Examples of using Settlor in English and their translations into Russian
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Official
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Colloquial
The settlor cannot be a beneficiary of the trust.
Trust is governed by the law chosen by the settlor.
The settlor is not a permanent resident in Cyprus.
The applicable law is chosen by the settlor Section 12A.
The settlor can appoint himself and/or other parties as the beneficiary.
Trust is governed by the law chosen by the settlor Article 6.
According to the trust deed, the settlor transfers the assets he owns, to the trustee.
Privacy: A trust is a private agreement between the settlor and trustee.
Settlor: This is the person who creates the trust by transferring or settling his or her assets into a trust.
This largely depends on the nationalities of the settlor and/or beneficiaries.
How can the settlor ensure that the property will be properly safeguarded and that his wishes will be observed?
A contract affecting three parties, the settlor, the trustee and the beneficiary.
If no indication of the beneficiaries do not,it is assumed that the beneficiary is the settlor.
The settlor may retain power and control over the trust also by appointing himself as either the protector or the enforcer of the trust.
The essence of a trust lies in the transfer of legal ownership of property from a settlor to the trustees.
This should include the settlor, the trustee or person exercising effective control over the trust and the beneficiaries.
The protector has watchdog role acting as a link between the trustee, settlor and beneficiaries.
Trust yourself, if its creator(Settlor) and beneficiaries(Bene ficiaries) are non-residents of New Zealand, not taxed.
Captive Trust Company: In some situations,it may be desirable for a trust company to be set up and controlled by the settlor.
The settlor and the beneficiaries must not be tax residents in Cyprus during the year preceding the year in which the trust was formed.
The amendments to Section 2 clarify when a person/s can reside in Cyprus andstill be eligible as a settlor under an International Trust.
Section 2 of the 1992 Law, as amended, provides that the settlor should not be a Cyprus resident in the year, immediately preceding the year of the establishment of the trust.
If settlor does not make an effective choice of applicable law, a trust is governed by the law with which it is most closely connected Article 7.
It may be used to enhance anonymity by completely disconnecting the beneficial owner from the names of the other parties including the trustee, settlor, protector or beneficiary.
For example this allows the settlor of a private business to retain greater control over the company and trust assets and manage them in the manner that they deem fit.
Operational matters such as the location and nature of bank accounts, the identities of investment advisers and fund managers andthe objectives given to them shall be discussed and agreed with the settlor prior to establishment of the trust.
The settlor, whether a natural or legal person, is not a resident of Cyprus in the calendar year which immediately precedes the year in which the trust was created;
As aforementioned another important change introduced by the New Law is the fact that the settlor can now choose the law that will govern the trust and change such applicable law or the forum of administration of the trust at a later stage.
The Settlor has the right to reserve many powers including, the powers to revoke or amend the trust, to instruct, appoint, or remove trustees, to change the law regulating the CIT.
The Secretary-General or his representative is also involved as an ex officio member of the Board of Administrators before or after the Service has been activated and where his advice and opinions can be given( sect. II, para. 2). He andany of the Administrators can be requested to serve as a settlor later in a dispute( sect. II, para. 15, and sect. III,( e)). Actually, the aid of the Service to the Organization as a whole could reduce undue pressure on the Secretary-General.