Chapter 13:20 - De Saffon Trust

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L.R.O. 1/2012
LAWS OF GUYANA
DE SAFFON TRUST ACT
CHAPTER 13:20
Act
5 of 1904
Amended by
10 of 1932 4 of 1972
1 – 9 ... 1/2012 (inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
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Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation.
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CHAPTER 13:20
DE SAFFON TRUST ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Accounting by trustees.
4. Filling vacancies among the heirs and legatees.
5. Administration of the estate.
6. Disposition of annual revenue.
7. Enforcement of regulations as to maintenance and education of the
heirs and legatees.
8. Reserve fund.
9. Investment of trust moneys.
10. (l) Appointment of new trustees.
(2) Power of Minister.
11. Provision for cases of difference between trustees.
SCHEDULE- Investments.
__________________________
1929 Ed.
c. 246
1953 Ed.
c. 50 _______________________________________________________
5 of 1904 An Act to provide for the Administration of the Trust Fund
created under the Will of Pierre Louis De Saffon.
[4TH MAY, 1904]

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Short title.
Interpretation.
Schedule.
Accounting by
trustees.
[10 of 1932]

Filling
vacancies
among the
heirs and
legatees.
[10 of 1932
4 of 1972
1. This Act may be cited as the De Saffon Trust Act.
2. In this Act—
“the estate” means the De Saffon Estate, that is to say, the
property set forth in the Schedule, according to the
disposition thereof by the will of Pierre Louis De Saffon,
deceased (hereafter in this Act described as “the will”),
and all accumulations thereof;
“the trustees” means the persons from time to time filling the
office in the will styled administrator guardian and
having and exercising all the rights and powers by the
will in them in anywise vested.
3. (l) present or any future trustees appointed as
hereinafter provided shall administer the estate and shall
receive therefor a commission of five per cent on all revenue
arising therefrom.
(2) The accounts of the trustees shall be audited by
the Director of Audit at such times as the Minister may
appoint, and the fee therefor shall be a sum to be fixed by the
Minister.
4. (1) The trustees shall report to the Minister every
vacancy which is about to occur or has occurred in the
number of the heirs and legatees appointed under the will,
and the report shall if possible be made three months before
the vacancy is likely to occur.
(2) On receipt of the report, a notice shall, at the
expense of the De Saffon fund, be inserted in the Gazette and
one other newspaper for three successive Saturdays, stating
that the vacancy reported is about to occur or has occurred,
and requiring applications from or on behalf of natives of the
county of Demerara for nomination to the vacancy to be sent
to the Minister by a given date together with the information
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Administration
of the estate.

specified in the notice.
(3) The Minister shall consider the applications
received and shall nominate a child to fill the vacancy, and
notice of the nomination shall be given without delay to the
trustees.
(4) Children who are eligible to be nominated must
be orphans or half-orphans of either sex, natives of the county
of Demerara and born in lawful wedlock, preference being
given to the poorest and the most necessitous.
5. (1) The trustees shall provide for the proper
maintenance and education of every heir and legatee, and for
this purpose may at their discretion permit any heir and
legatee to reside with his surviving parent or guardian (if
any), or may place him under the care and tutelage of some fit
and proper person in Guyana selected or approved by them.
(2) The parent or guardian, or the fit and proper
person aforesaid, shall maintain and educate the heir and
legatee in the manner approved by the trustees.
(3) The trustees shall allow the parent or guardian
any sum they think fit for the maintenance and education of
the heir and legatee, and shall pay the other person aforesaid
the remuneration agreed upon between them and that person:
Provided that:
(a) the trustees shall not place heirs and
legatees of different sex under the
care and tutelage of the same person;
and
(b) they may in their discretion permit
any heir and legatee to reside with his
surviving parent or guardian during
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Disposition of
annual
revenue.
vacation, and in that case shall allow
the parent or guardian any sum for
the maintenance of the heir and
legatee they think fit; and
(c) the parent or guardian of any heir
may appeal to the Minister against
any order of the trustees as to the care
and tutelage of the heir, and the
Minister may make any order he
thinks fit as to the person in whose
care and tutelage the heir is placed.
6. (1) The annual revenue of the estate, after deducting
therefrom the cost of administration as hereinbefore
provided, and the sum of two per cent for the reserve fund, as
hereinafter provided, shall be divided into ten equal parts,
and each heir and legatee shall be deemed entitled to one-
tenth of the net revenue of the estate which accrues from the
time when he is nominated as an heir and legatee until he
attains the age of sixteen years or sooner dies.
(2) The trustees shall not expend in any year more
than two-thirds of the sum to which an heir and legatee is
entitled under the preceding subsection upon his education
and maintenance, and the residue of that sum shall be
accumulated for his benefit and may be in any subsequent
year applied by the trustees for his maintenance, education,
or advancement, notwithstanding that he may have attained
the age of sixteen years:
Provided that if any heir and legatee die before he attains
the age of twenty-one years, the sum so accumulated for his
benefit and unexpended at the time of his death shall be paid
into the reserve fund hereinafter established.
(3) The trustees shall, on application, furnish every
heir with a statement of account, and of the moneys due to
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Enforcement of
regulations as
to maintenance
and education
of the heirs and
legatees.

