LAW

SAN MARINO



We the Captains Regent of the Most Serene Republic of San Marino


In view of article 4 of the Constitutional Law no.185 / 2005 and Article 6 of Qualified Law
186/2005;
We promulgate and send for publishing the following ordinary law approved by the Great and General Council
its meeting on February 26, 2010:

LAW MARCH 1, 2010 42


INSTITUTE OF TRUST

TITLE I GENERAL PROVISIONS





Art.1 (Definitions)

1. In this Act, the term:
a) "resident agent": a professional listed in the Register of Certified Lawyers and Notaries or
accountants or accountants Accountants of the Republic of San Marino;
B) 'judicial authorities' means the judicial authorities of the Republic of San Marino;
C) "supervisory authority" means the Central Bank of the Republic of San Marino;
D) 'goods' means any right, power, faculty, or susceptible of economic evaluation
;
E) 'beneficial owner with certain rights' means the person to whom they are attributed rights, conditioned
or not, the trust property or its income;
F) 'trust property' means assets included in the trust property;
G) 'capital' means the trust property originally or subsequently included in the trust property, the
their permutations and substitutions, their gains, the income recorded in the capital;
H) 'settlor' means any person establishing the trust;
I) 'residence' means the place where the person has established the center of his civil life;
J) "trust fund" means the aggregation of the trust property, rights and obligations inherent in them;
K) 'attendant' means a person who exercises control on the actions of the trustee or other
demandategli powers Founding Act;
L) "Law": this Act and subsequent amendments and additions;
M) 'residence' means the place where a natural person has his registered address or a
company has its registered office;
N) 'trust for beneficiaries ": the trust established for the benefit of one or more beneficiaries;
1
o) "purpose trust": the trust established for one or more purposes;
P) "foreign trust" means a trust whose applicable law is a law on the trust of a foreign state;
Q) "resident trustee" means the trustee whose residence is in the Republic of San Marino;
R) 'non-resident trustee "means the trustee whose residence is not in the Republic of San Marino.


Art.2 (Concept of trust)

1. You trust when a person owns property in the interest of one or more beneficiaries, or
a specific purpose in accordance with Law.
2. It is not incompatible with the existence of a trust the fact that the settlor
covers the office of trustee, or to reserve certain rights or powers. 3
. The settlor and trustee can be beneficiaries of the trust, but the trustee can not be
the only beneficiary of the trust.
4. The same act may establish trusts for beneficiaries and purpose trust.


Art.3 (Scope of the Law)

1. The law only applies to trusts established for the expressed will of the settlor.


Art.4 (Governing Law and recognition of foreign trusts)

1. The identification of the governing law and the recognition of foreign trusts created by will of the settlor
and evidenced in writing shall be governed by the Hague Convention of 1 July 1985 on
law applicable to trusts and on their recognition.


Art.5 (Jurisdiction of the Republic of San Marino in matters of trust)

1. The Judicial Authority's jurisdiction in matters of trust exists when the defendant
has the domicile, residence, or head office in San Marino or the trust is administered in
San Marino or the law applicable to the trust both law of the Republic of San Marino or the parties have agreed to submit the dispute
Judicial Authority of San Marino.
2. The Judicial Authority's jurisdiction may be waived in favor of a foreign court
if the derogation is provided for by the Act or the trust if it is agreed in writing.

TITLE II


I TRUST Cape
I
institution, the duration of the trust and disability


Art.6 (the Trust Institution)

1. The trust is established by deed in writing between vivos or a will.
A) If the act is signed between living in the Republic, is prescribed a public act,
without requiring the presence of witnesses, or writing with subscription
authenticated by a notary, who, with the authentic it asserts its legality.
2
b) If the act is signed between living elsewhere, it must be attached to the declaration of

An Attorney and Notary of the Republic of San Marino, which attests to the validity of the law under
.
2. The elements of the trust that must result from the founding are:
a) the will of the settlor to establish the trust;
B) identification of the trustee;
C) the identification of the agent resident if the trustee is a trustee who is not a resident;
D) identification of the trust property or the criteria which lead to the same;
E) the obligation of the trustee to notify the resident agent of any fact or act that should be
from the Book of Events, referred to in Article 28;
F) the purpose trust:
i) the identification of a specific purpose, can not contrary to mandatory law,
public order and morality
ii) identification guardian who has the obligation to enforce the provisions contained in the trust
or criteria that lead to the same;
G) in trust for the beneficiaries:
i) identify the beneficiaries, or the criteria which lead to the same, or
the identification of the person who has the power to identify the beneficiaries;
Ii) rules that ensure the presence of a guard, standing to take action against the trustee
in case of default when for whatever reason there are no beneficiaries and the
otherwise required by law;
H) the Fund's distribution policy to the termination of the trust otherwise than by revocation of
trust. 3
. If the trust instrument provides otherwise, the trust is irrevocable.
4. The trust act of trust and acts devices, with which you transfer the trust property,
can be concluded by power of attorney, or a general, having the same form provided for by the Act establishing
.


