Section 69
of International Trusts Order, 2000
Section 69
(1)
A trust instrument, whether or not it is a testamentary instrument, may declare a purpose trust if –
(a)
the purpose is reasonable and practicable;
(b)
the purpose is not immoral or otherwise contrary to public policy or unlawful;
(c)
at the creation of the trust or (if later) when it first becomes subject to the law of Brunei Darussalam the settlor does not reside in Brunei
Darussalam; and
(d)
the trust instrument (or an instrument under which the trust first becomes subject to the law of Brunei Darussalam) –
(i)
provides that the trust is to be an authorised purpose trust for the purposes of this Order; and
(ii)
makes provision for the disposition of surplus assets of the trust upon its termination;
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(iii)
appoints or makes provision for the appointment of an enforcer to enforce the trust.
(2)
For the purposes of subsection (1)(c) –
(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;
(b)
each person who donates property to a trust shall be considered a settlor;
(c)
if a settlor makes such a donation after the original creation of the trust then as regards that settlor and the property so donated the time of the donation shall be considered to be the time when the trust was 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.
(3)
In this Order, a purpose trust created in accordance with subsections (1) and (2)
is referred to as “an authorised purpose trust”.
(4)
Nothing in this Order shall prejudice directly or by implication any validity which might be enjoyed by any purpose trust that is not an authorised purpose trust.
Time provisions.