Trusts (Regulation Of Trust Business) Order 2003
TRUST (REGULATION OF TRUST BUSINESS) ORDER 2003
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BR 7/2003
TRUSTS (REGULATION OF TRUST BUSINESS) ACT 2001
2001 : 22
TRUSTS (REGULATION OF TRUST BUSINESS) ORDER 2003
In exercise of the powers conferred upon the Minister of Finance
by section 4A of the Trusts (Regulation of Trust Business) Act 2001, the
following order is hereby made:
Citation
1. This Order may be cited as the Trusts (Regulation of Trust
Business) Order 2003 .
Carrying on trust business in Bermuda
2. (1) For the purpose of the Trusts (Regulation of Trust Business)
Act 2001, a person is not to be regarded as carrying on trust business in
Bermuda if such person is a trustee of a trust —
(a) which is administered from a place outside Bermuda;
and
(b) whose trustees satisfy the conditions of residence
specified in subparagraph (2).
(2) For the purpose of subparagraph (1)(b) the conditions of
residence are satisfied
(a) in a case where the trustees are corporate trustees, if
(i) the place of incorporation is outside Bermuda;
and
(ii) the majority of the directors are ordinarily
resident in a place outside Bermuda; and
(b) in a case where the trustees are individuals, if the
majority of the trustees are ordinarily resident in a place
outside Bermuda.
TRUSTS (REGULATION OF TRUST BUSINESS) ORDER 2003
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Made this 6th day of February, 2003
Minister of Finance
