Section 85
of International Trusts Order, 2000
Section 85
(1)
Except as authorised by an order of the Court, or permitted by or pursuant to this section the trustees shall keep in Brunei Darussalam at the office of the trust corporation a documentary record of –
(a)
the terms of the special trust;
(b)
the identity of the trustee and the enforcers;
(c)
all settlements of the property upon the special trust and the identity of the settlors;
(d)
the property subject to the special trust at the end of each of its accounting years; and
(e)
all distributions or applications of the trust property.
50
BLUV as at 16th December 2010
(2)
The Court may authorise non-compliance with subsection (1) on such terms as it thinks fit if it is satisfied that the execution of the trust will not be prejudiced.
(3)
A person who, in Brunei Darussalam or elsewhere, knowingly administers a special trust while there is a breach of subsection (l)(a), apart from –
(a)
actions intended to bring the trust into compliance with subsection
(1)
; and
(b)
actions intended to preserve the trust property pending compliance with subsection (l)(a), shall be guilty of an offence and liable on conviction to imprisonment for a term not exceeding two years, a fine not exceeding one hundred thousand dollars or both.
(4)
A trustee who knowingly fails to comply with subsection (l)(b) shall be guilty of an offence and liable on conviction to a fine not exceeding twenty thousand dollars.
(5)
This section does not apply to the holder of a power which is granted or reserved by the terms of a special trust to a person other than the trustees of the special trust, even though the power is held in trust.
(6)
This section does not apply (except as regards any antecedent offence) if the governing law of the trust has been changed from the law of Brunei Darussalam.
(7)
The Authority, with the approval of His Majesty the Sultan and Yang Di-Pertuan, may make regulations restricting the application of subsection (1).
Theft.