Art.7 (of the trust certificate)

1. Within fifteen days from the date of institution of the trust, the resident trustee or agent
resident on the basis of information provided by non-resident trustee shall draw up a certificate containing
:
a) the name of the trust chosen by the settlor or, failing that, by the trustee;
B) an indication of his revocable or irrevocable;
C) an indication of the trustee and any limitations of its powers;
D) an indication of the guardian, when applicable, and the nature of his powers;
E) an indication of the settlor;
F) in trust for the beneficiaries or even for the beneficiaries to identify beneficiaries with rights
on the current trust fund, if any;
G) the date of the trust and the duration of the trust, if provided for in the trust;
H) the governing law of the trust;
I) one of the following indications:
i) "is an act of establishing trust for the beneficiaries";
Ii) "it is a trust act of a purpose trust";
Iii) "it is an act of establishing trust for beneficiaries and purpose trust";
J) a description of the purpose of the trust in the case of a purpose trust;
K) indicating the resident agent, if required.
2. The certificate is signed by the resident trustee or agent residing with subscription
authenticated by a notary public, which shall ascertain their veracity.

3

Art.8 (the Trust Register of the Republic of San Marino)

1. And 'it established the Trust Register of the Republic of San Marino. The Register is kept by the Office of the Trust Register
identified by delegated decree to be issued within
hundred and twenty days from the date of entry into force of the Law.
2. The Office of the Trust Register can issue certification of its findings.
Delegate by decree, referred to in the preceding paragraph, the procedures of issuing the certificates are set. 3
. The notary who authenticated the signature of the certificate of the trust takes care of the
deposit within ten days from the date of the authentic at the Office of the Trust Register.
4. The Office of the trust by the entry in the Register transcribing the certificate and transmit to the notary
certificate attesting the registration of the trust.
5. If the notary omits the filing of the certificate within the period specified in paragraph 3, the
resident trustee or agent resident there shall autonomously within the next ten days.
6. The resident trustee or the resident agent must request the cancellation of the trust from the Register within twenty days
:
a) the attribution of trust property to the persons having title, following the termination of the trust
;
B) the amendment of the law governing the trust, subject to the provisions of Article 56
;
C) the discovery of a ground of invalidity of the trust, or its investigation in court
.
7. Failure to cancel the trust is not enforceable against third parties, unless they knew
the existence of the cause which required the cancellation of the trust.

8. And 'it imposed by the person tenutario of the Trust, the Registry administrative penalty of € 2,000.00
to the notary, to the resident trustee and agent resident
who have not paid the registration of the trust within the periods contained in paragraphs 3 and 5. the resident trustee or the resident agent
who fail to apply for cancellation of the trust by the registry upon occurrence of
conditions set out in paragraph 6 shall be punished with the same fine.


Art.9 (Duration of the trust)

1. The trust comes into effect from the moment when the trustee becomes the owner of any asset in the trust and not
can last over a hundred years from the date of the trust, unless it is a purpose trust.
2. If the trust act to beneficiaries does not determine its duration, or establishes a term of more than a hundred years
, the trust lasts a hundred years.


Art.10 (Disability Trusts)

1. The trust is invalid if:
a) the trust instrument is contrary to mandatory law, public order or morality;
B) the trust instrument does not have the requirements of Article 6, paragraph 1, of the Law;
C) in the trust are missing or are uncertain of the requirements of Article 6, paragraph 2 of the Law
;
D) in the trust are lacking the requirements of Article 7 of the Law, except those for which the law provides otherwise
;
E) the trust act is simulated or simulated both the transfer of assets to the trustee.
2. The disability is cured when the cause has been removed.
4 3
. The trust is also invalid when the trust property or a part of them served or were destined to commit
a fact which constitutes a crime under the law of the Republic, or it
represent price, product or profit.
4. The invalidity can be invoked by anyone who is interested and can be detected from office '
Judicial Authority. Its proceedings are not.
5. The invalidity of the trust does not affect third parties who have acquired rights in good faith to
consideration by the trustee of the trust after the registration in the Register referred to in Article 8. 6
. The invalidity of individual provisions shall invalidate the entire trust instrument if it
the settlor did not resort to the trust without the provision of the trust hit by
disability.
7. The invalidity of individual provisions shall not affect the validity of the trust, when
invalid provisions are replaced by mandatory rules of law.
8. The trust is invalid in the cases provided by the San Marino law as causes of invalidity for defects
of the will of the acts at the equity content.


Art.11 (fund in trust)

1. Any property under the Act may be included in the trust fund without the need for
insinuation.
2. They belong to the trust fund the assets of which the trustee becomes the owner exercising
own office, including those arising from:
a) the operations carried out by the trustee, including investment and disinvestment
;
B) the proceeds and income products, however, such goods. 3
. It 'also included in the trust fund the profit achieved by the trustee as a result of acts or omissions
committed in violation of its obligations.
4. If the trust instrument provides otherwise, a trustee may accept from anyone
interest assets to add to the trust fund.


Art.12 (Separation of assets and hypothecation)

1. The trust fund is separate from the personal assets of the trustee and those pertaining to other subjects
or other trusts. In particular:
a) the trust property can not be the subject of actions by personal creditors of
trustee;
B) in case of contest of creditors, or bankruptcy proceedings of the trustee, the trust assets are separate
from other goods of the trustee and are excluded from the competition of his personal creditors;
C) the trust property are not among those to which the matrimonial property regime of the family and
are not included in the succession of the trustee.
2. If the trust instrument provides otherwise, the trustee may, at its discretion, divide the
trust fund more substrates. 3
. The trustee has the trust fund and administer it in trust for the benefit of one or more
beneficiaries or for one or more purposes.
4. If the trust instrument provides otherwise, the trustee is required to perform all formalities useful
to safeguard the effectiveness of the hypothecation.

