Section 2
In this Order, unless the context otherwise requires –
of International Trusts Order, 2000
“authorised investments” means investments authorised by the trust instrument or by law;
“authorised purpose trust” has the meaning assigned by section 69(3);
“Authority” means the Autoriti Monetari Brunei Darussalam established by the Autoriti
Monetari Brunei Darussalam Order, 2010;
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BLUV as at 16th December 2010
“Court” means the High Court or a Judge of that Court;
“immovables in Brunei Darussalam” means any land or other immovable property in
Brunei Darussalam and securities not quoted or dealt in on any stock exchange outside
Brunei Darussalam of corporations that own any such property either –
(i)
directly; or
(ii)
indirectly through holdings of securities in other corporations;
“income” includes rents and profits;
“instrument” includes a written law and an instrument made under such law;
“international trust” shall be construed in accordance with section 3;
“land” includes buildings and other structures, land covered with water, and any estate, interest, easement, servitude or right in, to, over, or issuing out of, or derived from, land and any mines, minerals and mineral-like substances in or under land and rights of working and mining them and any parts or shares of land whether divided vertically or horizontally or in any other way, and includes undivided shares in any of the foregoing;
“Minister” means the Minister of Finance;
“mortgage” includes every kind of security for money charged on any kind of property and includes an agreement to mortgage; and “mortgage” and “mortgaging” have corresponding meanings and “mortgagee” includes every person deriving title under the original mortgagee;
“ordinary trust” means an international trust that is neither a purpose trust nor a special trust;
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BLUV as at 16th December 2010
“pay” and “payment” as applied in relation to stocks and securities and in connection with the expression “into Court” include the deposit or transfer of the same in or into
Court;
“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;
“personal representative” means the executor, original or by representation, or administrator for the time being of a deceased person;
“possession” includes receipt of rents and profits or the right to receive the same, if any;
“property” includes –
(a)
money, goods, chases in action, land and every descriptions of property, 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);
“protector” means any person appointed as such pursuant to the terms of the trust instrument and includes any duly appointed successor to an initial protector;
“rights” include estates and interests;
“sale” includes an exchange;
“securities” includes stock, funds debt obligations, options, warrants, rights to acquire debt obligations and shares and so far as relates to payments into court has the same meaning as in the written laws relating to funds in the Court; and “securities payable to the bearer” include securities transferable by delivery or by delivery and endorsement;
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BLUV as at 16th December 2010
“settlor” includes the testator where trusts are declared by will or codicil;
“shares” means share in the capital of a company and (where the context so admits)
include stock, units, options, warrants depository receipts and rights to acquire shares and in Part XIIA, includes dedicated shares;
“special trust” or “special power” means a trust or power that under section 76 is subject to Part IX of this Order;
“stock” includes fully paid up shares and, so far as relates to vesting orders made by the
Court under this Order, includes any fund, annuity or security transferable in books kept by any company or society or by instruments of transfer either alone or accompanied by other formalities and any share or interest therein;
“transfer” in relation to stock or securities includes the execution of every deed or other instrument of transfer or power of attorney and the performance or intended performance of every act or thing on the part of the transferor to effect and complete the title in the transferee;
“trust” means an international trust except where the context otherwise requires;
“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” 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.
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BLUV as at 16th December 2010
Application and restrictions.