Section 83Part 1 — Trusts Act
Exemption from section 74(4)
←→ Navigate · Click subsection badges to collapse · Press ? for help
Section 74(4) shall not apply upon any submission to the Registrar of Trusts in accordance with section 82 where the settlor (or any person on that person’s behalf) shall, in writing, so request and where under the trusts, powers and provisions of the draft submitted income or capital (other than income or capital applicable for any charitable purpose) is to any extent liable to be or capable of being transferred, paid, applied or appointed to or for the benefit of one or more beneficiaries in consequence of the exercise (whether with or without the consent of any person) of any discretion conferred on any person (not being a discretion conferred on any beneficiary) but if the Registrar of Trusts shall approve the same and the settlor shall create a trust in accordance therewith and within the time specified in section 82 , subsections
to (5) shall apply to such trust. (2) Where, but for subsection
, any right or remedy in respect of the trust would be vested in anyone or more of the beneficiaries thereunder, the same shall be vested in and exercisable by the Registrar of Trusts and any sum or sums recovered by the Registrar of Trusts shall be paid to the trustees of the trust and the Registrar of Trusts in relation to the exercise of the said rights and remedies and the payments of sums recovered pursuant thereto shall be answerable to the Cabinet as parens patriae and to no other person. (3) No beneficiary shall, in relation to the trust fund or any income thereof, at any time have any right or remedy at law or in equity against the Crown, the Cabinet, the Registrar of Trusts or the trustees or any servant or agent of any of them and in particular —
no beneficiary shall be entitled to require any money or property subject to the trust or any income or capital of the trust fund to be paid, transferred, appropriated, applied or appointed in any way whatsoever;
no beneficiary shall be entitled to be taken into consideration by the trustees or the Registrar of Trusts or to require the trustees or Registrar of Trusts to take that person into consideration in or about the exercise of any power, discretion or duty conferred upon them or any of them;
no beneficiary shall have any rights or remedies in connection with or in relation to the administration of the trust fund, and accordingly no beneficiary shall be entitled to inspect any accounts, minutes or documents relating to the trust;
no action brought by or at the suit of any beneficiary (whether alone or jointly with any other person) against any trustee or the Registrar of Trusts or in respect of the trust fund in any manner whatsoever shall be entertained by the Court; and
in this subsection — “ the trustees ” include any person in whom under or by virtue of the terms of the trust there is vested (whether in a fiduciary capacity or not) any power or duty whatsoever.
The trustees or any of them or the Registrar of Trusts are, at any time and from time to time, at liberty to apply to the Court in and about any matter affecting the trust and the Court shall, subject to subsection
, give such directions and make such order (including any order as to costs) as may be just and in particular and without prejudice to the generality of the foregoing the trustees or any of them shall be at liberty to proceed against any trustee or person who has been a trustee of the trust in respect of any breach of trust. (5) Nothing in Part V applies to a trust exempted by this section.