Chapter II

The amendment, revocation and termination of the trust

5

Art.13 (Changing the trust of the trust)

1. The trust act may provide that the provisions contained therein and the choice of law
regulatory
are editable in the interest of the beneficiaries or to promote the purpose of the trust.
2. The modification of the act is subject to the requirements of Article 6, paragraph 1, of the Law
. 3
. The resident trustee or the resident agent communicate using certificate
office of the Trust Register amendments to the items indicated in the Article 8,
within fifteen days from the time when the work or He receives them. The Office shall ensure that the relevant notes in the margins
original attestation.
4. The certificate is signed by the resident trustee or agent residing with subscription
authenticated by a notary public, which shall ascertain their veracity.
5. And 'it imposed the administrative penalty of € 2,000.00 to the resident trustee or agent resident
not to perform in terms of the communications provided for in paragraph 3. 6
. The modification of the Act shall not prejudice the effects of the acts that the trustee has
validly made before the change.


Art.14 (Revocation of the trust)

1. The act may indicate that the trust is revocable.
2. The revocation takes the form required for the modification of the trust act, communicated by
resident trustee or agent resident in the Register pursuant to Article 8 of the Law. 3
. It revokes the trustee shall transfer the trust property in accordance with
of the trust and, failing that, to the settlor or his successors.
4. The withdrawal does not affect the effectiveness of the actions taken by the trustee in accordance with the law and the act establishing
before notification of the withdrawal.


Art.15 (Termination of trust)

1. In addition to the causes provided for in the trust, the trust terminates:
a) upon expiration of the term;
B) as a result of the declaration of revocation;
C) if it is a purpose trust: to achieve the purpose, or for the
supervening impossibility of attaining it;
D) if it is a trust to beneficiaries:
i) the lack of beneficiaries and persons who may be so, and subjects may
locate them;
Ii) for failing to come to the existence of a beneficiary within the period provided for in Article 48, paragraph 1
;
Iii) for termination of the trust by the beneficiaries in accordance with Article 50, paragraph 3;
E) the disappearance of the trust fund.
2. The termination shall not affect the effectiveness of the acts previously performed by the trustee in accordance
when establishing and applicable laws. 3
. When the trust terminates pursuant to paragraph 1, lett. d) i) or letter. d) ii), and lack
successors of the settlor, the trust assets are transferred all'Ecc.ma Chamber of the Republic of San Marino.




6

Art.16 (distribution of trust property)

1. Occurred a cause of extinction of the trust, the trustee out any operations in
course and does not undertake new operations.
2. Prepared its final account and the fund's assets in the trust, the trustee transfers the bottom
to those entitled, in accordance with the provisions of the trust. If the provisions of the Act
the trust are not applicable to the entire fund, the trustee transfers the trust property
residues to settlor or his successors and, in their absence, all'Ecc.ma Chamber
Republic of San Marino. 3
. All obligations imposed on the trustee passes law to those to whom the trust fund is transferred
, within the limit of the value of goods received by each.



TITLE III OF THE SUBJECTS OF THE TRUST

The Del Capo trustee



Section I Of appointment and authorization to carry office


Art.17 (acceptance and rejection of the appointment in the office of trustee)

1. The trustee appointed in the trust can accept, expressly or impliedly office.
The acceptance is expressed when it is contained in a written instrument, or when the appointed
assumes the title of trustees in relations with third parties. Acceptance is tacit when the appointee performs an act
necessarily presupposes a willingness to accept the office.
2. The person seeking to not hold the office can refuse it expressly with
written statement communicated to the settlor or his successors or trustees who already hold the office.


Art.18 (the trustee Requirements)

1. The office of trustee may be held by one or several persons, natural or juridical, no
trustee of which is more of a trust subject to the Act or one or more persons, whether natural or legal
, indicated as persons designated in the context of anti-money laundering regulations issued

By the Republic of San Marino or other states in the implementation of EU directives or
latter substantially equivalent.
2. The professional act as trustee in the Republic shall be governed by decree delegate
.


Art.19 (Appointment of new trustee)

1. The appointment of a new trustee is governed by the provisions of the trust, or, in the absence
, by the judicial authorities.
2. If the trust instrument provides otherwise, if the trust has a plurality of trustees,
the new trustee is appointed unanimously by the trustees who hold the office. In case of disagreement,
appoints the 'Judicial Authority.

7 3. The appointment of the new trustee must be communicated to extract, by deed in authentic form
filed within fifteen days of the appointment in the Trust Register.
4. The new trustee will replace or, if there are other trustees, is added as a co-owner
fund trust and the outgoing trustee or other trustee
perform without delay the steps necessary to enable it to exercise its rights and powers and They notify him without delay the
records and documents pertaining to the trust.
Section II Of the


trustee obligations

Art.20 (Good faith and diligence in)

1. The trustee fulfills his obligations and exercise the powers inherent in the office in good faith and
with the diligence of a good father of a family who must arrange for care not to their interests.
2. In relation to the trustee who professionally carry out this activity or other subjects
possess professional skills, diligence is assessed with regard to the professional nature of the activity carried
.


Art.21 (integrity protection trust property)

1. The trustee must ensure that the trust property is in its ownership. He protects the integrity and
possession of the trust property, carrying out all acts necessary or useful for this purpose.
2. The trustee shall keep the trust property separate from any property in their own
availability, including those pertaining to other trusts. 3
. The trustee must file:
a) anonymous bearer shares or certificates representing anonymous bearer shares of
of San Marino law societies and to the notary of the Republic of San Marino,
in compliance with local regulations;
B) any other title bearer in banks or other depositaries authorized in the custody of
values ​​and required to comply with anti-money laundering standards.


Art.22 (Management of trust property)

1. If the trust instrument provides otherwise and the nature of the trust property allows, the trustee
manages trust property with the aim of preserving and increasing the value by diversifying investments and evaluating periodically the composition
with the assistance of persons with
specific professional skills in the field of asset management.
2. The trust act may limit or exclude the power of the trustee to invest, manage or dispose of the trust property
.


Art.23 (Conflict of interest and patrimonial advantage)

1. Before accepting the job, the person appointed trustee by deed inter vivos must inform in writing the settlor
about the possible causes of the conflict of which he is aware of the interests
which are included in any capacity and those beneficiaries or with the purpose of the trust.
2. The trustee named in the will that is in conflict of interest shall immediately gives the Authority
news Judiciary, which takes appropriate action to protect the interests of the beneficiary
, or purpose of the trust.

8 3. If the trust instrument provides otherwise, the trustee can not act in conflict of interest
with one or more beneficiaries or with the purpose of the trust.
4. The trustee can not, either by proxy:
a) acquire the legal status of beneficiary or accept as collateral;
B) stipulate acts relative to trust property with himself, unless you operate as a trustee of another trust, and
this is permitted by the Act establishing;
C) to compete on their own or third-party activity pursued as a trustee.
5. If the trust instrument provides otherwise, the trustee may contract with himself if
is a company authorized to carry out banking or financial activities and enters into contracts concerning the
own business.


Art.24 (impartiality-Derogation Obligation)

1. If the trust instrument provides otherwise, when the trust has more than one recipient,
, or more than one purpose, the holder trustee of discretionary powers may avvantaggiarne only one or more
.
Art.25


(Confidentiality towards third)

1. Except as provided by law or the instruments act, the trustee shall not disclose to third parties, in
no time, the information in its possession by virtue of his office nor employ
own or others' benefit.


Art.26 (Accounting and inventory)

1. The trustee holds an orderly and complete accounting of the facts that affect the trust fund.
2. The trustee regularly evaluate the market value of the fund trust under the terms and
under the criteria established by a special delegate decree to be issued within 120 days of
date of entry into force of the Law. 3
. The trustee shall prepare yearly and transcribed in the Book of Events by March 31 of the following
:
a) the financial statements of the trust;
B) of the fund's assets in the trust;
C) a report containing a summary and description of the main modifying events
the texture and composition of the trust fund.
4. They are subject to the various provisions of the trust.


Art.27 (Information)

1. The balance sheet, the inventory and the report referred to in Article 26 shall be sent by the trustee to
guardian of the purpose trust and the guardian of the trust to the beneficiaries, if any.
2. If the trust instrument provides otherwise, in trust for the beneficiaries, the trustee is required to
communicate to each beneficiary holder of certain rights:
a) the existence of the trust the news, the name and domicile of the trustee, and
provisions of the trust that provide this right;
B) reports of all acts or facts which alter or extinguish this right;
9
c) at the request of the beneficiary, within a reasonable period, an inventory limited to trust property
respect to which the beneficiary has the right and the estimate of their market value
commensurate with the right claimed by the beneficiary. 3
. The communications referred to in the preceding paragraphs do not take place with respect to persons who represent
minors, unborn or conceived, unless they are prescribed by the Act establishing.
4. The trust act, or if it excludes radically limits the obligations referred to in paragraph 2,
must ensure that there is always a guard, standing to take action against the trustee in the event of non-performance
.


Art.28 (Book of Events)

1. The resident trustee or the resident agent shall establish, maintain and guard the
events of the Book of the trust, in which they must record in chronological order the acts and events related to the
who have knowledge trusts. They must in every case appear in the Book of Events:
a) any information that the non-resident trustee has notified the agent resident;
B) the description of the events concerning the recipients and purpose;
C) the description of the trust property;
D) the functions carried out in accordance with the trust;
E) the instruments of delegation;
F) processes for which the trustee is a party in that capacity;
G) dissent manifested in accordance with Article 30 or Article 52;
H) the documents referred to in Article 26, paragraph 3, subject to Article 26, paragraph 4
;
I) the trustee of variations and guardians;
J) the exercise of powers relating to the identification of beneficiaries and the granting of certain rights
.
2. The resident agent annually requires the trustee non-resident to inform him of any fact or
act that should result from the Book of Events. 3
. The Book of Events is numbered progressively on each page and signed on each sheet.
4. By delegated decree to be issued within one hundred twenty days from the date of entry into force of Law
define detailed rules concerning the endorsement.
5. The Book of the events performed on request to the guard and to the court, as well
to the Supervisory Authority in accordance with the provisions issued by it.
6. The trust act may be attributed to other parties the right to refer to the Book of Events and to take
or less copy.


Art.29 (Requirements for advertising purposes)

1. If the trust instrument provides otherwise, the trustee fulfills the necessary requirements to
purpose of advertising to make known that he is the owner of the trust property in his capacity as trustee or
still be to make the existence of the trust according to the law of the place where the goods are located
.


Art.30 (Plurality of trustees)

1. Each trustee has the right to participate in the decisions to be adopted unanimously or by majority
.
10
2. If the trust instrument provides otherwise, when the trust has multiple trustees they act with
unanimous decision and jointly, but each has the power to carry out urgent acts for

Preservation of the trust property. 3
. If the trust instrument that allows the trustees decide by a majority, the dissenting trustee
noted their dissent in the Book of Events of the trust.
4. In the event that the trust can be administered separately, any transaction
trust property must be notified in advance by the party seeking to fulfill it to others
trustee. They, if dissenters to the act that the single trustee intends to take, write down
dissent in the Book of Events of the trust.



Section III Of the trustee powers


Art.31 (the trustee Powers)

1. The trustee exercises over the trust property all the powers of the holder of the right, subject to the limitations resulting
Trust Register.
2. The trustee is entitled to act and to be sued in that capacity.


Art.32 (Power consultation)

1. The trustee can seek advice to professionals as regards measures to be taken in relation to
trusts and give them assignment for carrying out a professional performance.
2. The act may indicate that the trustees consult or obtain the consent of another person
before exercising a certain power. 3
. A person does not become trustee by the mere fact of having been consulted or have served or
refused their consent under the preceding paragraph.


Art.33 (delegating power)

1. Unless otherwise provided by law or the trust, the trustee may delegate its powers
related to the performance of acts or operations related to the administration of the trust fund and the
committing acts of trust property devices.
2. The following powers can not be delegated:
a) the power to decide in what ways and times to attribute the trust property to the beneficiaries;
B) the power to appoint a new trustee;
C) the power to delegate. 3
. In administering the trust, the trustee may delegate the choice of investments exclusively
to banks and investment firms subject to prudential supervision, not made or administered
in countries identified by special decision of the Supervisory Authority, which proceed
to the selection of investments according to criteria specified by the trustee of a special document.
4. The delegation in favor of more subjects means joint.
5. One who has the power to exercise a power under this Article shall comply
the same obligations of the trustee pursuant to Sections II and III of this Chapter.
6. The trustee may delegate powers to the beneficiaries, but only if the trust has a guardian
legitimized to take action against the trustee and guardian permits.
7. The trustee supervises the actions of the delegate and responds with the instructions and directives issued
latter.
11
8. Any beneficiary or the guardian can act directly against the delegate.
9. If several trustees are appointed, each trustee may delegate the exercise of his office to
other trustees, provided that the trustees are at least three. Proxies can not last more than a year and
has no effect if it is done to allow or facilitate the violation by the other trustees of
obligations deriving from the trust.
10. The trust act may provide that, where there are several trustees, the board of
bottom and carrying out acts of disposition of property in trust is delegated to one of them, with
exemption from liability in favor of the other trustee for any action taken by the managing trustee. The trustee delegate
is obliged to inform the other trustee once a year all the acts he
done for the purpose of forming collegially the annual budget.


Art.34 (Form and content of the delegation)

1. The delegation, under penalty of invalidity must:
a) be in writing and have a certain date;
B) identify the delegate;
C) identify the trust;
D) specify the powers delegated;
E) specify the date from which it takes effect and the period, or the occasion for which it is granted.
2. If the trust instrument provides otherwise, the trustee can not grant proxies that provide
:
a) the right of the delegate to appoint his own substitute;
B) exemption or limitation of liability of the delegate towards the trustee or beneficiary
except within the limits within which this can be done in favor of the trustee;
C) the irrevocability of the delegation;
D) the ability of the delegate to act in conflict of interest with the beneficiary, or with the purpose of the trust
. 3
. If the trust has only one trustee, he shall, in writing, without delay, the delegation to
entity that has the power to appoint new trustees.


Art.35 (Power to ensure the trust property)


1. If the trust instrument provides otherwise, the trustee is obliged to insure the trust property
they are subject to perish or be damaged. Insurance premiums and compensation
can be offset against capital or income, according determined by the trustee.


Art.36 (Power to make advance payments to beneficiaries)

1. If the trust instrument provides otherwise, the trustee may make advance payments on behalf of a beneficiary
with certain rights to the trust fund so that he can face significant
events of one's life, if the trust property is mainly composed by cash or by
assets easily convertible into cash.
2. In any case, the trustee takes into account the advances made in proceeding with further
powers in favor of the same beneficiary and the final distribution of the fund.





12

Art.37 (Powers of accumulating returns and profits)

1. The trust act may require the trustee, or give the trustee the power to increase the capital
, accumulating in the fund, in whole or in part, for a specified period, the fruits and income arising from the fund over
trust.
2. If the trust instrument provides otherwise, the trustee can always use the fruits and
fund income trust for the maintenance, education or otherwise for the benefit of beneficial owners of certain rights
, which are less than age or incapable.


Art.38 (Fees, costs and expenses of the trustee)

1. The compensation of the trustee is determined in the trust and is taken from the trust fund.
The trustee performs the task free of charge if the trust instrument does not provide for the allocation of
compensation to the trustee and the modalities of its determination.
2. The sums necessary for the payment of expenses incurred by the trustee in the exercise of their office
are taken from the trust fund. 3
. The trustee meets the accrued credits for his remuneration, expenses in preference
beneficiaries.


Section IV Of the termination of the trustee and transfer of trust property


Art.39 (Cessation of the trustee office)

1. In addition to the causes provided for in the act, the trustee ceases from the office for:
a) revoke, in accordance with the provisions of the trust;
B) waiver, in the forms provided for by the Act establishing the organization or, in the absence of estimates, by written communication sent
having certain date to the other trustees, if any, to
guardian, if any , and, in trust for beneficiaries, beneficiaries holders of certain rights
;
C) replacement for the Judicial Authority's measure;
D) rights of creditors or subjection to other insolvency proceedings;
E) death or inability of the person to exercise the office for health reasons;
F) liquidation, being a corporation or other entity.
2. The unsuitability of the person to exercise the office for reasons of health is ascertained by a medical board appointed specialist
according to the trust act, or failing that, by '
Judicial Authority. The College ensures the inability in the presence of an impediment
not merely temporary, such as to impair the trustee's capacity to operate in a lucid and efficient. 3
. The resignation of a trustee office, made to permit or facilitate the violation
of the other trustee of the obligations deriving from the trust, has no effect.


Art.40 (Transfer of trust property)

1. Notwithstanding the provisions of common law on delivery:
a) in any case of replacement of the trustee trust property passes by right in the new trustee
;
B) in case of termination of office of a trustee for the trust fund remains with the remaining
trustee.
13
c) in the case of addition of a trustee, the trust property becomes common to all components
office.
2. Upon the occurrence of a ground for termination of the office, a trustee shall immediately take
acts that are necessary to implement the above provisions. 3
. In the event of death or the trustee resign from office due to unsuitability, the heirs, the
legal representative, or people who assist him without delay such obligations.
4. The new trustee is substituted trustee ceased in any judicial proceedings.


Art.41 (Delivery of records and documents)

1. Ceased from office, the trustee shall deliver without delay all acts and
documents pertaining to the remaining trustees of the trust or to the new trustee.
2. If a trustee is lacking for death or ineligibility, the heirs, the legal representative
, or people who assist him such obligations.

Section V

Of The liability of the trustees


Art.42 (Failure to fulfill obligations under the Act and the Act establishing)

1. If the trust instrument provides otherwise, a trustee in breach of its obligations is
held at the request of a beneficiary or the guardian, to pay compensation for the damage caused to the bottom
trust or the beneficiary acting, if not proof that the damage was caused by causes not attributable to him
.
2. The compensation includes actual damages and lost profits. 3
. The trustee is not relieved of responsibility although the damage is compensated in whole or in part by
resulting from the non-profit, unless the profit is produced by the same act from which the damage arises
.
4. The trustee is not responsible for the violations committed by others before his appointment.
He must, however, take all appropriate measures to remedy the violations of which it becomes aware
.
5. Except as provided in Article 33, paragraph 7, the trustee is not responsible
failure of delegates, where the delegation was given in good faith and with the diligence required
.


Art.43 (Liability of the trustee)

1. The trustees are jointly and severally liable for damages arising from violations of the law and the trust act committed in the exercise
office.
2. If the trust instrument provides otherwise, a trustee is not liable for damage caused by a
Another trustee, where he noted his dissent in the Book of Events of the trust and has
immediately communicated to the person as may be identified in ' trust act, or, in the absence
, the beneficial owners of certain rights and the attendant, if any. 3
. In any case, the trustees are jointly liable if, being aware of the
violation, they did what they could to prevent the perpetration or eliminating or reducing the harmful consequences
.



14

Art.44 (Joint and several liability of the beneficiaries)

1. And 'jointly and severally liable with the trustee beneficiary who has instigated, requested or authorized
non-performance of the trustee.


Art.45 (Disclaimer)

1. They are null and void the provisions of the trust and the covenants which exclude or limit
previously the responsibility of the trustee for fraud or gross negligence.
2. A beneficiary may exempt the trustee from liability for any damage caused in its
regard, if he has full knowledge of the facts. 3
. Under the same conditions, the beneficiary can take on the debt of the trustee is responsible for
no intentional or grossly negligent violations.


Art.46 (Prescription)

1. The right to compensation for damages shall expire five years from the time when a
beneficiary or the guardian in the absence of existing beneficiaries, had knowledge of the facts productive
of the trustee responsibilities.


Art.47 (the trustee liability for obligations to third)

1. Any person, different from the other trustees, the beneficiaries and the Guardian, which is
holder of rights against the trustee, resulting from obligations or acts
manifesting as trustee or acts or facts in any case connected that capacity, may satisfy
solely on trust fund.
2. The trustee has the right to claim compensation from the trust fund, in preference to any other
subject, in respect of any obligation he has personally fulfilled unless he
damages must fulfill obligations to the fund or to any beneficiary or
compensatory claim is pending against him.
Chapter II Of the beneficiaries




Art.48 (Legal Position)

1. The trust shall be terminated if, in the absence beneficiaries were alive at the time of the institution of the trust,
least one of them is not in place in the next thirty years.
2. The act may indicate that one or more parties are added or excluded from legal
position of the beneficiary, resulting in the decision to whom and in what form. 3
. The trust act may subject the legal position of the recipients provided or
term.
4. The trust act may provide that the rights of a beneficiary to the trust fund or on its income
:
a) are neither seizable or attachable nor included in the mass event of a concurrence of his
creditors or
15
b) lasting until a creditor performs an act of seizure or garnishment or
recipient becomes subject to the concurrence of his creditors, with the result that such
rights shall then not arise and different positions beneficiaries.

5. Those that receive or may receive goods or benefits of a purpose trust
do not fall into the legal definition of beneficiaries.


Art.49 (Rights of beneficiaries)

1. If the trust instrument provides otherwise, each beneficiary with certain rights has
right to inspect the records and documents relating to their rights and take a copy.
2. The trustee is not required to disclose to beneficiaries the reasons for which he exercised in a certain way
a discretion that is put to him, or to communicate acts or documents which prove
these reasons, unless the revelation or disclosure is required by a court order
.


Art.50 (Renunciation, deferment of attribution and termination of the trust by the will of the beneficiaries)

1. A beneficiary may be waived in whole or in part to its legal position by an act
made in the manner provided for the trust act. The waiver is effective and is irrevocable
by the time it reaches the trustee.
2. If the trust instrument provides otherwise, a beneficiary may request in writing to
trustees to defer the transfer in its favor of the trust property, or run it in favor of
subject he indicates. 3
. If the trust instrument provides otherwise, all beneficiaries with certain rights on
trust fund or, failing that, all the beneficiaries may claim from the trustee cessation
trust and the transfer of the trust property in their favor or according to their instructions.


Art.51 (Acts of disposal of the beneficiary's legal position)

1. If the trust instrument provides otherwise, a beneficiary may alienate, pledge, or otherwise dispose
, in whole or in part, of their legal position by means of acts that
have effect towards the trustee by time when they are notified that, being
recipient with certain rights not limited to his life, even in his will.
2. If the beneficiary carries more acts between living devices in favor of different subjects, the act takes effect
notified first to the trustee.


Del Capo III Guardian


ART.52 (Office of the guardian)

1. The trust act of a purpose trust provides for the Guardian Office and legitimate
to take action against the trustee in case of default.
2. The trust act to beneficiaries may provide for the Guardian office, but must
predict for the period during which there are beneficiaries in existence. 3
. The guardian fulfills his obligations and exercise the powers inherent in the office in good faith
and with the diligence of a good father. It should have professional skills, diligence
16
itself with regard to the professional nature of the activity concerned. If the trust instrument does not
provides otherwise, the powers of which the guardian is the proprietor have fiduciary powers.
4. The trust act may provide for the remuneration of the guardian. The guardian has
entitled to reimbursement of expenses and costs incurred for reasons inherent in the office, if the trust instrument provides otherwise
.
5. The trust act may give the Guardian certain powers, including the power to:
a) appoint a new trustee, or add to existing ones;
B) appoint a new guardian, possibly in addition with respect to itself;
C) revoke the trustee from office;
D) have a veto on the exercise of certain powers of the trustee;
S) to add or exclude beneficiaries;
F) change the governing law of the trust;
G) verify the trust accounts.
6. The exercise of the powers listed in paragraph 5 does not give the guardian of the office of trustee.
7. The guardian can be one of the beneficiaries with certain rights.
8. If the trust instrument provides otherwise, when there are multiple guardians of a trust, they
decide by majority vote. Each guardian has the right to participate in decisions to be taken at
majority or unanimously and must be adequately informed of the object of the decision.
The dissenting guardian does note without delay their dissent in the Book of Events of the trust.
9. Except as provided by law or the instruments act, the guardian shall not disclose to
third parties at any time, the information in its possession by virtue of his office, nor
use them at your own or another's benefit.
10. If the trust instrument provides otherwise, the outgoing guardian appointed the guardian next
; if there fails, the new guardian is appointed by 'judicial authorities.
11. Apply to the guardian, mutatis mutandis, Article 39 and Article 41 of the Law.


TITLE IV

THE POWERS OF JUDICIAL


Art.53 (Judicial Authority Powers)

1. The Judicial Authority is the owner of a general judicial power of control and supervision of
any trust governed by the Law, which exercises by issuing the measures of
case.
2. In addition to other powers granted by law to the Judicial Authority, the trustee, a beneficiary,
the guardian and any interested person may submit application to the court to get a decision in order
:
a) the fulfillment of an obligation or the exercise of a power of the office of trustee or guardian
;
B) the replacement of the trustee or guardian who has committed a violation of the law or
of the trust or for reasons of expediency or to the absence, regarding
trustee, of the requirements of Article 18 of the Law;
C) the appointment of a new or additional trustee or a new or additional attendant;
D) acts of administration and disposition of the trust property. 3
. The trustee is required to request without delay to the Judicial Authority to appoint a guardian
if, for whatever reason, it is or has failed, and the
Law requires that it be you.
4. The trustee, if appropriate, addressed motion to the judge to be allowed to perform any act
useful that does not fall within his powers or to obtain ratification in relation to an act already
17
made or to be made by the judge to make the modifications of the trust that has become necessary or appropriate
.
5. Through the submission of a reasoned request, the trustee who is in a state of uncertainty
about the completion of an act relating to the office may request the court to rule on
regard, also precise imparting directives.
6. The person appointed by the Judicial trustee who is in conflict of interests
directed motion to the judge to get the measures provided for in Article 23, paragraph 2.
7. In appoint or replace a trustee, the judge in relation to the custody and
transfer of trust property, as well as the acts and relevant documents.
8. Unless a different order of the court, the trustee and guardian appointed under this article
have the same rights, obligations and powers conferred, respectively, to the trustee and guardian
by virtue of the trust.
9. The judge decides on the judicial proceedings.


