VII
Powers of the Court
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI