Trust Property Control Act, 1988 (Act No. 57 of 1988)1. Definitions |
In this Act, unless the context otherwise indicates—
has the meaning defined in section 1(1) of and Schedule 1 to the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001);
[Definition inserted by section 1(a) of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), GG47802, dated 29 December 2022 - effective 1 April 2023 per Proclamation Notice 109(b), GG47805, dated 31 December 2022]
means an institution registered otherwise than provisionally as a bank in terms of the Banks Act, 1965 (Act No. 23 of 1965);
in respect of the provisions of a trust instrument, means—
| (a) | a natural person who directly or indirectly ultimately owns the relevant trust property; |
| (b) | a natural person who exercises effective control of the administration of the trust arrangements that are established pursuant to a trust instrument; |
(c)
| (i) | each founder of the trust; or |
| (ii) | if a founder of the trust is a legal person, a person acting on behalf of a partnership or in pursuance of the provisions of a trust instrument, the natural person who directly or indirectly ultimately owns or exercises effective control of that legal person or partnership or the relevant trust property or trust arrangements pursuant to that trust instrument; |
(d)
| (i) | each trustee of the trust; or |
| (ii) | if a trustee of the trust is a legal person or a person acting on behalf of a partnership, the natural person who directly or indirectly ultimately owns or exercises effective control of that legal person or partnership; and |
(e)
| (i) | each beneficiary referred to by name in the trust instrument or other founding instrument in terms of which the trust is created; or |
| (ii) | if a beneficiary referred to by name in the trust instrument is a legal person, a partnership or a person acting on behalf of a partnership or a person acting in pursuance of the provisions of a trust instrument, the natural person who directly or indirectly ultimately owns or exercises effective control of that legal person or partnership or the relevant trust property or trust arrangements pursuant to that trust instrument; |
[Definition inserted by section 1(a) of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), GG47802, dated 29 December 2022 - effective 1 April 2023 per Proclamation Notice 109(b), GG47805, dated 31 December 2022]
means a mutual building society registered finally as a mutual building society in terms of the Mutual Building Societies Act, 1965 (Act No. 24 of 1965), or a building society registered finally as a building society in terms of the Building Societies Act, 1986 (Act No. 82 of 1986);
means the provincial or local division of the Supreme Court of South Africa having jurisdiction;
means a financial institution as defined in the Financial Institutions (Investment of Funds) Act, 1984 (Act No. 39 of 1984);
in relation to any matter, means the Master, Deputy Master or Assistant Master of the Supreme Court appointed under section 2 of the Administration of Estates Act, 1965 (Act No. 66 of 1965), who under section 3 of this Act has jurisdiction in respect of the matter concerned;
means the arrangement through which the ownership in property of one person is by virtue of a trust instrument made over or bequeathed—
| (a) | to another person, the trustee, in whole or in part, to be administered or disposed of according to the provisions of the trust instrument for the benefit of the person or class of persons designated in the trust instrument or for the achievement of the object stated in the trust instrument; or |
| (b) | to the beneficiaries designated in the trust instrument, which property is placed under the control of another person, the trustee, to be administered or disposed of according to the provisions of the trust instrument for the benefit of the person or class of persons designated in the trust instrument or for the achievement of the object stated in the trust instrument, but does not include the case where the property of another is to be administered by any person as executor, tutor or curator in terms of the provisions of the Administration of Estates Act, 1965 (Act No. 66 of 1965); |
means any person (including the founder of a trust) who acts as trustee by virtue of an authorization under section 6 and includes any person whose appointment as trustee is already of force and effect at the commencement of this Act;
means a written agreement or a testamentary writing or a court order according to which a trust was created;
means movable or immovable property, and includes contingent interests in property, which in accordance with the provisions of a trust instrument are to be administered or disposed of by a trustee.