British Virgin Islands

TRUSTEE ORDINANCE, 1961

PART IX

Incorporation of Administrative Powers by Reference

93. (1) Any instrument creating any trust may incorporate by reference any of the provisions set out in the Schedule, in which case the following expressions appearing in the provisions have, unless a contrary intention appears, the meanings respectively assigned to them:

“the Trustees” means the trustees for the time being of the trust;

“the Trust Fund” means –

(a) the property in respect of which trusts are declared;

(b) all property paid or transferred to or otherwise vested in and accepted by the Trustees;

(c) all income which, in accordance with the provisions of the trust, is accumulated by the Trustees and added to the capital thereof; and

(d) all money, investments and other property from time to time representing all property and income mentioned in paragraphs (a), (b) and (c) and any part of the said property or income.

(2) A memorandum signed by the Trustees as to property paid or transferred to or otherwise vested in or accepted by the Trustees is conclusive evidence of the payment, transfer or other vesting.