MT
ATT Nfu . XX XV ta ' 1·]988 ACT No . XXXV or 1988 ATI' mahrug b'ligi mill·Parlament AN ACT enacted by the Parliament ta' Malta.
Table of Provisions (52)
Statutory Text (52 Articles)
Supp/imem /a{·Gauella Ill/·Gvem la' M,,/IG. Nru. J5.056, 21G' Dicembru. , J988
Taqsima A
MALTA
ATT Nfu . XX XV ta ' 1·]988
ACT No . XXXV or 1988
ATI' mahrug b'ligi mill·Parlament
AN ACT enacted by the Parliament
ta' Malta.
of Malta.
A1T biex jaghmel provediment dwar
AN ACT to make pro\'lslon with re5pt'(:1
to Offshort' Trusts and to provide fOl'
Offshore Trusts u biex jipprovdi glial
hwe.ileg ]I huma anClJllln jcw jllciden.
malters ancill ary or incid ental t hert'to.
tali ghalihom
A
A1"
TA ' L-I\l88 DW AR L_Ot' t'S HO RE TR USTS
Arra nga menli la ' Se1.1.j oniji el
PRELlM INARI
SEZZJON I
Tilolu fil-qosor u bidu fis-schh
Dikjarazzjoni minflok prospen ta· tana dwar offshore mm
Nagl'lli I-kunsens li eghi.
(L. S.)
PAU L XUEREB
Agenl Presidenl
2 la' Dicemb m , 1988
ATr Nr u. XXXVta ' I-I 988
A TT biex jaghmel prvvvedimem dwar Offshore Trusts u biex jipprovdi
glla/ II wejjeg Ii /m",a aniil/ari jew iniidenlali ghaUhom.
IL-PRESIDENT. bil-parir u j-ku nse ns tal-Kamra tad-Deputali .
imlaqqgha f"dan il-Parl amcnl. u bl·awtoritilta·l-istess, harcg b'ligi dan
li gcj:-
Dan I-At! jiSt3' jissejjah I-All la' 1-1988 dwa r I- O//shore To.ol. fil-qoso<
• tlid. fi· .. hh.
TfIISIJ.
(2) Dan I- Al l ghandu jibda jschh rdik id·data li I-Ministru
responsabbli ghall·Attivitajiet Kummercjali Int ernazzjonali jista'
jistabbili)l)l i b 'avvii fiJ-G azIC(l~.
2. (I)
Fdan I-Al1. kemm-il darba r-mbla lal-khcm ma Ichlicgx TiI<i,.
)lorl"ohra :-
"I-AII"" tfisscr I-AI! la' 1-1988 dwar Al1ivitajiet Kummen':jali
In temaZljonali la' Malta
'"l-Awloritil"'
lfisser
I·Awtori l;\
dwar
i]-KummerC
Intem aZljona li la' Malta mwaqqfa bl-arti kolu 3 ta' I·A n
" be neficjarju" !fisser persuna intitolata li tibbencfika ta ht trust
jew li favur laghha tista' tigi eicrcitala diskrc7.zjoni bic)llilqassam
proprjeta miimuma fi rrust;
'" korp la' pe rsun i"' tfisser kull kumpan nija, gh aqda, socjela
jew assocjazzjoni ohra ta' persuni, sew jekk ikollha personalita
guridika sew jekk le;
"ksur ta ' " usr" gha ndh a t-tifsira moghtija lilha bl-a rtikolu 4
la' dan I·AII;
'" kumpann ija'" Itisser socjelil anonima iffurmata u rcgistrata
kif imiss tahl xi ligi li Ikun isseh h dak ii.·imien f"Malta, u tinkludi
korp maghqud simili inkorporat jcw registral barm minn Malta
"iH)orti" t1isscr is-Sckond'Awla tal-Qorti Civili;
"proprjclil immobbli sitwata fMalta" ti~kludi azzjonijict,
stock jcw obbligazzjonijict fi jew la' kUmp3nnlJ3 h I-atllv laghha
jinkludi proprjctil immobbli sil wata f Malta jew fi. jew ta'
kumpannija regisTrata fMalta
"MinistTu" tfisser ,I-Ministfu rcsponsabbli ghall-attivitajict
kumrncrCjal i internazzionali ;
"kumpannija nominee" tfisscr kumpannija ;lwlorizzala li taqdi
l_funzjonijicl ta ' kump;.nnija nominee kif hemm provdu t hi·
artikolu 47 ta' dan I-Att
"offshore /rus(' ghandha Hifsira moghtija lilha bis-subartikolu
(2) ta' l-artikolu 6 ta' dan I-Atl
"persuna" tinkludi korp ta' persuni;
"prcskritt" Hisser prcskriu b'regolamentl maghmulin bis-
sahha la' dan I-All
" proprjeti\" tlisser proprjcllI. ta' k~~1 xorta )cw des~ri1:ljoni,
sew jekk mobbli Jew immobbli, persona\! lew rea!!, u k~lfeln Ilns~b,
u frelazzjoni ghal jeddij iet Jew imere,si kemm ]ekk VC,llt"
komingemi . annullabili Jew futuri;
"pen;una kwal ifi kata" ghar-rigward la ' 5CII/O' jcw beneficjarju
la' trust tlisr.er pe~una mhux resident i fMalta . u rifcrcnzi ghal
peTSlUla kwalifikata biex tkun sCII/or jew bencficjarju gh~ n dhom
jifliehmu fdak is-sens;
"regislru" lin kludi ku ll xorta ta ' record;
"residenti f Malta" ghandha I-isless lifsira li ghandha laht 1-
All;
"SCilla," llisser il-persuna li taghmelmut u tin kludi persuna
li tipprovdi proprjelll. ta' trim jew tagllmel dispoiinjoni fuq mm
jew liltrust;
"trust"ghandlla l-lifsira de5kritta fI-aTlikolu 3 la ' dan I-All. u
linkludi I·proprjeta ta ' Irust, il-jeddijiet, i5-setgllal, id -dmirijie!.
I-imeress;' ir-relazzjonijicl u I-obbligi lahl t'USI;
"I,ustee" gliar-rigward 13' offshore trust, lfisser i l-pc~una jew
il-pcrsu ni mahlurin sabicx jagixxu bllala tr/wee Jew t"'SUe.! la '
trust skond id-dispoti:a.jonijiet tu' d~n I-Alt.
"dokumcnt la' t'US!" tfisser id-dokumem li bih tinholoq il-/rUSI
u lin kJudi kuU dokumcnt li jbiddcl il-Iermini la ' Irust kif ukoll
dikjaraujoni unilaterali la' trust;
"proprjcla la' t'ust" lfisser il-proprjClil li tkun glial d"k it-
imien mitmuma fuq 1"'51;
"dikjarazzjoni unilateral, la' trus," ghandha I-lifsira moghl'ja
liI lla bis·suba rtilwlu (2) la' I-artikolu 7 ta' dan I·AI I.
(2) Kull rifcrenza fdan I-All ghal XI IIgI , JCw dispoiizzjoni
laghha, ghandha liflichcm bhala rifeTenza ghal dik il -Iigi jew
dispoiizzjoni li Ikun fis-schh minn imicn ghal l micn, u ghandha tinkludi
rifcTcnza ghal kull ligi li tissoslilwixxi dik il-ligi Jew dispoiiujoni, u
ghat kuU legislaujo ni sU$sidja rja maghmula lahlha,
(3) Kliem tI espres,jo llijiet utali f'dan I-Att b'rifc rcnla ghal
xi ligi ohra ghandhom, safejn ikun mehlieg, jaghlu effett lil dan I-An ,
tI konsistcntcmcnl maJ -Jispotinjon i)iet tieghu , ikollhom I-i stess tifsir
bhalmil ghandhom fil-ligi li b 'referenza ghaliha hum a wiati f' dan I-All ,
(4) Kull rifercn:ta f'Jan I-An ghal reat krimin ali komm ess
barra mirm Malta, jell' kontra I-ligi ta' pajjii li ma jkunx Malta, jell'
ghal an li jekk ikun maghmul f'Malta ikun reat krim inali kontra l-ligi
ta' Malta, ghandha tiftiehem bhala lim itata ghal reat i li jkunu reatL ta'
estradizzjoni ghalHinijiet ta' I-artik olu 5 ta' I-An ta' 1-1978 dwar 1- "'" " vU!
Estradizzjoni ,
(5) F'dan I-All u f'kull regolament maghmul bis-sahha
ticghu,jekk ikun hemm xi konnin bejn it -test Ingtii u da k Malti, it -test
Ingtii ghandu jipprevali ,
Offshore T rusts
J, (t) rrml tetisti mc ta persuna (imsejha Irm/a) ittomm jell' TiW'la' ,,,,,,,
ikol1ha vcstita fiha proprjct:l tahll-obbligu li li nncgozja dik il-proprjeu\
ghall _ bcncfiUju ta' pc~uni (imscjjha I-benefi~ja rji), kemm jckk ikunu
jell' ma jkunx ghadhorn afurta ti jell' jctistu, jell' ghol gha n li majkunux
ghall-beneficrj u lat-lrustu, jcw kcmm ghal dak il-bencfiCtju u dak il-
ghan imscmmija hawn fuq .
(2) Il -proprjela ta' ImJI ghandha lintamm mlHfllstu bhala
fond scparat, distint u scparal minn dak tal-lnrJIt'I',
(3) II -proprjela ta' Imst tiniamm min n jell' f'isem jell' taht
il-kontroU laHm$/U li ghand u jkoll u selgha shiha kif ukoll id-dmir, li
ghalih ikun rcspollsabbli , li jamministra, jutililh jell' jiddispo ni mill -
proprjcl:l ta' /rIlS/ skond il-kundizzjonijiel lal-" "51 u kull d mir specjal i
mpost fuq it -lrll$lU b'xi ligi li tapplika ghalih, li jharrek u jigi mharrck
dwar it -tmsl u li xort'ohra jagixx i fil -matc rji kollh a li jikkon cernaw
it -lmSl.
4, KuJl ksur (3- drnir impost fuq ImSIU b'dan I- An jew bil-
kundizzjonijiel lat -/rilll jell' bi l-ligi proprja tat-mISt, u kull all jew
negligenza min-naha tat-/rill/I'<' li ma j kunu~ aWlorii:iati jell' skui:ati
b'dan I-A tt . jell' bil-ligi proprja ta t-/rilll jew bit-kundizzjonijiet tat -lrUSI,
ikunu jfissru u jfissru b'dan I-All bur la' /rust,
S. (1) Bla hsa ra gha d·dispoi:iujonijiet ta' dan I- Alt. IfllSt Lis; """"ia
ghandu jkun iggvcrnat mil-ligi proprja tieghu u ghandu jkun hekk ta' ''''''.
interpretal u eiekutibbli,
(2) II-l igi proprja fa' /rUSI tigi l-ewwel stabb itita bl-intenzjoni
tas-,~elllof. sew jck k dik I- intenzjoni tirriiulta espressa ment mid-
do kum ent tat-trust sew jckk tingibed minnu. Jekk dik I-intenzjoni l11a
tirriiultax car biii:ejjed , it-ligi proprja tat ·trI<iI ghandha tkun il- ligi ta'
Malta,
6. ( I) TrUSI li tkun offshore trust validament mahluqa skond Off""'" <nu"
jew kif provdut b'dan l-Atl, kemm f' Malta jell' barra minn Malta, " l - g~.rfI<n
gli andha. jekk tkun rcgistmla tahl dan I-All , tkun rikonoxxut3u tkun "gM.om,
cic kut ibbl i mill-qrati la' Malta; u bla hsa ra ghad-dispoiizzjomjict ta'
dan I-At! , IrIlS/ registrata u I-kundizzjonijiel taghha jkullu hekk
ri konou uti u c1.ekutibb li minkejja d-disporizzjonijicl ta ' xi ligi ohm.