Reserve fund.
him on his attaining the age of twenty-one years.
7. (1) The trustees shall give the surviving parent (if
any) of a child nominated as an heir and legatee, or if there is
no parent, or he or she is absent from Guyana, the person in
whose custody the child is, notice in writing of every
regulation or direction of the trustees as to the maintenance or
education of the child.
(2) The notice shall be given without delay after
the making of the regulation or direction, or after the decision
of the trustees to apply any general regulation to the case of
the child, or, in cases where the regulation or direction has
been made or the decision reached before the commencement
of this Act, without delay after that commencement.
(3) If the notice is not complied with within seven
days, the trustees shall forthwith report the fact to the
Minister, who may cancel the nomination of the child as an
heir and legatee.
8. (1) A reserve fund is hereby established, and the
trustees shall pay into it the following sums:
(a) a sum equal to two per cent of the
annual revenue of the estate every
year;
(b) the sum accumulated for any heir or
legatee who dies before attaining the
age of twenty-one years, as
hereinbefore provided,
(c) one tenth of the revenue of the estate
for every vacancy in the number of
heirs and legatees accruing during the
period of the vacancy.

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Investment of
trust moneys.

Appointment
of new trustees.
[10 of 1932]


Power of
Minister.
(2) All moneys accruing to the reserve fund from
time to time shall be invested by the trustees, as hereinafter
provided, and the interest thereof in any year may be applied
to making good any loss in the interest receivable on the
investments of the estate, and if not so applied shall be
invested at interest, and the capital of the fund and the
accumulations of interest thereon may be applied in making
good any loss of capital sustained by the estate.
(3) The securities of the fund shall be deposited for
safe keeping with the Accountant General.
(4) If the reserve fund becomes of such an amount
that, in the opinion of the Minister, no further accumulation
of interest is necessary, the interest thereon may be applied in
all respects as if it formed part of the interest of the original
estate, and the number of orphans to be benefited shall be
proportionately increased.
9. All moneys from time to time in the hands of the
trustees and requiring investment shall be invested by them
in securities of or guaranteed by the Government of any
Commonwealth territory, or in the bonds of any municipality
in Guyana, or on first mortgage (within half of the appraised
value) of immovable property in the City of Georgetown, and
the trustees may from time to time call in, or vary, or
transpose, any of those investments into or for any other of
the nature hereby authorised.
10. (1) In case of the death, departure or absence from
Guyana, or other sufficient incapacity of one of the present
trustees, the other trustee shall, as provided by the will,
substitute another competent person in his place unless the
trustee so dead, departed or absent from Guyana shall have
named a competent person to succeed him.
(2) In the event of any trustee failing to exercise the
power of substitution conferred on him by the will for one
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Provision for
cases of
difference
between
trustees.

month after being required by the Minister to do so, and in all
cases in which it is necessary to appoint two trustees, and it is
impossible to do so under the will, the Minister may
nominate and appoint any person or persons to be trustees
under the will.
(3) No one shall be appointed trustee under the
power in that behalf given by the will unless he has been
previously approved by the Minister as a fit and proper
person to be appointed, and any attempted appointment in
contravention of this provision shall be null and void.
11. If any difference of opinion arises between the
trustees as to the exercise of any of the powers conferred by
this Act, or as to the administration of the estate, they, or one
of them, shall refer the matter in respect of which the
difference arises to the Minister, who shall decide the matter
in accordance with the opinion of one of the trustees, and the
trustees shall thereupon act in respect of the matter in
accordance with that decision, and anything done by them or
one of them in accordance therewith shall be as valid and
effectual for all purposes whatsoever as if done by them
acting together with the consent of each other.
SCHEDULE
INVESTMENTS
Government bonds $28,560
Town Council bonds 2,500
$31,060.00
Mortgages,including foreclosures 62,863.14
Furniture 595.80
Cash in hand 8,290.18
$102,809.12
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