British Virgin Islands - osiristrust.com

1 British Virgin Islands TRUSTEE ORDINANCE, 1961. As Amended by The Trustee (Amendment) Act,1993. OFFICES. LONDON British Virgin Islands . PHYSICAL ADDRESS. PHYSICAL ADDRESS. Coastal Building 2nd Floor Wickams Cay 11. 11 Haymarket St Road Town, Tortola London BVI. SW1 Y4BP. POSTAL ADDRESS. POSTAL ADDRESS. PO Box 2221. 2nd Floor Road Town 11 Haymarket St Tortola VG1110. London British Virgin Islands SW1 Y4BP. TEL: +44 (0)207 078 7581 TEL: +1 284 494 9820. FAX: +44 (0)207 681 3226 FAX: +1 284 494 6934. CONTACT: CONTACT: Peter Todd Christine Mackay ANGUILLA IRELAND.

2 PHYSICAL ADDRESS PHYSICAL AND POSTAL ADDRESS. Hansa Bank Building 31-33 The Triangle Landsome Road Ranelagh The Valley Dublin 6. Anguilla Ireland POSTAL ADDRESS. PO Box 2221. Road Town Tortola British Virgin Islands TEL: +1 284 494 9820. FAX: +1 284 494 6934. CONTACT: Christine Mackay for the personalised financial solution PREFACE. As a service to our clients and those professional advisors considering the use of the British Virgin Islands as a trust situs, we have prepared this printing of the Trustee Ordinance, 1961 which incorporates the amendments brought about by The Trustee (Amendment) Act, 1993.

3 As a result of the 1993 amendments, the Ordinance now includes provisions reflecting many of the more important developments in international trust practice, including: A 100 year perpetuity period. Wait and see rules to avoid a trust being found in violation of the rule against perpetuities. Rules relating to determining and changing the proper law of a trust. A prohibition on the enforceability of foreign forced heirship rules to transfers to BVI trusts. Rules governing the establishment of Purpose Trusts.

4 Statutory recognition of the office of the Protector. Standard trustee powers which may be included by reference in a trust instrument. Osiris International Trustees Ltd is licenced under the British Virgin Islands Banks & Trust Companies Act, 1990 to serve as trustee of British Virgin Islands -based trusts. As a bespoked trust company in the jurisdiction, we offer a professionally staffed trust and fiduciary administration service. For more information on our British Virgin Islands trust services, please contact any of our Group offices listed on the next page.

5 Virgin Islands . TRUSTEE ORDINANCE. ARRANGEMENT OF SECTIONS. PART I. Preliminary 1. Short title .. 1. 2. Interpretation .. 1. PART II. Investments 3. Authorized investments .. 3. 4. Investment in bearer securities .. 3. 5. Discretion of trustees .. 3. 6. Power to retain investment which has ceased to be authorized .. 4. 7. Loans and investments by trustees not chargeable as breaches of trust .. 4. 8. Liability for loss by reason of improper investment .. 4. 9. Powers supplementary of powers of investment.

6 4. 10. Power to deposit money at Bank and to pay calls .. 6. PART III. GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES. General Powers 11. Power of trustees for sale to sell by auction or private contract or private contract.. 6. 12. Power to postpone sale .. 6. 13. Trust for sale of mortgaged property where right of redemption is barred .. 7. 14. Power to sell subject to depreciatory conditions .. 7. 15. Power of trustees to give receipts .. 7. 16. Power to compound liabilities .. 7. 17. Power to raise money by sale, mortgage, or otherwise.

7 8. 18. Protection to purchasers and mortgagees dealing with trustees.. 8. 19. Devolution of powers or trusts .. 8. 20. Power to insure .. 8. 21. Application of insurance money where policy kept up under any trust, power or obligation.. 9. 22. Deposit of documents for safe custody ..9. 23. Reversionary interests, valuations, and audit .. 10. i 24. Powers to employ agents .. 11. 25. Power to concur with others .. 12. 26. Power to delegate trusts during absence abroad .. 12. Indemnities 27. Protection against liability in respect of rents and covenants.

8 13. 28. Protection by means of advertisement .. 14. 29. Protection in regard to notice .. 14. 30. Exoneration of trustees in respect of certain powers of attorney .. 15. 31. Implied indemnity of trustees.. 15. Maintenance, advancement and protective trusts 32. Power to apply income for maintenance and to accumulate surplus income during a minority .. 15. 33. Power of advancement ..17. 34. Protective trusts .. 17. PART IV. Appointment and Discharge of Trustees 35. Limitation of the number of trustees.

9 18. 36. Power of appointing new or additional trustees ..19. 37. Power to appoint trustees of property belonging to infants or to persons out of the Territory..20. 38. Supplemental provisions as to appointment of trustees .. 21. 39. Evidence as to a vacancy in a trust .. 21. 40. Retirement of trustee without a new appointment..22. 41. Vesting of trust property in new or continuing trustees .. 22. PART V. POWERS OF THE COURT. Appointment of new trustees 42. Power of Court to appoint new trustees..23. 43.

10 Power to authorize remuneration .. 24. 44. Powers of new trustee appointed by the Court.. 24. Vesting orders 45. Vesting orders of land..24. 46. Orders as to contingent rights or unborn persons .. 25. ii 47. Vesting order in place of conveyance by infant mortgagee.. 25. 48. Vesting order consequential on order for sale or mortgage of land .. 25. 49. Vesting order consequential on judgment for specific performance, etc .. 26. 50. Effect of vesting order.. 26. 51. Power to appoint person to convey ..26. 52.