Article 2.2.12 Trusts and Fiduciary Property Arrangements

(a) Recognition of Trusts:

(i) The ICT legal framework recognises the validity, enforceability, and registrability of property held under trusts, including:

(ii) Express trusts (whether inter vivos or testamentary);

(iii) Charitable and purpose trusts;

(iv) “Statutory trusts” established under this ICT Code; and

(v) Constructive, resulting, or implied trusts established by ICT Court jurisprudence.

(vi) The legal title to real property may be held by a trustee for the benefit of one or more beneficiaries, provided the trust complies with the formalities required by this Code or relevant instruments.

(vii) The trustee shall be recorded as the registered proprietor in the ICT Land Registry, with notation that the interest is held in trust.

(viii) A trust instrument or summary thereof may be submitted by a trustee or beneficiary for registration, subject to confidentiality provisions and redaction of non-essential terms.

(b) Trustee Powers and Duties:

(i) Trustees may be natural persons or legal entities, including corporate fiduciaries.

(ii) Trustees owe fiduciary duties to beneficiaries, including duties of loyalty, good faith, prudence, reasonable care, impartiality, and accountability.

(iii) Trustees shall have the powers necessary to deal with registered land or interests in accordance with:

(iv) The terms of the trust instrument;

(v) Any powers provided under this Code; and

(vi) Orders of the ICT Court.

(c) Registration and Dealings Involving Trust Property:

(i) All dealings with real property held in trust shall be effected by the trustee(s) and comply with the ICT Land Registry requirements.

(ii) Registration may require:

(iii) Lodgement of a declaration of trust or statutory form;

(iv) Proof of authority or resolution of trustees to act;

(v) Evidence of beneficiary consent or court approval, where required under the trust deed.

(vi) The Operator may issue supplementary regulations or guidelines prescribing the registration, annotation, variation, and cessation of trust-related interests.

(vii) Where multiple trustees are appointed, they shall act jointly unless otherwise permitted by under this ICT Code, ICT Court decision or the trust instrument.

(d) Succession and Vesting of Trust Property:

(i) Upon death, retirement, resignation, or incapacity of a trustee, legal title shall vest in the surviving or successor trustee(s) without need for retransfer, subject to registration of supporting documentation.

(ii) In the absence of a validly appointed trustee, the ICT Court may appoint a new or interim trustee on application by a beneficiary, co-trustee, or interested party.

(e) Enforcement and Dispute Resolution:

(i) Trusts recorded in the ICT Land Registry may be enforced by beneficiaries, co-trustees, or creditors of the trust in accordance with: the ICT Code; the trust deed; and orders of the ICT Court.

(ii) The ICT Court shall have jurisdiction to resolve disputes concerning trust administration, breach of duty, beneficiary entitlements, and trustee removal or replacement.

(f) Limitations and Protective Provisions:

(i) Nothing in this Article shall require disclosure of private trust terms beyond those necessary for registration or enforcement purposes.

(ii) A trust may be declared void or unenforceable where:

(iii) Created to defraud creditors or evade legal obligations;

(iv) Contrary to public policy or ICT law; or

(v) Non-compliant with mandatory provisions of this Code or a lawful ICT Court order.

(g) Operator and Registrar Powers:

The Operator may issue supplementary regulations or guidelines for:

(i) Standardised trust registration forms and instruments;

(ii) Procedures for amendment, revocation, or termination of trust entries; and/or

(iii) Mechanisms for safeguarding trust property pending dispute resolution or trustee appointment.

(h) Protective Oversight for Incapacitated or Minor Beneficiaries:

(i) There a trust is established for the benefit of a minor or legally incapacitated person, any dealing or variation involving their interest shall require:

(ii) The approval of the trustee or ICT Court-appointed representative; and

(iii) Compliance with any protective supplemental regulations or guidelines issued by the Operator or Land Registrar.

(iv) The ICT Court may make supervisory or protective orders where necessary to safeguard such interests.