(2)
Trust Ikun offshore trim jekk -
(a) is-sell/or ikun persuna kwalilikat3. fii-imicn tal -holqien
tal-trust;
(b) il-propTjet;} tal-trim ma tkun~ tillkludi xi proprjet!i.
immobbli silwala rMaJra ;
(i:) il-benefitjarji kollh a talil it -(r UST ikunu persun; kwalifikati
fii-imicn tal-liolqien tal-lrUSI U fii-i:micn li fih ~i wiehed jcw akt ar
minnhom xorCobra jsiru inti tolati li jkunu benefii:jarji
lida jekk fii-imie" tal-ho lqi en tat-lrItSl elxla wiehed mill-
benefi<.'jarji ma jkun resident; f Malta u wiehcd biss jcw uhud
minnhom ikunu residenti fMalta fii-zmien li huma xorfohra jsiru
ghall-ewwcl intilolati li jkunu benefiejarji, it-trust tkompli tkull
offshore ITU.!I. bla hsara glial xi dispoiizzjonijicl ohra la' dan I-All.
lida wkoll, (rust ghandha tkull u tibqa' offshore mm minkejja
li pc rsuna jew persuni residenti f Malta jistgb~ jibbenefi~a~ tahtha
flirnkien ma' pcrsuni ohra blia[a rncmbn ta' k[assl 11 lIuma
beneficjarj i ta' trust ta' karil~;
(3) Gliall -finijiet la' dan [-arti kolu , mem IruSt tinho[oq
b'testment, il-waqt li fib linholoq it-trim ikun il -waqt li fih isir il-
testment.
(4) Trusts li jinholqu ki f provdut b'dan I-All gliandhom
ikunu wkoll rikonoxxuti u e~gw iti blia[a la li miU-qrati ta' Malta.
7. ( I) Offshore mm ma tkunx valida kemm-il darha rna
rormolitaji<l £!>.1
linh oloq x b'test ment jew dokument iehor bi[-mi ktub
[i.da dikjarazzjoni unilaterali ta' trust ikollha [-istess eUe ll
bhal dokument bil·miktub.
(2) Dikjarazzjoni unilaterali la' trus/ hija d ikjarazzjoni bi[-
miktub maghmu[a minn kurnpannija nominee li tghid li [-kumpannija
tkun il-/rust .... ta' offshore trust, tagliti isem it-trust u li jkun filla 1-
kundi zzjoniJiet kollba tat-mm kif ukoll I-ismij iet jew I-informazzjoni
[i biha jkunu jistgbu jigu identifikati [·beneficjarji kollha,
(3) Dikiarazzjoni unilateral; ta' Ir ust mll ghandhiex gha[fejn
ikollha [-isem las-seltlor, imma fkai blia[ dak id·dikjarazzjoni gliandu
jkun fiba stqarrija mill-kumpannija nominee li S-Set//Of ikun persul13
kwalifi kata fid-data tad -dikja/anjoni .
8. Id-dokumenl ta ' trust ta' offshore trust ghandu jinkl ud i I-isem
li bi h it-trusl ghandha. t kun maghrufa u rcg: strata; U dak I-isern ghandu,
kem m-i[ darba [-Oorti eccczzjon a[ment u ghal raguni xierqa ma
tawtorinax bidla, jibqa' bla mibdul sal-tenn in aujoni tat-ITll.I/.
Persuna rna {kunx intito[ata [i I3gbme! talba taht offshore
9,
(I)
trust jelk -
(a)
ma tkunx idcntifikabbli bl·iscm, jew
(b) ma tku nx accertabbl i b'riferenza ghal klassi jew ghal
relazzjoni ma' xi persuna, ~w jekk Ikun hajja jew ma tkunx fii -
i rnien 11. latll il-kondizzjonijiel tat -trust, ik un ii·imien li b'rifercnza
ghalih membri ta' klassi ghandhom jigu stabbil iti;
u jekk ma jl.;:un hemm ebda beneficjarji identifika bbli jew attertabbli
kif imsemmi hawn fuq it-/rust, ke mm -it darha I-ghall tat-/rILlI ma jkunx
ghan ta' karita. Ikun nulla.
(2 ) Selllor la' trust jista' jkun ukoH be ncfiejarju {alii it-trlw.
(3) Il-kundizzjonij iet tat-lrU.l"1 jislghu jipprovdu ghaz-zieda
ta' persuna bll ata benefiqarju, l-esklui:joni ta' bencfiejarju mill-
bencficcju. jew l-impoZizzjoni fuq benefi~jarju la ' obbJigu bllat a
kundiujoni ghall-benefitqu .
(4) Beneficjarju jista' jirrinunzja l-interc5s kol1u tieghu; u
dik ir-rinunzja Ikun irrevokabbli.
(5) Bla hsara ghall-kundizzjonijie\ tat-trust, beneliqarju
jista' jirrin unzja parti mill-in tcress tieghu, kemm jekk iku n irtieva jew
le xi benefiUj u mill-intcrcss tiegbu; rkull kat bli al <lak, i:Ma bla hsara
gliall-kundizzjonijiet tat-mm rinunzja tista', bid-dokum ent li bih 1-
interess jigi rinunzjal, issir revokabbli, u mbagliad tkun tista ' tigi
revok ata b'dak il- mod u tal'll dawk it -cirkoslanzi msemmija jew riferi ti
Oh.
(6) L-interess ta' bcnefii:jarju lal'lt mm gl'land ll jikkostitwixxi
proprjetfl mobbli , wlwll jekk il -proprjctil !at-trust tinkllldi proprjcta
immobbli.
(7) Bla I'lsara gha11-kundizzjoniojict tat-trust, bcncfii:jarju
jista' , b'dokument bil-miktllb , ibiegll, jaddebita, jitrasferi xxi Jew
xort'ohra jinncgozja l-intercss tiegh u b'xi mod 1i jkllD,
10. IJ la lisara gliall- kundizzjonijiet tat-trust, it- Irustt'r ta' offshore Proptj<'.
trust jist a' jacectta minghand kul] persuna kwalifikata bhala Sell/Or xi ~iz:zjon.ali
proprjelil biex li:l:died mal-proprjetil tat-trust, li ma tkurn: proprjetil to """ .
immobbli sirw3t a fMalta ,
tn .. ~di,.
(I)
Offshornrustma tkunx valida u eiekuti bb li fMalta-
11. to' '''''''_
(a) jekk lillob. tindika jew tinkoragixxi l-ghemil ta' xi att li
huwa reat kriminali lalit il-ligijiet ta' Malta Jew li jkun reat tali
jekk isi r fMalta;
(b) jekk ikollha income li jakkumula lilha Jew li ti kseb, li
jkun jorigina minn operazzjoni . transazzjoni Jew attivilil ollra li
tkun reat kri minali talit il-ligijiet ta' Malta jew li, jekk issir fMalt a,
tkun offiia tall. jew tin kludi proprjetil li tkun ireevict, saTet sid
tagliha Jew li l-kon tro11 fuqha jkun Jew kien ikun real ki f imsemmi
hawn fuq.
(2) Trust ma tkunx uko11 valida u eiekutibbli jekk il-Oorti
tiddi kjara 11 I-glian li ghalih Ikun inliolqot ikun falla Jew li 1-
kundizzjonijiet tat-/Tust ik unu tali li I-e:te kuzzioni taghha ma tkunx
possibbli.
(3) Meta t r USI tinlioloq ghal iewg glia nijiet jew aktar , li xi
ghan Jew aktar jirrendllha invalida u olirajn le -
(a) jekk I-ghanijiet ma jkun ux jistghu jigu scpamti scwwa,
it-trust tkun inva lida
(b) jekk I-ghanijiel jistgbu jigu separati sewwa, it-trust tkun
valida ghar-rigward ta' I-ghan jew gba nijiet li fiHatt jaffettwaw
il-validit<l taghh a jekk il-Qoni hc kk tistabbiJixxi u safejn u taht
il-kundizzjonijiet indikati miJl-Qon i,
(4) Meta t-trustee ta' offshore trIm jkun tal -fehma li t-trust
tkun jew tista' tk un ghal kollox jew rpani invalida huwa ghandu jitlob
id-direuivi tal-Qoni dwar il-validi t<l jew le tat-trust u dwar kuU haga
li jkotlha x'laqsam mal-proprjet<l suggetta ghal di k it-trust u I-obbligi
lieghu dwarha.
(5) Direttivi kif provduti fis ·subartikolu (4) ta' dan I-artikolu
jistghu jintalbu wkoll mis-selllor, jcw mi nn xi wicli ed mill-beneficjarji,
12, ( I) Trus/ tista' tkompli sal-mitt anniversarju mid-data li fi lia
Ikun bdiet teiist i u, kemm·il darba ma ligix terminata qabel, gliandha
mbaghad tigi lerminata,
(2)
l,-subarlrikolu (I) la' dan I-arti kolu ma japplikax glial
trust glial ghan ta' karit<l,
13. Jekk ikun hemm beneficjarju wiehed biss, jew jekk ikun
hemrn fteliirn unanimu fost il -beneficjarji kollha tal -trust, offshore trust
tista' lig; sospii.a, rnodifi kata jew estinta rn ill- irnsernrnija beneficjarju
jew beneficjarji minghaj r riferenza gha>o-xewqat tas-self/or jew lat-
trus/ee, u rkull kai: blial dan il-lrustee gha ndu he kk jagixxi
li:da ebda sospensjoni. modifika jew estinzjoni bhal dik ma
gh andha jkollha effetl -
(a) jekk is·set/lor ikun ghadu haj , minghajr il-kunsens
espress tiegliu bil·rniktub;
(b) me ta t-trus/tinlioloq b'di kjarazzjoni unilaterali ta' trust,
rningliajr il- kunscns espress bil-rniktub tat-l'USlee.
14, Meta l- kundizzjonijiet ta' (rust j ipprovdu gha ll-varjazzjoni tal-
kundizzjonij iel lagh ha di k is·setgha ta ' varjanjon i ghandha tkun bla
hsara ghas-setglia moghlija b'dall I·AII lill -Qoni ghall-varjazzjonijiet
ta l- kundizzjo nijiet la' trust,
IS, (I ) Meta trust jcw setgha cicrcitabbli taht Irust tkun , bil-
kundizzjonijict laghlla, csprcssa I; tkun -
rc~okabbli sew gli al kollox jew rpart i; jew
(a)
lisla' ligi ~arjata,
(b)
cbda rc~o ka jew varjaajoni bllal dik ma gllandha tippregud ika xi haga
maghrnula skond il-ligi minn mme(; dwar trmr qabel ma jirtievi aV\lii
dwar di k ir-re~o ka jcw varjazzjoni.
(2) Bla hsara ghall-kundizzjo nijiet tat·trusl, jekk trust ligi
re~okala, it ·tru.\(U ghandu jiomrn il·proprjctil tat -I'USI fkustodja ghas·
sen{Qr mod assol u1.
(3) Me ta trust tigi revokata fparti is-subartikolu (2) ta ' dan
I-artikolu ghandu japplika ghall-proprjcla affctwa la mir-rcvoka.
16, (I) Bla hsara ghall·kundizzjonijiet ta' trust u ghal xi o rdni Nuq~ .. i<"
",,;Om to
ta l-Qorti , meta -
"'.~.
(a)
inlcress lahl trust jintemm; jell'
(b)
trust ligi tenninata; jell'
(c) ma jkun ebda bene ficjarju u ebda persuna li tkun tista'
ssir be neficjarju skond il· kundizzjonijiet tat·trust,
I-inleressi ta' proprjeta affetwali minn dak it-tmie m, lenni nazzjoni jell'
mankanza ta' beneficjarju gha ndhom jiniammu rnit-trustee fkustodja
ghas-selllor b'rnod assolu t jell', jckk ikun mejjet, ghall-eredi tieghu.
(2) Mela intcress jell' proprjeta tiniamm minn trustee gha!
ghan ta' karita li majlmnx baqa' jeiistijew li rnajkunx aktar applikabbli,
dak I·inlcress jell' proprjcla ghandhom jiniamrnu ghal da k il-ghan la'
karita li I-Qorei tista ' tiddikjara li jkun konsistcnti ma ' l-in tenzjoni
originali ta~-selll()r, jell' ki f il-Qorti tista' xort'ohra tiddeciedi.
(3) F'dan I·arlikolu "senlor" lfisser il·persuna partikolari li
jklin ipprovda I- interess jell' proprjcta affettwati kif imscmm i fis-
subareikolu (I) ta ' dan I·artikolu.
(4) Rikors lill-Qorti taht dan I·artikolu jista' jsir minn kull
pe rsuna minn dawk imsemmija fis-subartikolu (3) ta' I·artikolu 37 ta'
dan I-An .
17, (1) Mat ·terminazzjoni la' trust il-proprjeta tat-trust ghandha T."."ina.ujml
titqassam mil-trUStee fi imien ragonevoli skond il-kundizzjonij iet tat- .. ' """ .
trust IiH-persun i intitolati ghaliha.
(2) Minkejja d-disposizzjonijict tas-subartikolu (I) ta' dan
I·artikolu, it·tmsteejista' jiomm attiv biiiejjed biexjaghrnel provdiment
xieraq ghal dj un.
(3)
II -Qo rl i tista', mal ·terminazzjoni la' trust, jell' fxi t mien
ie ho r -
(a)
lillob lit-/rustee biex iqassam proprjela la' trIlS/;
( b) jaghti direttiva lil -trustee biex ma jqassarnx ;1-propTjeta
ta' trust; jell'
(c) {ordna mod ichor skond kif ikun jidhrilha xieraq .
Fdan I-artiko lu "djun" linkludi djun konti ngenti.
(4)
(5) Rikors lill-Onrli taht dan I-arlikolu jista' jSiT minn kull
persuna minn dawk imsemmija fis-subartikolu (3) ta ' I-artikolu 37 ta'
dan I-Atl.
Trustees
Ill, (1) It ·trustees jigu mahtura mid-. jell' kif provdut fid-, H.If . ..
""'!H'.
dokumenl laHrllst u fdak in-numru li jista' jkun he kk provdul.
(2) Hija bi ss kumpannija nominee lIWlOriU31a bic~ fagixxi
blia[a trustee (aliI I-artikolu 47 la ' dan I-All ill; tista'tkun l-un ik u IrUSlee
la' Irust lah! dan I-All; u m et~ t-frl<):lteS ik.unu iktar minn wicl'led,
wiet'led rnirm dawk it-tr us/ec.! ghandu jkun kumparmija nominee kif
imsemmi qabcl.
(3) Mcta ma jkun hcmm ebda Iruslee jcw ikun hcmm
vakanza post it-Irus/ees li ma tkunx tista' ti mte la' mod iehor, I-ahhar
Irus/ee ta' qabel jew xi IrU5fee, jew xi benelicjarju jew I- Avukat Generali
jislghu jitolbu till -Ooni ghaJl-hatra ta' /rustee gdid.
IJ-Oorti -
(4 )
(3 ) wara li Ikun sodisfall a li rikors maglimul minn
bencfii:jarju jkun gie noti flkat lill-ahhar Irustee ta' qabe l jew mill-
anqas lil wi ebed miHrusfee.l [-ohrajn. jekk ikun hemm; u
(b) W3r3 li Ikun se mghel is-sottomi~jonijiel maghmula mill -
imsemmi trustee, Jew trustees, jew minn xi bencficjarju; u
(t) wara li Ikun accertal li I-trustee indi kat ghal dak il-ghan
fi r-ri kors Jew xort'ohra inte nzjonat biex jinh atar bhala t-Iruslee
gdid ikollu r-ti eda li jagixxi,
tista' tordna I- hatm la' tfl.sIU gdid.
(5) Bla hsara ghall·kundiujomjiCI tal·lrust, tru.ftee mahtur
blial a trUStee gdid talit dan I-artikolu ghandu jkollu I·istcss selghal,
diskrezzjonijiel u dm irijiel daqslikieku huwa kien originarjament gie
mahtur bhala Irustee.
(6) MaJ -halra ta' (rUS(ff gdid kull haga mchliega bicx il-
proprjctit tat· trust ligi veslitit fi. jew tahl iJ- kontroll laHn lnU ghal da k
ii-imien ghandha . u lisla' Ikun mchlicga mil·(rUSIU jew xi beneficjarju
11. ~ir.
19. (I) f'fadd majkun obbligat li jatcella I-halra bhala truslet,
iida jckk kumpannija nominee malilura bhala (rill/ee taghmel xi all
Jew haga frelaujoni ma l -proprjet~ tal -trust konsislenli ma'li stoWS la '
Iru.l/ee la' dik il·proprjclit din lilqics li Ik un acccllat il·hatra bhala
(rus/ee .
(2) Kumpannija nominee 1i ma t kunx accellal u ma Ikunx
mcqju5a li Ikun acccll3t il-halm bhala Irustee li5la ' lirrinunzja dik il-
hat ra fpetijodu ragonc\"oli ta' im ien wara Ii ssir tar biha pennC1.z la'
avvii bil- mi ktub li s-settlor jew lil ·trUSll'es I·ohm.
(3) Je kk is-set/lor ikun mcjje t Jew ma jkunx jista' jinsab u
ma jkun hemm ebda trustees ohm. il-lrustee li ghalih japplika s-
subani kol u (2) la ' dan I-arti kol u jisla' jillob IiJl-Oon i ghall -helsien
mill-1'ialra U I·Qoni li5la' lordna kif ikun jidhrilha xieraq.
20. (I) Bla hsara ghad-disposizzjonijiet tas·suba rlikolu (2) la'
dan I-anikolu tru.IIU jisla' jirrizenja mill -ka riga b'a"",ii bil-miklub
ikk onsenjallill-Awtoriul U lis-set/lor Jew. fl·assenza tas·selllor. lil gh all·
inqas benefigarju wiehed; u r·riienja jkollhi' se hh mal·konsenja la '
l-a~~ i f hawn fuq imse mm ija.
Rite nja ~
(2)
moghtija bie ~ tiffatilit;'! bur la' trust; jew
(a)
(b) li tkun tirrit uha fli ma jkun hemm ebda trustee, ma
jkollha ebda cffcu
IMa trustee jista' jirri:icnja mill-kariga minkcjja d-dispo.i:iz-
zjonijiet lal-paragrafu (b) la' dan is-subanikolu, jekk, qabel ma
libda ssetlh ir-ri:ic nja, isir rikors 1ill-Ooni ghall-hatra ta' trustee
gdid u mmee gdid ikun hckk gic mahlUr,
(3)
Trustee ma jibqax ikun frustee minnufih ~
(a)
maHnehhija M -trustee mill -Oorti ; jew
(b) mal-bidu fis·sehh ta' dispozizzjoni fil· kundizzjonijict la'
trustli tahtha Hrustu jimchlm mill-karigajcw mod ichor majibqax
izomm il-kariga ; jew
(c) mat-Iehid la' passi ghall-istraJc ta' kumpannija nominee
li tagixx; bhala trustu _
(4) Trus/et li ma jibqax ikun Irmtet ghandu jaghmcl hiltu
biex isiru id·dokumenti kollha mchticga bicx il·proprjet~ taHrust ti ~
vestila fi jew taht il -kontrol tat-/fmtet l-gdid u l-e:ickuzzjoni la' dak
I-obbligu tal-penuna li ma tibqa~ itjed trustee Ikun tista' tigi nfunala
mill-Oorti.
21, (\) ll-trustees gbandJlOm f1-et.ekuujoni tad·umirijiel Drr.:riji« .. •
taghhom u fI-ci.crtizzju las-scIghat u diskrezzjonijict taghhom jagixxu h'W1n>.
bi l-prudenza, bzulija u auenzjoni la' bonus paterfamilias u josservaw
iJ -oona fede bl·iklar mod.
(2) Sla hs.ara ghad·dispoiizzjollijict ta ' dan I·Att, it-trustees
ghandhorn jcscgwixxu u jamrninislraw il-trlLI/ skond il -kundizzjonijicl
laghha; u, bla hsara kif imsemmi hawn fuq, iHrmtees ghandhom ~
(a) jassiguraw illi I-proprjet~ lal-Irmtlkun vestila fihom jew
1i Ikun lahl il -kontrolllaghhom ;
(b) safcjn ikun ragoncvoli jipprescrvaw u jawmentaw il-
valuT tal-proprjet~ tat-trust,
(3) Hlicf kif permess b'dan I-AU jew kif espressamcnt
provdut bil-kundizzJonijicl lal-trust, trm/ee ma ghandw;, minghajr
I·awtorit~ tal-OoTli ~
(a)
diretlamcnt jew indirenamentjipprofina miHrusteeship;
(h) jlkkaguna jew ihalti !il xi peTSuna ohra lipprofitta
direl1amcm jcw indirellament miHrusteeship; jew
(c) fismu jidhol f'xi transazzjoni li jkollha ~'taqsarn mal·
proprjctllt tat-trusEli lista' lirri!ulta fdak il-PTOfi\l.
(4) It-Irmtus
ghandhom
iiommu
konteggi
u
dokumcnlaujoni etatti taHrusteeship laghllom u jaghtu rezokonl la'
dak il-trrLlleeship:-
(a) skond kif jilolbu I-k und izzjonijiet l3t-1rust;
(b) fuq ordni tal -Qorti moghti fuq rikors tas-SCII/or jew ~i
beneliCj3Cju.
(5) [t-trustus gha ndhom iiommu I-proprjct;\ tat-trust
distinta u separala mill-proprjct;\ taght\Om infusbom kif ukoU minn
kuU proprjet;\ ohra miimuma minnhom lahl ~i trust jew titol u ichor ,
u separatamcnt identifi ka bbli minnhom.
22. Bla hsara ghaU -kundizzjonijiet ta t-trllst u hlief kif ~ort"ohra
hemm provdut fihom, meta t-trustees ikunu aktar minn wiehcd huma -
(a) gha ndhom jagi~~u Himkien fit -qadi I3d-dmirijiet u H-
e:i:c rcizzju tas-setghat taghhom, ghajr jekk fkaii urgenti ma j kun~
possibbli ghal ~i wiehed jew aktar minnhom li hekk jagixxu
(b) ma gl"Iandhomx jd:crCitaw ~i :.<:tglia jcw diskrezzjoni
kemm-il darba ma j kun~ he mm qbH bejn it-trustees kollha
u meta l-kundizzjonij iet tat-trllst jaghtu s-setgha lit -trustees li jagixx u
b'maggora nza , trustee li ma jkun x jaqbel ma' deciijoni tal-magguranza.
ghandu jara li I-oggezzjoni tieghll ti,~i registrata bil,mi ktub
lid a minkejja xi provedim ent li jista' jkun hemm fit-termini tat-
trust. elxla all tat -trustees, u elxla dei:iijoni , poter Je w diskussjoni,
maghmulin. mehlldin jew ciercitati minnhom ma ghandhom ikunu
val idi Jew ikollhom effett Mief jekk dawn isi ru , jillielidu Jew jigu
eierCilati f1imkien ma', Je w bi qbil ta' kumpannija nominee li tatixxi
bliala wat,da mil-trustees tat-trust.
:0. Meta t-trust tipprovdi ghal aktar minn bc ncfii:jarju wiched.
Jew gli al aktar minn ghan wie hcd ta' karita Jew ghal mill-inqas
bcneficjarju wielled u ghal mill-inqas ghan wiehed ta' karita, it-trllstees
ghandhom ikllnu impar7.jali u ma ghandhomx jesegwixxu t-trust ghall-
van tagg ta' wic hed u ghad -detriment jew a spejjei ta' ichor hlicf safejn
huma jkun u hek k awtori 7.7.ali Jew mehtieg bil-k undizzjonij iel tat-trust.
24. (I) Bla hsara ghall-kundizzjonijiel tat-trust u ghad-
disiX'tizzjonijiet ta ' dan I-Att. truStl!l;' ghandu, ghar-rigward ta'
proprjet;\ ta' trust. ikollu s·se tghat kollha ta' persuna naturali!i jkollha
d-dritt asso lut ghal d ik il-proprjet:l.
(2) Trustee ghandu jeiercita s-sctghat tiegh u fI-intere5s tal-
beneficjarji u skond il -kundi1.7.jonijiet tat -trllSI.
(3) Meta I-kundizzjon ijiet ta' mm jirrik jedu li t -truSlee jikseb
il·kunsens la' xi persuna ohra qabcl jeieri:ita setgha jew diskreujoni.
il-pers un a li hekk taghti I· kunscns taghha ma ghandhicx bis-sahha ta'
dak I-ghemil titqies bhala trustee.
25. (I) Trusree ma jistghu~ jiddelega s-setghat tieghu kemm-il
darba ma jkunx hckk imholli jaghmel b'dan I-Atl. Jew bi!-
kundiajonijiel tat-trust. jew mill -Qorti.
(2) " tief fejn il- kundi zzjonijiel
spei:ifi kamen t
lal-l",SI
jipprovdu &hall -kuntrarju. trllstet -
(a) jista' jiddc1cga I-manigg ta ' proprjcta ta ' mm liJ u
jimpjega inw!stmem managers li t-trUSIe'C ragonevolment
jikkunsidra li jkunu kompelenti u kwalifikali biex jimmaniggaw
I-invcstiment ta' proprjet3 ta' lFust;
(b) jista' jimpjega aCCOUnflllJl.J, avukati , prokumturi,
bankiem , sensala , kustodji, konsulenli ta ' I-investimcnti.
nominees, agenti tal,proprjell!, prokurat uri legali u agenli jew
persuni professjonali ohra biex jagiXllu dwar ku ll liaga I3I-trust jew
biex itommu xi proprjetil tal-tTltSt,
(3) Trustu li b'bona fede u minghajr neglige nza jaghmel
de lega jew hatra skond id-dispoiiujonijiet ta' dan l-artikolu, ma jkunx
responsabbli ghal xi telf li t-trust iggarrab b' konscgwenza la' hekk,
(4) Trustee jista' jawtoritia persuna msemmija lis-
subarti kolu (2) ta' dan I-arti kolu biex iuomm xi kum missjoni jew hlas
iehor li lIonnalmen t jithallas r konllessjoni ma' xi transazzjoni.
26, (I) Mela l-ku ndizzjonijict lal-trust jippreskrivu jew Akkonl"linjooi,
jawlorizzaw I-akkumulazzjolli ghal perijodu ta' l-income koUu tat-trust """"i:':w . ,
jew ta ' parti minnu, it-trustee gliandu jqassam d-d hul tal-trust 1i ma ~:."=:~jOO'
jkunx akkumulat kif mehtieg jew awtorimt mill-kundizzjonijie t tat - to' """',
trus/.
(2) Bla hsara ghall-kundizzjonijiet tat-trusl, u bla hsara ghal
xi intcress jew spejje:i: ta' qabeJ li jolqtu l-proprjelii tal-trust, mel3
benefiejarju jkun minuri u sew jekk l,inleress tieghu jkun jew ma jkunx
inleress vesti t jew inleless li jsir veslit meta jilhaq I'eta magguri jew
eta wara jew mal-grajja la' xi avveniment. it-trustee, jista' -
(a) jakkumula I-income attribwibbli ghall-i nteress la' da k
il-bencfiejarju sa ma tintlali aq l-elll magguri jew dik l-elll wa ra jew
il-grajja la' dak l-avveniment; jew
(b) japplika dak I-income jew parti minnu lil jew ghall-
manteniment, edukazzjoni jew beneficeju iehor la' dak it-
benelicjarju; jew
(c) javvanza jew jipproprija lil jew ghall-bcnefittju ta' xi
benefiejarju tali dak I-i ntcress jew par!i ta' dak I,inleress,
(3) lr-ricevu la moghlija minn gc nitur jew it -tutur legiuimu
la' benefiejarju li jkun minuri ghandha tkun ircevuta suffitjenti lit-
trustee ghall-hlas maghmul tahl is-subanikolu (2) la' dan l-art ikolu,
(4) Bla hsara ghall-kundinjonijiel tat-trust, u bla hsara ghal
xi intercss jew spejjet ta' qabel li jolqlu l-proprjeta lat -trust, it-trustee
jista' javvanza jew japplika ghall-bencli~ju ta' benefieja rju parti mill -
proprjelil lat-trust qabcl id-data lal-grajja ta' l_avviniment li mal-gnjja
tieghu I-beneficjarju jsir intitolal assoluta ment ghaliha,
(5) Bla hsara ghall-kundizzjonijiet lat-lrItSt, trustee jisla'
japproprija proprjetll la' mm A-interess gliall-issodisfar ta' l-interess
ta' bcnelicjarju b'tali mod u skond dik il -valutaujoni li t-trustee
ji k kun~idra xierqa ,
(6) Kull parti tal-proprjeta lat-trust li Itg! avvanzata,
applikata Jew approprijata kif intqal qabel ghandlta litliehed
fkonsideraujoni mela jkun qed jigi stabbilit minn imien ghal imien
is-sehem tal-beneficjarju fil-proprjeta tat-trmt,
(7) Ebda parli tal-proprjetil. tal-trtm li tigi avvanzala,
applikata Jew approprijata kif provdut fdan I-artikolu ma gI'Iandha
tkun akbar mis-sehem pre:tunt, kontingenti Jew vestit tal-beneficjarju
til-proprjetil. tat-trust,
1.7, Meta I-kundizzjonijiet tat-trust jagl'ltu lit -trustee Jew lil O\i
persuna obra s-setglia li jattribwiui Jew iCedi I-proprjeta kol1ha tat-trust
Jew xi pani minnlta Jew xi interess fil-proprjelil. lal-Irust lil O\i persuna,
Jew lil trustees ghall-benefiCju ta' xi persuna, dik is-setgha gllandha,
bla lisara gliall-kundizzjonijiet tal-trust, jkollha sebb sew jekk dik il-
persuna kienet jew ma ken iOo benefitjarju tat-trust minnufih qabel dik
l-attribuzjoni Jew Cessjoni.
28. (I) Kemm-il darba ma jkunx awtoritiat bil-kundi zzjonij iet
tat-trust, Jew bil-kunsens bil-miktub tal-beneficjarji kollha Jew b 'xi ordni
ta l-Qorti. truSt/!/! ma jkullx intitolat ghal remuneraujoni ghas-seJVizz
magl'lmul.
(2) Trust/!/! jisla' jirrimborsa hlu nnifsu Jew ihallas rnit-trust
I-ispejjei kolllta legittirnamenl maghmula minnu flwnnessjoni mat-
trust,
29, (Il Bla lisara ghall-k~ndizzjonijiet tat -trust u ghal xi ordni
tal -Qorti , moghlija ghal xi ragunijiet spetjali, trustee Jew xi persuna
ollra, ma jkunx rnehtieg 1i jiivela lil xi persuna xi dokument Jew
informazzjoni li -
(a) tiivela d-del iberazzjonijiel tat-trustee dwar il-mod Ii bih
setgha Jew diskreujoni tkun giet eiercitata, Jew li bih ikun gie
moqdi dmir mogl'lti Jew impost bil-lig; Jew bil-kundizzjonijiet tat-
trust;
(b) titvela r-raguni ghal xi dc r~iuju parlikula,i la' dik is-
selgl'la Jew diskrezzjoni Jew qadi ta' dmir Jew il-materja li fuqha
tkun Jew setghet kienet ibbai.ata dik ir-raguni;
(c) jkollha x'taqsam ma' l-eierCizzju Jew eiertizzju propost
ta' d ik is-selgha jew diskrezzjoni Jew il--qadi Jew qadi propost ta'
dak id-dmir;
(d) jkolllta x'taqsam ma' u tifforma parti mill-kon\eggi tal-
trust
lid a meta t-talba tkun ghall-bif ta' xi dokument jew
informazzjoni li jko1Jha x'\aqsam ma' jew li tkun tifforma parti
miU-konteggi tal-mist u ssir minn bencficjarju talil it-trust jew,
fil-kaz ta' karita, b'karila riferita b'isimha fid-<lokument tat-trust
bhala benefiejarju taht it-trust, it-trustu jkun obbligat li jiivela
d-dokument jew informazzjoni ohra mitluba,
(2) Mlief kif meblieg, pcrmess jcw xort'ohra provdut b'dan
I-At!, jew bil-kundizzjonijict tat-lntSt Jew skond kif ikun rnehtieg ghall-
ghanijiet tat-trU5f, u minkejja d-dispozizzjonijiet ta' xi ligi ohm -
(a) kull trustee 11 kull persuna ohra ghandhom dejjem iqisu
u jitrattaw id-do kumen ti u l-infonnazzjoni kollha dwar trust btiala
sigrieti u konfidenzjali
(b) ebda trustee Jew persuna olira ma jkunu fxi imien
mehtiega li juru tit jew quddiem xi qoni, tribunal, bord, kumitat
ta' inkjesta jew xi awtoritll ohra Jew li jitvelaw li xi aWlOrit1t tali
xi mate rja Jew haga li jsiru jafu biha jew li tkun fil-pusscss taghhom
glial xi raguni tkun xi tkun, meta dik il-materja Jew Ilaga jkollha
x'taqsam ma' trust,
(3) Ku ll trustee, jew pcrsllna ohra li , hlief kif inhu mehtieg,
pcrmess jew xort 'ohra provdut b'dan I-Atl. Jew bil-kundiujonijiet tat-
trust, tikkomunika jew tattenta tikkomunika xi mate rja jew haga dwar
mm lil xi pcrsuna tkun min tkun -
(a) tkun hatja ta' reat u {ehel meta tinsab hatja multa ta'
mhux anqas minn, elf u mhux il:jed minn ham est elef liri, jew
prigunerija glial zmien ta' mhux izjed minn se ntejn, Jew dik il-multa
u prigunerija f1imkien; u
(b) thallas fit-trust piena ta' mhux anqas mi nn tleU mitt lira u
ta' mhux iijed minn gliaxart elef lira, Jew dak I-ammon! oglila jekk
id-danni mgarrba jkunu akbar minn dik is-somma, skond kif il-
Ooni li tikkundanna dik il-pcrsuna kif imsemmi hawn fuq tista'
tiffissa u tordna; liema somma tingabar bhala dejn Civili u I-ordni
tal-qorti tkun titolu e:!:ckuttiv bis-sah ha la' dan is-subartikolu glialt-
finijiet ta' dak il-gbir,
30, (I) Trustee li jikkommetti Jew jiellu sehem fi ksur ta' trust Responsabi;>;t"
ikun, bla hsara ghal xi responsabbiltll ohn, rcsponsabbJi _
",.1 hu, la'
~,
(a) ghat-telf Jew deprezza ment fil-vaJur taJ-proprjet1t tat-
rrust bhala ril:ultat tal-ksur;
(b) ghalt-profiU, jekk kien ikun hemm, li t-trust kicnet
taglimel kieku ma kiellx hemm dak il -ksu r;
(2) Trustee ma jistax ipatti bi qliegh minll ksur ta' trust ghal
telf mill-istess Jew ksur ichor ta ' trust.
(3) TrWltee ma jkunx responsabbli glial kSUT ta' trusT li jkulI
saT qabel il-halra liegh u jew dak il·ksur ta' IrWlt ikun sar min n xi pcrsuna
ohra. (kun mad ankollu d-dmiT tat-trWltee, malli jsir jaf bih, li jiehu 1-
passi ragonevoli kollha biex dak il-ksur jigi rmedjal.
(4) TrWltee ma jkunx responsabbJi glial ksur ta ' trWlt
maghmul minll CQ-Irwtee ghajr jckk huwa -
(a) isir jaf jew kien ikun jmissu jsir jaf bl-ghemil la' dak il-
kSUT Jew bjl-lisleb tal-cQ-trWltee li jikkommetti ksur ta' trust; u
(b) Jahbi atliv3ment dak il -ksur jewdak il-hsieb Jew jonqos fi
zmien ragonevoli li jiehu I-passi xierqa biexjippro!egi Jew iqieghed
Iura rpoSlha l·proprjetti tat-trust jew biex ma jilhalliex isir dak ;1-
ksu r.
(5) S la hsara ghall-kundizzjonijiet tat -trust, tru$tu ma jkunx
responsabbli -
(a)
ghan-nuqqas ta' CO-trustee l'Ilid jekk huwa -
(i) jieh u sehem fin-nuqqas la' dak it-trustee; jew
(ii) jonqos li jiehu I-prekawzjoni xi erqa biex ma jballix
dak in-nuqqas isir;
Cb) ghal xi telf tal-proprje!lI. tat-trust, Mief jekk dak il-telf
iku n dovut ghal-
(i)
nuqqas, all jew sehem volon!arju lieghu; jew
(i;) traskuragni Jew nuqqas tiegllu li jiehu I-prekawzjoni
xicrqa biex da k it-tcl f rn a j~in;.
(6) Meta tewg trustees jew aktilr ik unu rcsponsa bbli dwar
ksur ta' trust, ir-responsabbilla taghhom tkun in solidum.
(7)
Bencfitjarju jisla', dwar responsabbiltll lilu glial ksur ta'
mm li jkun digit sar, jehJes trustecminn, jew jindcnn izzah kontra, dik ir-
responsabbilta, i:i:da biss jekk il-beneficjar;u -
(a)
ikollu I-kapatitll.legali; u
(b) gha ndu t-l3ghrif ko llu tal -fau; materjali kollha; u
(c) ma jkunx gie mgieghel b'mod skorret rnit-trustee biex
jaghti dak il-helsien jew indennizz.
(8) Il-Qorli tisla' le hles lit-trustee Jew ghal kollox jew f'pani
rni r-responsabbiltll. ghal ksu r ta' trusl me!a hija I kun sodisfatta li t -trlUtee
jkun agina onestament u ragonevolmenl u jkun jislhoqqlu fis-sewwa
kollu li jigi skut3t fic-tirkostanzi.
31 , ( I) TrlUtee 1i jagixxi ghall-ghanij ie! ta' aklar minn trWit
wahda ma ghandux , jekk m'hemmx frod;, jintlaqat b'avvi:i: la' xi
dokurnent, suggett. fattjew haga dwar xi IrWit panikolari jekk it-lrWitee
jkun ki seb avvii: dwarha ghax ikun qed jagixxi jew ik un agina ghall-
ghanij iella' lrWiI ohra.
(2) TrWitu ta' IrWit ghandu jii:vela lil xi CO-trWitee kllll
interess 1i huwa jkollu bhala IrWitee ta' trWiI o hra jekk xi transazzjoni Ii
ghandha x'taqsa m maghha I-ewwcl trWit fuq imsernmija se ssir mil-
trustee tal-trust I-ohra.
32, (1) Meta f'xi transazzjoni jew materja li tolqot trWit, IrWitee
jgbarraf 1il terza peTSuna li huwa jkun qed jagixxi bhala trU$IU, talba
min n d ik il-terza peTSuna dt.-arha ghandha testendi biss ghall-proprjeta
tat-trust.
(2) Meta rxi transaujoni jew materja bhal dik truslet jonqos
li jgharmf lil terra persuna li huwa ik un qed jagixxi bliala trUSlet, il-
IrUSIU -
(a) ikun personalment responsabbli lein dik it-Ierra persuna
ghall -agirticghu; u
(b) ikollu drill li jirrikorri ghall-proprjel:'ltal-lrusl pennezz
la' indenniu kon lra dik ir-responsabbill~, kemm-il darba l-trUStu
ma jkullX agixxa bi hur la' Trusl,
(3)
F'dan I-arlikolu "Ieru pe rsuna" Ifisser ~i persuna li ma
tkunx self/or, trusTee jew bendicjarju tal-TrusT,
33_ (I) Bla hsara ghad-dispoiizzjonijiellas-subarlikolu (2) ta'
dan I-altikolu, mela persuna (rdan I-artikolu msejha "trUSTee
k oslrulliv~) taghmel jew lircievi xi profiu, qliegh jewvantagg minn ksur
ta' mm hija lilqics li tkun "us/u ta' dak il-profill. qliegl'l jew vantagg; u
I-benefii:jarju la' dik il-trust jitqies li jk un iHrus/, jew il-benefii:jarju, jew
persuna ohra. ghad-delriment ta' min jew a spejjei la' min ikun sar il-
profit!, il-qliegh jew vanlagg.
(2) Is-subanikolu (I ) ta ' dan I-anikolu ma gI'Iandux japplika
glial persuna I; lakkwista proprjetit lahllil0lu onerui: rborw fede,
(3) Persuna li Ikun jew issir t rustet koslrultiv ghandha
Ighaddi ]-proprjetit li l jew a favur il-beneficja rji taghha,
34. (\) Trus/ee li jirritenja jew li jitnehha mill-kariga jew !_nn;n
xorfohrd jieqaf milli jkun trustee ghlmdu kif imiss ii:edi l-proprjcl:'l tal- ....
!; j;n;,. .....
trus/ li tkun fiI-pussess jew lahl il-komrol1 tieghu.
(2) Trm/ec li jirriienja iew li jitnehha mill- kariga jew
xort 'ohra jieqaf milli j kun trustee u jkun hares il-htigicl tas-subart ikolu
(I) ta' dan I-artikolu ghandu jinheles miT-responsabhillil lejn xi
benefii:cju, trustee jew persu na interessata laht it-trust ghal xi at! jew
omissjoni dwar il-proprjelit tat-trust jew id-dmiT licghu bhala trustee,
Mid ghar-rigward la' azzjonijictli jirritultaw min n ksur la' Irus/]i fih dak
it-Irustee kien kompliti jcw li kien jaf bih u lieba,
(3) Trustee li jirri:icnja jew li jilnehha mill-kariga jew
xort 'ohra jieqaf milli jkun trustee jkompli jkun rcsponsabhli lej n xi
bencfitjarju, tfm/ee jew persuna interessala tahl il-tfmt ghall-gbir Iura
tal-proprjetit tal-/rust jcw id-dliul mi!l -proprjel:'!1 lat-/rust li jkun fiI-
pussess lat-trustee jew li jkun gie konveni, ghall-uzu lat-trus/ee nnihu
jew li ma jkunx gi e cedut kif mehlieg bis-subanikolu (\) ta' dan 1-
arl ik olu.
(4) K uH dispo;ijzzjoni fil -k undizzjonijiel lat -trU~'t li tissinifika
ii lindl'nnizza t-lrrtS/u aktar milli hawn provdut rdan I-arl ikolu ghandha
tku n invalida,
DispoiizziQnijic/ Mixxellanii Dwar Trusts
35. (\) Bla hsa ra gliall-kundizzjonijict tat-trust. iT-regoli li gejjin
ghandJlOm japplikaw meta trust, jew inleress laM trust, tkun a favur la'
klassi ta' persuni ~
(a) klassi laghlaq meta ma jkunx aklar possibbli gha! xi
per.;una ohra 1i ssir memhru ta ' klassi
(b) maTa ta' eta '1 fuq minn hamsa u ham sin sella titqies li ma
tkunx aktar kapaci tnissel ulied
(i:) mcta xi interess la' klass; jkun dwar income u ghal xi
perijodu ma jkun jdisti ebda membru tal-Idassi. I·income ghalldu
jigi akkumlllat u, bla hsara ghall-aTtikolu 1Z ta' dan I-At!, gtl3ndu
jinzamm sakemm ikun jetisti memhru tal·klass i jew il-k lassi
taghlaq .
(2) F'dan l-arti ko\u "interess ta' klassi " tfisser trust Jew
interess taht Irus/li tkun jew ikun a favur ta' klassi ta' persuni.
36, (1) Bla hsara ghad-dispo:i:izzjonijiel las-subanikolu (2) ta'
dan I-artikolu, il-Qorti tista', jekk ikun jidhrilha xieraq, b'ordni
tapprova fisem ~
(a) xi persuna inabil itata biJ-ligi li jkollha direttament jew
indirettament, imeress, sew vestit jew kontingenti, taht trust; jew
(b) xi persuna, sew aceertata r.ew jekk le, li tista ' ssir
intitolata, dircl1amem jew indirettament , ghal interess tallt it-trust
bhala li tkun fdata futura jew mal-grajja ta' avveniment futur
persuna ta ' xi deskrizzjon i speCifikata jew membm ta' xi klassi
speCifikata ta' persuni; jew
(c)
xi persuna mbix imwielda; jew
(d) xi persuna ghar-rigward ta' xi interess tagbha li jista'
jirri:i:ultalha minhabba fxi sctgha diskrezzjonarja moghtija lil xi
hadd man-nuqqas jew tmiem ta' xi interess e:tistenti li ma jkunx
naqas jew intemm,
kull arrangament, propost minn min ikun u ke mm jckk iklln bemm jcw
ma jkllnx hemm xi persuna ohTa interessata bhala beneficjarja li tkun
kompetenti li tapprova, Ii tvarja jew jirTevoka l- kundizzjQnijiet kollha
jew xi kundizzjonijiettat -rrust jew I; jkabbar is-scIghat lat-trustee.! biex
jimmaniggaw 11 jamministraw xi proprjett. tat-lrusl,
(2) ll-Oorti ma ghandtliex tapprova arranga ment risem xi
persuna li taqa' taht il-paragrafi (a), (b) jew (c) las-subanikolu (I) ta '
dan I-a rtikolu hlief jekk tkun sodisfatta li t-twettieq ta' dak 1-
arrangament iklln jidher li jkun gball-beneficeju la' dik il-persuna.
(3) Meta fil-manigg jew amministraz;zjoni la' trust, xi bcjgb,
kiTi, plegg, ipoteka, cessjoni, rih, jew disponiment ohra, jew xi xiri,
investiment, akkwi st, infieq jew Iransazzjoni ohra tkun, fil-fehma lal·
Qoni, spedjenti iida l-iSless transazzjoni ma tk unll lisla' litqicglied fis-
sehh minhabba l-mankanUl ta' xi selgha ghat dak I-ghan vestit3 fil-
trustee bil-kundizzjonijicllat-trusl bil-ligi. il-Ooni tista' taght; 1it-trustee,
jew b'mO<! gene'rali jew fxi cirkostanza panikolari, sclgha ghal dak il-
ghall b'dawk il-patl; u bla hsara ghal daw k id-dispoziujonijiet 1.1
kundizzjonijicl , jekk ikun hemm, li tqis xierqa, u l;sla' tordoa b'liema
mod u miH-l iema proprielll xi tlus awtorizzati gliall-infieq u l-ispejjez la'
xi Iransazzjoni ghandhom jithall5u.
(4) RikoTS liIl-Oorti taht dan l-artikolu jista' jsir mit-Iru$IU
jew-min n xi beneficjarju.
37. (I) Trustee jista' jitlob lill-Oorti direttivi dwar il- mod li S<'","'?,,"
huwa jista' jcw ghandu jagixxi fkonnessjoni ma' xi materja li jkol1ha "'·Oon •.
~ 'taqsa m maHrust; u l-Q()rti tista' tagti mel dak l-ordni, jekk ikun
hemm. skond kif ikun jidhrilha ~ieraq.
(2)
It·Qorti tista' wkoll, jekk ikun jidhrilha xieraq -
IIIgh melordnidwar-
(a)
(i)
l-eiekuzzjoni jew l-amministrazzjoni ta' xi trust; jew
(ii) it·trustee ta' xi trU!it, inklui ordni dwar I-eierfuzju
ta' ~i setgha, diskrezzjoni jew dmir tat-trustee, it-hatra jew
Tnehhija mill-kariga ta' l'U!ilre, ir-rimunerazzjon i ta' Ir us/ee,
rcndikon ti. l-imgieba tat-lr U!itee u kull hlas fil-qorti; jew
(iii) xi bencfii:jarju ta' xi persuna li jkollha xi
konnessjoni mat-mIst;
(b)
taghmcl dikjarazzjoni dwar il-validitA jew eiekunibbiha
ta'trust;
(c) thassar jew tva rja ~i ordni jew dikjarazzjoni magtimula
taht dan I-AIt. jew taghmel xi ordni jew dikjarazzjoni gdida jcw
ohra.
(3) Rikors lill -00rti ghal ordni jew dikjarazzjoni taht is-
subanikolu (2) ta' dan I-artikolu jista' jsir mit-IrU!ilee jew minn xi
benefii:jarju jcw mill-A vu kat Cencrali.
(4) Mela I·Qorti taghmel ordni gha ll-hat ra ta' trustee li51a'
limponi dawk jl-kundizzjonijiet li jidhrilha li jkunu xierqa . maghduda
kundizzjonijiet dwar il-konferime nt ta' proprjetA ta' tTU!iI.
(5) Bla hsara ghal xi ordn i ta l-Oorti, IrU!ilee mahtu r mill-
Ooni taht dan l-art ikolu jkollu l-istess selghat, diskrezzjonijiet u
dmirijiet daqslikieku kie n gie originarjament malitur IrU!itee.
38. (1) Fl -eien':izzju tal-funzjonijiet taghha taM dan I-All il - 5<.", .. .
Qorti jkollha $·setghal ko llha tal-Dorti Civi li. Prim'Awla, u, bla hsara ~~k . .
ghall·gcneralitA ta' dak li nlqal qabel. kull ordni jew di rettiva tal·Doni '0' 1-00<10;;:"'""
tism' ligi eicgwila bhallikicku kicnCI deCizjoni la' Hmsemmija .aiJoho."
'o.d._""",n!~
Prim'Awla u ma Ikunx li51a' ligi mwarrba mill.imsemmi]"a Prim'Awla or
i:i:da jkun jista' jsir appell minnha bflallikieku ki enet deei:i:joni ta' dik 1-
Awla.
(2) Bla hsa ra ghal xi setgha ohra lill-Oorti bis-sahha tad-
dispoiizzjonijiet ta' qabel ta' dan I-artikolu jew la' xi ligi ohra, mela
InlSlee jilraskura jew jirrifjuta li jaqdi xi dmiT jew li jhares xi ordni lal-
Qorti, il-Oorli lisla'. b'dawk il-pallijiet u I·kundizzjonijielli lisla' tqis
xierqa. tordna li I-passi mehtiega jittiehdu u jsiru minn dik il-persunali 1-
Qorti lista' tahta r ghal dak il-ghan. a spejjei tat -Irustee li jkun naqas, jew
xon 'oflra skond kif il-OnTli lisla' tordna; u kull haga hekk e:i:egwita jew
maghmula ghandh a topera u jkollha sehh ghall-finijiet kollha
daqslikieku kienel giel e:i:egwila jew maghmula miHrustee.
39. L-ispejje:i: ta' u li jkollhom x'jaqsmu ma' rikors liII-Qorti taht
dan I· AII ghandhom jithallsu mill-proprjet:l tat-trust jew jiggarrbu u
jilhallsu b'dak il-mod jew minn dik il-persu na ohra skond kif il·QoTli
tista'tordna.
40. (1) Persuna li lakkwista proprjet:l la' trust minghand lrustu
rbo"a fede u taht titolu onerut la kkwist a titol u lajjeb ghaliha
daqsl ikieku kienct akkwislalha minghand il-persuna li jkollha I-titolu
assolul ghaliha u ma linllaqalx mil-lrusl$ li minnhom liniamm 1-
imsemm ij a proprjel:l.
(2) Ebda persuna 1i Ihallas jew tavvam.:a flus lil trustee ma
ghandha tkun kOneernala li lara li dawk iJ-flus ikunu mcht iega ghall-
gflanijiel tal-trusl, jew li ma jingabarx aktar milli jkun mehcieg. jew
inkella dwar il-korrel\eua tat-Iransazzjoni jew I·applik aujoni tal-fius.
Azzjoni li tittiehed kontra IrustU~
41 .
(I)
(a) ghar-rigward la' xi frodi li fiha kie n kompl iCi jew Ii ki en
jaf bih u iamm sigriet ; jew
(b) gflall-gbir Iura mingl'land it-trustee tal-proprjeta tal-rrus/
fiI-pussess jew taht i1-kontroll tieghu jew li HrUSlU ikun irticva
qabel u jkun ikkonverta ghall·uiu lieghu ,
ma ghandhiex taqa' bi preskrizzjoni fIIid bl-gI'Ieluq la' tletin sena.
(2) 81a hsara ghad-dispoiizzjonijiet las-suba rt ikolu (I) ta'
dan I-artikolu, ebda azzjoni ma li51a' tittiehcd kontra trustee minn
benefiejarju ghal ksur la' {rust wara I-gheluq la' tliet snin ~
(a) li jibdew mid-dala lal-konsenja lal-konteggi fi nali lal-
/fustlill-benefiejarju; jew
(b) li jibdew mid-dala li fiha I-benefi/:jarju jkun ghall--ewwel
sar jar hi l-k$lIr tat -lrUSf,
skond liema data tigi l--ewwel.
(3) Meta I-benefiejarju jkun minuri I-perijodi msemmijin
fdan I-artikolu ma jibdew~ ghaddejj in qabel il·gurnata li fiha 1-
benefi/:jarju ma jibqax minuri.
(4) II -pcrijodi mscmmijin fdall l-artiko lu jigu imerroui ie"k
an Jew talba gudiuja rja jigu prefenl31i fiI-qorti kompetenti u notifikm i
lit -/ruJtee qabel gheluq I-imsemmi pcrijodu.
42. (I ) Meta xi persuna. li tlun direttur , uffiejaljew membru ta ' Dmiriji<' dwar
kumpannija nom;n /,/" 1; tkun q ieghda dak it-zmien tagix)(i bhala olen;
illega~.
trUStee ta' mm, iknUlla raguni tahscb 1i I-imse mm ij a trust ikolLha
proprjeta Jew iloltha income 1i jakkum ula lilba iew miksub minnha 1i
joriginaw minn transanjoni, operaajoni Jew attivita ohm li tkun reat
kriminali tatll il-ligijict la' Malta Jew li. kie ku IkuII sare t f Malta. kienet
tlun rea t tali. iew tk un irteviet iew tkuII tin kludi iew ikoll lla fiJ-pu!>Sess
Jew kontroll taghha nu> iew proprjeta ohra li r-riCevime nt , pussess Jew
kontroll taghha jkunu iew kiellu reat tali kifimsemmi hawn fuq, ghandu
j k un id-dmir ta ' dik il-persuna Ii tgharraf lill-A wlori la b' dik il-rnatcrja,
(2) Kull persuna li rninghajr raguni xierqa tonqos li Ihares
tl -hligiet tas-subarli kolu (I) ta' dan I-arti kolu tkun hatja la ' real u Ichel
mcta tinsab hatja multa ta' mhu_~ inqas minn elfejn u rnhUJI iijed minn
ghaxarl clef lira jew perijodu ta' prigunerija ta' rnhux aktar min n hames
snin, jew di k il-m ulta u prigunerija flimkien,
(3) Pe rsuna misjuba hatja la' rcat taht dan I-arti kolu tigi
skwalifi ka ta permanenlcmenl milli tkun uffiejal jew membru ta'
kurnpannija nomi",:e.
(4) fI -nejjes jew proprjelil. kollha mfissra fis-subarti kolu (1 )
ta' d~n I-arti ko lu jigu konfiskati a favur tal-Gvcm u jsiru I-proprjctil.
assoluta tieghu.
Registrazzjon; ta ' Trusts
43, (I) Kull offshore trust ghandha Ikun rcgislrala ma'R.jislruzj<>nit.
I-AwlOrila u ma jkollhiex effeu f Ma lta ke mm -il <.larba u ~ k e mm ma ,,,,,,nu __
:~~~"
tkunx hek k regimala.
(2 ) Tkun ir-responsabbiltil. tat -(r!/SIee li jactena li (r!m I kun
n:gistrata taht dan I- An: u I-trilltet! gh andu , barra rninn he kk , rnhux
a kt ar la rd minn xahar wara ku ll anniversarju tar-registranjon; tal-tmst,
javza 1il1·Awtoritil. dwar jckk ;I-tr illt tkunx ghadha lenS!; u dwar jekk
huwa jkun icw ma jkunx iHrilllet! taghha _
(3 )
lr-rcgistrazz joni ssir billi tigi preicn\ala lill-A wtorila
(a)
kopja ecnifikata lad-dokurncnt tal-/rill/;
(b) di kjarazzjoni mill-k umpannija nominee 11 lagixxi
bhala trus//!(' tal-/rus/ li tghid li H'illtlissodisfa l-kundizzjonijicl la'
dan I-An sab ie x tiSla' tkun offshofe trim.
Wam li tkun sodisfana 111i I-htigict kollha pres krilli b'dan
(-'+ )
I-All ghall -ezistenza la' offshore /"'5/ iku nu gew milqugha u li jkun
thallas id-drin xicmq. l-Awlorila ghandha lirregiSlra Hrilll u \ohrog
eert ifika t w' regist razzjoni fdak is-sens.
(5) Kull bidla sussegwenri fid-dokument tal-trust ghandha
xorta wahda ligi registrata ma'j-Awtorila u ma jkollhiex effett fMalta
s.akemm tigi hckk registrata. Kull bidla faJi ghandha ligi registrata
mjl-mutee, irrispettivam ent mill-origini ta' jew iJ-persuna li taghmel
il-bidla.
(6) Trustet' ghandu xorta wahda jinnotifika lill·Awtori tA
dwar it-terminazzjoni tat-trust, irrispettivament miU-kawia jew raguni
ta' dik it-te rminazzjoni.
(7) Fuq it-talba lal-lrustee ta' trust, u fuq prova bittejjed li
tinghata ghas-sodisfazzjon ta' j-AwtoriI3. I-Awtoritil lisla' tohrog
tertifikat fejn tghid li, milt-ahjar taghrif li ghandha, fid-data tat-
eertifikat, I-applikan l" kien il-trustee tat-frost. Ccnifikal taTn don is-
subarti kolu jinhareg malJ-l'Ilas ta' drill ta' lm15 jew dak I-ammonl ogl'lla
skond kif I- Awtorita lista- min n tmicn gI'Ial zmien tistabbiliui.
(8) L-Awtorita gI'Iandha UOm m registru tat-trusts kollha
rcgistrati magl'lha tal'lt dan I-artikolu u gI'Iandba ddal'll'lal fib kul1 bidla
dwarhom li ligi nOlifikala lilba u dawk il·matcrji ]-()l'Ira li jkun jidbrilha
1>ieraq li lirregistra.
Id-dritt li jitl'lal1as gI'Iar-registrazzjoni ta' trust jku n ta'
(9)
milcjn lira.
(10) Trust ma libqax intitolata gI'Iall-eicnzjoni jict. benefice ji
u privi leggi ol'l.ra la' offshou trust jekk it-\aXxa dovuta kull sena lal'lt
I-anikolu 44 la' dan I-All ma titl'lallasx fi imicn tlie t ~hur mid-dala li fiha
jkun dovut.
Eienzjonijiet Fiskali u Ohmj"
(I) it-Taua li lithallas taht I-At! la' 1-1948 dwar it-Taua fuq
44,
I-/"come, jcw lal'll xi lig; ohm li tissostitwiui di};: il-ligi fuq-
I-i"come ta' ri offshoft! mm;
(a)
~i
income ta' beneficjarju li jirrizulta minn xi offshore
(b)
mm. gI'Iandha t};:un ta' mitejn lira gI'Ial };:ull sena ta' slima. u
gl'landha till'lallas mit -trUltlill-A wtorita gl'lan-nom tal-Kumm issarju
tal-Ta:ui Interni mhu~ itjed tard mill-al'l.har la' Jannar ta' kull sena
li tigi wara di};: tar-registrazzjoni tat-trust.
(2) Ma jitl'laIJas ebda drill tabt I-At! la' 1-1973 dwar it-Tuxa
tal-Mewt u tad-donazzjoni, jcw tal'l.l ~i ligi li tissosli twi:ui di};: il-ligi -
dwar ~i attill mitmum tal'll offshore trust;
(a)
(b) minn "i persuna dwar I-intercss tagl'lha bl'lala benefic jar ju
lal'll offshore frUit.
(3) Ebda drill ma jitl'lallas tal'lt I-Att ta' I-I981 dwar it-Tana
fuq Dokumenli. jew lal'lt ~i ligi li tissoslitwiui di};: il-ligi. rigward "i
dokurncn t dwar offshore trUlt.
(5) Kull bidla sussegwenri fid-dokument tal-trust ghandha
xorta wahda ligi registrata ma'j-Awtorila u ma jkollhiex effett fMalta
s.akemm tigi hckk registrata. Kull bidla faJi ghandha ligi registrata
mjl-mutee, irrispettivam ent mill-origini ta' jew iJ-persuna li taghmel
il-bidla.
(6) Trustet' ghandu xorta wahda jinnotifika lill·Awtori tA
dwar it-terminazzjoni tat-trust, irrispettivament miU-kawia jew raguni
ta' dik it-te rminazzjoni.
(7) Fuq it-talba lal-lrustee ta' trust, u fuq prova bittejjed li
tinghata ghas-sodisfazzjon ta' j-AwtoriI3. I-Awtoritil lisla' tohrog
tertifikat fejn tghid li, milt-ahjar taghrif li ghandha, fid-data tat-
eertifikat, I-applikan l" kien il-trustee tat-frost. Ccnifikal taTn don is-
subarti kolu jinhareg malJ-l'Ilas ta' drill ta' lm15 jew dak I-ammonl ogl'lla
skond kif I- Awtorita lista- min n tmicn gI'Ial zmien tistabbiliui.
(8) L-Awtorita gI'Iandha UOm m registru tat-trusts kollha
rcgistrati magl'lha tal'lt dan I-artikolu u gI'Iandba ddal'll'lal fib kul1 bidla
dwarhom li ligi nOlifikala lilba u dawk il·matcrji ]-()l'Ira li jkun jidbrilha
1>ieraq li lirregistra.
Id-dritt li jitl'lal1as gI'Iar-registrazzjoni ta' trust jku n ta'
(9)
milcjn lira.
(10) Trust ma libqax intitolata gI'Iall-eicnzjoni jict. benefice ji
u privi leggi ol'l.ra la' offshou trust jekk it-\aXxa dovuta kull sena lal'lt
I-anikolu 44 la' dan I-All ma titl'lallasx fi imicn tlie t ~hur mid-dala li fiha
jkun dovut.
Eienzjonijiet Fiskali u Ohmj"
(I) it-Taua li lithallas taht I-At! la' 1-1948 dwar it-Taua fuq
44,
I-/"come, jcw lal'll xi lig; ohm li tissostitwiui di};: il-ligi fuq-
I-i"come ta' ri offshoft! mm;
(a)
~i
income ta' beneficjarju li jirrizulta minn xi offshore
(b)
mm. gI'Iandha t};:un ta' mitejn lira gI'Ial };:ull sena ta' slima. u
gl'landha till'lallas mit -trUltlill-A wtorita gl'lan-nom tal-Kumm issarju
tal-Ta:ui Interni mhu~ itjed tard mill-al'l.har la' Jannar ta' kull sena
li tigi wara di};: tar-registrazzjoni tat-trust.
(2) Ma jitl'laIJas ebda drill tabt I-At! la' 1-1973 dwar it-Tuxa
tal-Mewt u tad-donazzjoni, jcw tal'l.l ~i ligi li tissosli twi:ui di};: il-ligi -
dwar ~i attill mitmum tal'll offshore trust;
(a)
(b) minn 1>i persuna dwar I-intercss tagl'lha bl'lala benefic jar ju
lal'll offshore frUit.
(3) Ebda drill ma jitl'lallas tal'lt I-Att ta' I-I981 dwar it-Tana
fuq Dokumenli. jew lal'lt ~i ligi li tissoslitwiui di};: il-ligi. rigward "i
dokurnen t dwar offshore trUlt.
(4) Kull proprjeta mizmuma tant offshore Irusltkun eicmala
mid-dazju tad-dwana mcta lig; mporlata fMalta
lida dal< id-dazju ghandu jithallas fuq kull proprje\a importata
bla I'Ilas ta' dazj u tant dan is-subartikolu jekl< u mera dil< il-proprjc!lt
tinbicgh. tigi asscnjat3 jcw mod ichor trasfcrit3 lit ~i per>una resident;
f Malta.
45. L-Au ta' 1-1972 dwar il -KontrolJ fuq il-Kambju. u kullligi E.lenzjoni
mill ·kontroll
ol'lra li tissostitwixxi dik il -ligi. ma ghandux japplika ghal xi Iransazzjoni fuq
jew oJ";'Tan joni dwar li jkollha x'\aqsam ma xi olfshorel,u<ls;Cw ghal xi
proprjct3. miZmuma tahthom
IMa d-dispoiizzjonijict la' hawn fuq ta" dan I-artikolu ma
jappli kaw% ghat transazzjonijict jew operazzjonijic\ maghmula minn
persuni resident; r Malta.
46. (I) Meta dikjaranjoni fuq il-formola murija fl- Iskeda li Dikjor ... jMi
linsab ma' dan I-An [k un gie! sollomcssa li U-Ku mmissarju faf-Ta:uci ~~~:-.prospe!!
Interni minn itumpannija nominee dwar it-trustli taghha tkun trUStet', la
t-trust u lanqas tru.'!Iee u lanqas xi persuna ohra Ii jkollha intcress lit-1nL<!
ma jkunu mch tiega jaghmlu jcw jissottomcttu XI prospett,
info rmazzjoni jew dettalji oh ra li setgl'tu ikunu dovuti }ew xort'ohra
meh tiega li jsiru jew sonomeSl;i ghal xi lini ta' I-All ta' 1-1948 dw~r
it-Taxxa fuq I-Income, dwar dik il-trust,
(2) Mela proprjetil Ikun b'dan I-All eienlata mit-taxxa li
litli allas taht I-Att fa' 1-1973 dwar il,Tana tal -Mewl U lad-Donazzjoni,
ebda prospeu ta' I-imsemmija proprjel<l ma jkun mehtieg li jsir laht
I-imsemmi An u lanqas lat-lrasferiment tauabbli relalliv , jekk il-
lrasferiment ma jinkludi ebda proprjet<l ohra : u meta Hrasferimenl
ikun jinkludi proprjelaohra l-prospe1\ jista' jkun limilal ghal1-proprjela
suggeua ghal-fa:uca,
Kumpanniji Nominee
47. (I) Kumpannija ffurmata ghall-gl'tan li lagixxi bhala trustee KumfW>niji
la' offshore trusts jew ghal dak il-gl'tan u gl'tall-gl'tan li taqd i I-fullzjonijiel ""mint< ~
la' kumpannija fWminee ghar-rigward ta' kumpanniji offshore kif sfWJ-lonnoujooi
provd ul fl-A lt , u li tissodisfa, bla hsara gh ad-clispotizzjonijict las- ,.~bom,
subarti kolu (3 ) ta' dan I-an ikolu, il-kundizzjonijicl koUha mniiilin lis-
subartikolu (2) ta' I-artikolu 42 ta' I-All u altrimcnli kwalifik ata bicx
linghata warram biex liffunzjona bhala kumpannija nominee taht 1-
arti kolu 43 la ' I-Att, tikkwalifika wkoll biex [kun kumpannija nominee
gha ll-finij iet la' dan I-A t! u d-dispotizzjonijiet la' l-atl ghall-gholi t~'
warrant lil kumpanni ja nominee ghandhom japplikaw gfIal dik il -
kumpannija hhalm~ hu ma japplikaw ghal kum pannija nominee tahl
I-An.
(2) Kumpan nija nominee ma tislax tiffunzjona bhala
trustee, u ma ghandhiex Ilg; lrattata bba la lali ghall-finijiCI ta' dan I-All.
kcmm-il darba ma tk unx tippossjedi worrOnl mahllJg mil1-Awtorita, u
fis-sebh dak ii-zmien, li jawlorizzah.a bicx tiffunzjona bhala tali ghall-
finijicI ta' dan I-All ,
(3) Id..:,lispoiizzjonijic l kollha ta' I-All li ghandhom
x'jaqsmu ma " kumpanniji nominee ghandhom japplikaw glial
kump<lnnija li tinghal3 wamml biex ti ffunzjona bhala kumpannija
nominee gl'lalt-finijic\ ta' dan I-At! , jew ghaJl-finijiN ta' dan 1·AII uta'
I-All. skond il-kaz. bla hsara gha! dawk il -modifikazzjonijiet u
adauamenti skond kif ikun ruchtieg bicx jigu applikati d-dispoiiz-
zjonijie t hawn fuq imsemmija ta' I-Att gtlal kumpanniji nominee li
jagixxu bhala trustees ta ' offshore (rusl.f; U parlikolarmelll, iida bla hsara
gh aH-generalil:'\. ghal dak li ntqat qabel. riferenzi fl·At! ghall-AII innifsu
ghandhom jirtiebmu bllala riferenzi glial dan I-Atl. riferenzi ghal
kumpanniji offshore ghandhom jifliehmu bhala riferenzi ghal (rus( u
rifercnxi ghal dmirijie t bhala di retturi jew segretarji ta' kumpanniji
offshore ghandhom jiftiehmu bhala rife renxi ghad·dmirijiet la' (T«s(/!e$.
(4) Id-dispotiujonijiet ta' dan is-subartikolu msemmija fis-
subartikolll (I) la' dan I,artikolll huma-
(a) il-paragrafu (b) tas-.subartikolu (2) ta' I-artikolu 42 la'
I-Att ghandu jiftiehem bhala li jirrikjedi li I-ghanijiel lal·
kllmpanni ja jkllnu limitati espressament ghall-qadi tal-funzjoni jiel
ta' (r!<S(/!/! la' offshore trust!', U ghal malerji antillari jew inCidenlali
ghalihom, jew ghal dawk il-funzjonijiel u I'fu nzjonijiel la'
kumpannija nominee ghar-rigward ta' kumpanniji off$hore;
(b) m-kat la' kumpannija iffunnala esklussivament biex
tagixxi bhala trustee ta' offshore trust!' -
(i) il·persentagg imsemmi fil-paragrafu (e) las-
subartikolu (2) ta'],anikolu 42 ta'l-An ghandu jkun sinin: u
(ii) I-Awtoritil tista', fkaiijiel c~zzjonali u ghal
ragunijiet spetjali, lippennetti persuna mhux residenti fMalta
li tippossjedi jew itiomm l-azzjo nijic l kollha fil-kumpannija,
48, Bla hsara ghall-generalita lad-dispoiizzjonijiel las-
rep"'" p<nn< .. subarlikolu (2) la' t-a rlikotu 47 ta' dan t-At!, ebd~ m.st rna ghandha ligi
rcgistrata mill-Awlorita hlief permezz la' !-agenzija la' kumpanni ja
nominee aWlOrizzala li lagixxi bhala I-Irus(ee la' offshore trusts u cbda
persuna Micf kumpannija nominee awtorizzata kif imsemmi hawn fuq
ma tisla ' ligi mahtura mmu ta' offshore mm.