Art.54 (preventive action)

1. The beneficiary holder of certain rights or the guardian who have reasonable grounds to believe that the trustee
is to omit a duty or to perform any act that violates the law or
the trust act, may refer the matter 'Judicial Authority as a precautionary measure to get the
appropriate action.
2. The introduction of the case on its merits does not suspend the effects of the preliminary injunction
adopted by the Judicial Authority.


Art.55 (separation and recovery actions)

1. If a trustee has confused trust property with other goods, the trustee which should not
confusion by any beneficiary and the guardian have the right to seek separation.
The claim extends to goods of any kind with which the original assets have eventually been replaced
and their fruits.
2. If a trustee has placed the trust property in violation of the rules of the trust
ie without consideration or for a manifestly inadequate consideration, the trustee is
should not the act of disposal, any beneficiary and the guardian are entitled to expect that
the successor by the trustee to return the assets to the trust fund, except when, in
disposal in violation of the rules of the trust, he could not have had knowledge of such
violation. The claim extends to goods of any kind with which the original assets have
possibly been replaced and their fruits. 3
. Are subject, in any case, the actions for damages, and any other action at
protection of the trust.
4. The separation action does not prescribe. The return action will expire after ten years.



TITLE V PROVISIONS APPLICABLE ONLY TO TRUST FOREIGN


Art.56 (Shape of trust acts and registration of foreign trusts in the Register of trust of
San Marino Republic)
​​
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1. The trust acts of foreign trusts where the settlor is a natural person or a legal person
resident in San Marino are subject to the same formal requirements
Article 6, paragraph 1, of the Law.
2. Foreign trusts based administration in the Republic of San Marino should be

Recorded in a special section of the Trust Register. , Article 7 and paragraphs 3, 4, 5 and 6
Article 8 of the Law. 3
. The trustees of foreign trusts residents must have the requirements of Article 18 of the Law
.

TITLE VI PENALTY PROVISIONS




Art.57 (office of trustee Abusive exercise)

1. Everyone exercising the office of trustee not having the requirements of the Law shall be punished by imprisonment
second degree and a fine from Euro 8,000.00 to Euro 12,000.00.


Art.58 (Subtraction and misapplication of trust property)

1. If the trustee subtracts or otherwise distracts the trust property, at your own or another's profit, it
apply the provision of Article 197, paragraph 3, of the Criminal Code, replaced disqualification
fourth degree by profession or art with the fourth degree interdiction from the office of trustee.


Articles 59 (Conflict of interest)

1. Where the trustee, in order to obtain for themselves or others an unjust profit, is acting in conflict of interests
, causing financial damage to the beneficiaries of the trust or to the persons intended to take advantage of the
realization of a purpose trust He shall be punished by imprisonment for second degree and
a fine of Euro 8,000.00 to Euro 12,000.00 and disqualification from the office of trustee of the second degree.


Art.60 (compulsory reporting Violation)

1. The trustee who omits to keep, in whole or in part, accounts for the trust property is punished
if the fact resulting financial damage to the beneficiaries of the trust or to the persons intended to benefit from the creation of the
purpose of the trust, with the arrest of the second degree and
interdiction from the office of trustee of the second degree.


Art.61 (False accounting records relating to the trust)

1. The trustee in accounting or inventory related to the trust property, or in the scriptures
accounting related to the trust provided by the Law and the law on the taxation of trusts governed by
Law of the Republic of San Marino, exposes data or made in whole or in part untrue,
that hides all or part of data or true facts, shall be punished by imprisonment in the second degree and a fine
days in the third degree, as well as with interdiction from the office of trustee of the second degree.




19 TITLE VII FINAL PROVISIONS


Art.62 (Administrative penalties)

1. The administrative sanctions provided for by law are imposed by the entity in charge of keeping records of the Trust
and are governed by Law 68 of June 28, 1989.


Art.63 (Obligations concerning the registration and storage of documents)

1. Subject to the provisions of Article 52 of the Decree of 26 April 1995 56, the deeds drawn up or authenticated
abroad must, prior to use in the Republic, to be deposited and kept at a Notary
operator in Republic . With the minutes of the deposit, the Notary it asserts its legality.


Art.64 (Repeals, transitional arrangements and entry into force)

1. They have repealed the law 17 March 2005 n. 37 and any provision contrary to the Law.
2. Trusts set up under Law 17 March 2005 n. 37 must, by the trustee, who
introduce any appropriate modifications with the trust, to be aligned with and subject
to the Law by December 31, 2010. 3
regime. The trustee, with the consent of the settlor if alive and capable, may make further modifications
with the trust, made possible by the Law provisions.
4. The trustee who fails to comply with the provisions mentioned in the second paragraph shall be imposed the sanction administrative
of 12,000.00 euro.
5. The Law shall enter into force on the fifth day following that of its legal publication.


Our Residence, this day of March 1 2010/1709 dFR



THE CAPTAINS REGENT Francesco Mussoni - Stefano Palmieri



THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Valeria Ciavatta


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