Dispoiiujonijin Ceneroli
49, (I) II-Min islTU jisl3', fuq parir la' I-Awtorita, jaghmel
regolamcnli jcw rcgoli ghall-eie kuzzjoni ahjar ta' xi dispozizzjonijiet ta'
dan I-A It. u jisI3' parlikolannent, ii:da bta h!>3ra ghall-gencralila la' dak
li ntqal qabel. b'~i rcgolamcnli jcw rcgoli bhal dawk
(a) j ipprovdi bicx il -prospetti, dikjarazzjonijiet. u avviii
jsiru jcw iinghalaw ghal xi fini la' dan j·AI! , u I-forma U l-konlcnUI
Iaghhum
(b) jirregola d·direzzjoni, dmirijiet U obbligi otlra la'
kumpanniji nominalorji. inkluii I'prospetli. dikjarazzjonijiel u
informazzjom ohfa li huma ghandhom jissol!omel!ulill-Awlorila,
u jistabbili:u:.i I-ammont massimu li, minkejja xi dispoiiujoni la'
dan I-AI!, jisla' jintalab bllala dritlijiet minn dawk il-kum p;lnni ji
(c) ibiddcl xi dril!ijiet stabbiliti b'~i dispo;i:izzjoni la' dan
I-Au, u }emenda xi dispotizz;oni tali fdak is-sens biex jigi rifless
tibdil n-gholi tal-hajja jew fiI-valur la' flus, u jistabbili:u:.i dawk
id-drillijicl ohra skond kif jitqies ~ieraq dwar kull materja li ghaliha
ma hemmx provdut dritt b'danl·An
lida ebda bidla ta" xi drittijiet ma ghandha jkollha 5ehh qabel
ma Ikun ghaddiel sena mi ll -pubblikazz;oni ta' dik il-bidla fil -
G azzetta;
(d) jaghmel regoli lal-.qrati ghal xi fini ta' dan I-All u tal-
proccduri tahlu, biex b-dawk ir-rcgoli jipprovdi ghal xi materja
msemmija f1-artiklu 29 tal -Kodici (3' Organiu.31.zjoni u Proi:cdura
Civili;
(e ) Jlppresknvl xi materja li lisla' jew tkun trid ligi prcskritta.
(2) Regolamenli u regoli maghmula taht xi dispoiizzjoni ta'
dan I-At!, jistghu isiru bl-ilsien Inglii: biss,
SO. (I) . lr-regimazzjoni la ' offshore trUSI ta~t ,. dan I-At! O .... ntij.
ghandha tikkostitwi:u:.i kuntral1 bejn il-Gvern u t-:r~t h Jlggaran~lXXl "' denzjoni;;ot,
il-jeddijict u eicnzjonijiel u privilegg; ohra dovutl kif provdul b dan
I-A tl. suggett biss ghaH-<JSServanza li ghandha linghala lid-dispoiiz·
zjonijicl kollha ta' dan I-An,
(2) ll-garanzija moghlija bis-subartikolu (I) ta' dan
I-artikolu ghandha tapplika wkoll kontra azzjoni retrospe n iva, sew jekk
b'legislazzjoni jew xorfohra,li tista'tannulla xi jcddijiet, etenzjonijiet
jcw privileggi hekk garantiti.
(3) II-garanzija moghtija bis-subartikolu (I) ta' dan I-ar-
tikolu gbandha ssebh ghal perjodu ta' ghaxar snin miT-registrazzjoni tal-
offshore trUSI.
51. (1) Ebda proeedmenti glial reat taht dan I-Alt ma
ghandhom jinbd.ew minghajr I-awtorizzazzjoni ta' I·Avukat Generali,
(2) Id·dispotizzjonijiet ta' dan I-Alt maghandhomxjolqtu xi
proi:cdimcnti kriminali li jistghu jk unu kompetenti tahl xi ligi ohra.
(3) Meta dwar xi reat kontra xi dispotizzjoni ta' dan I-AtL
I-att jcw nuqqas li jikkostilW ixxi r-reat iklln jista' jigi attribwit
dircttantcnt li l persuna jcw persllni li jkunu idcntifikabbli bic-ear, u dik
iI·pe rsuna, jew dawk il-persuni jinsabu hatja ta' dak iT- reat, il-.qorti ma
tkunx meh ticga tikkllndanna wkoll xi persuna ohra jekk Ikun sodisfatta
illi dik il -persllna rna kellha ebda sehern fir-reat u li minhabba fl-imgieba
taghha jew cirkostanzi ohra ma jkunx jisthoqqilha li tigi kkund3nnata ,
52. ld -dispotizzjonijiet ta ' I·Att li ghandhom ~'jaqsmu ma'
I·Awlorita u partiko la nnent, iida bla hsara gha ll-generalita ta ' dak li
ntqal qabel, id-dispoiizzjonijiet ta'l-anikoli 4, 5, 10, I1 u 12 ta'l-Atl.
ghandhom japplikaw ghal u dwar offshore trusts, u ~ort'ohra ghall-
finijiet ta' dafl I-Att, bhalma japp!ikaw gha! u dwar kumpanniji offshore
u xort 'ohra gIIall-fiflijiet ta' I-At!, II ghandhom hekk japplikaw suggett
ghal dawk il-modifikaujonijiet u adattamenti li jistghu jkunu mehtiega
ghal1 -fini jict imsemmija qabe l.
S K EDA
Artikolu 46
D1Kj ARAZZJONI MI NFLOK PROSPElT TA' TAXXA
DWAR OFFSHORE TR UST
Dikjarazzjoni rnil-Trustee la' Offshore Trust rnintlok Prospell la' Taxxa u Alliv
Ka pilali lahl I-All la-I-I948 dwar il-Taxxa fuq I-Income.
Sena ta' Stima
Ahn a
......... , u
tnejn mi d-di reu uri ta' ............ . ........... . . .
il-kumpannija nominee li qieghda togixxi bhala I-trustee la'
ta' offshore trUSt regimata lal'lll-AII 10' ]- 1988 dwar I-Offshore Trusts (hawnhekk izjed
'il q uddiem imsejjah "1-AtC) sole nnement u si nce ramenl niddikjaraw li ahna
assigurajna mll l-ahjar li stajna li I-imsemm ija offshore lrusll issodisfa I-kundizzjonijiel
kollha mehtiega bl-A II sabiex tkun lista' libqa' offshore /fUll u jkollha I-income
imse mmi fis-subanikolu (I) ta'l-artikolu 44 ta' I-AlItaxxabbli kif hemm provd ut fda k
I-arti ko lu u li kon segwenternent
(a) I-income ta' l-imsemmi ja trust u dak lal-bem:ticjarji taghha li jirrizulta
rnill-imsemmija mm, hurna sogge tti ghat-tana fuq I-income ghas-sena ta' stima
........ kif provdu I fl-a rtikol u msemmi qabel;
(b) is-S<'Ifior u I-beneficjarj; ta t-triLl't huma kwalifikali biex iku nu S-UI/lor u
beneficjarj;, rispetti vamem , skond I-All U I -proprjet~ tat-trust ma tin kludi ebda
proprjeta immobbli sitwata f Malta
(c) it-trust li laghha I-imsemmija kum pann iia nominee hija t-lrUSt~e mhi~
fqaghda li titlef xi dritl. ezenzjoni je'" privilegg iehor moghti bl-AII ghal XI ragunJ
tkun xi tku n.
Ahna qeghdin naghmlu din id..cti kj araujoni b' kunoxxcnza shiha tal-pien i stabbilili
bl- A tt ghal dik jarau.junijiel folol jcw iniwITCui .
Firma ., ...... .... . .
.....
Iscm stlih
Nru. taJ -Kar!a ta' ldentit:)
Professjoni
.
In diril..l(
Datat
Mgh odd i mill-Kamra tad-Deputati fis·Seduta NfU. 161 tas-7 ta' Novembru, 1983.
LAWIHoNC E GONZt
Speaker
Skrivan rai·Kamra tad· DepUlati
Interpretation
OFFSHORE TRUSTS
Mea lling of trust
Breach of trust
Proper law of trusts
Offshore trusts and their recognition
6.
Offshore trusts u I_gharfien laghhorn
Formalilajiel ghal offshore truSts
7.
Formalities for offshore trusts
Name of trust
9. Beneficiaries
Proprjc ta addi:zzjonali ta' mm
Additional trust propeny
Invalidity of a trust
Il.
Du ration of trusts
:tmien ta' trusts
12.
Modification of extinguishment of trust
Variations of te rm s of a trust
14.
IS.
Revoka ta' (rllsl
Nuqq as jew Imiem ta' inlcrcss
Revocation of a trust
Failure o r lapse of interest
Term ination of a trust
TRUSTEES
Appointment of trustees
Acceptance of trust
Resignation and removal of trustees
Duties of trustees
22. Co--trustees
Impartiality of trustees
Power.; of trustees
Delegation by trustees
Accumulation, ad~ancemcnt or appropriation of trust property
26.
Akkumulaujoni , awanz jew approprijazzjoni ta' proprjela la' trust
Appointmen t or assignment of trust property
Remuneration and expenses of trustees
Confiden tiality relating to trusts
Liability for breach of trust
T rustees acting in respect of more than one trust
Dealings with third parties
Constructive trustees
Indemnity of retiring trustees
MISCELLANEOUS PROV ISIONS REGARDING TRUSTS
Oass interest
Variation of terms of trusl by Coun and approval of panicular transactiOlls
Othe r powersoftheCourt
Powers of the Coun for theuecutiorlofi tsorders arldaf instrurncntsordcred
by il
Payment of costs
Protection orpe~nsdealing with trustees
41 . Lim ita tion of action
Duties in respect of cerlain illegal aClj,'jlies
REG ISTRATION OF TRUST'S
4],
Rcgislralio.l of trusts and auestalion oflTUSlees
FISCAL AND OTHER EXEM PTIONS
44 . Exemption from taxation
Registrazzjoni ta' I,usts u ancstazzjoni ta' 1Tll.5leeS
EZENZJONIJIET F1SKALI U Ot'fRAJN
Etenzjoni mit -tassazzjoni
Exemption from exchange control
Decla ration in lieu of lax returns
NOMINEE COM PANIES
Nominee companies and condition for tile fonnation therrof
Trust 10 be registcn:d t hrough nomineo: company
GE NE RAL PRO VIS IONS
Power 10 make regulalM)IlS 01' rules
Guarantee of exemptions
51 .
Criminal proceedings
Proecdimenti kriminali
Application of certain provisions orthe Act
SC HED ULE
Declaration in lieu or tax return in respect of an offshore lrust
I assent.
(L.S.,
PA UL XUEREB
Acting President
2nd December. 1988
ACT No. xxxv or 1988
AN ACT /0 mak.e prO"ision with respect IQ Offshore Trus/s and IQ
pro"ide for mallerJ ancillary or incidental/hereto.
BE IT ENACfED by the President. by and wi th the advice and
consent of the House of Representatives. in this present Parliamen t
assembled. and by the authority of the same. as foUows:-
(\) This Act may be cited as the Offshore Trusts Act. 1988.
(2) This Act shall come into force on such date as the
Minister responsible for International Business Activities may by nOllce
in the Gazzette appoin t.
(I)
In this Act. unless the context otherwise requires:-
2. "the Act" means the Malta International Business Activities
Act, 1988;
"the Authority" mearn; the Malta International Business
Authority established by section J of the Act;
"beneficiary" means a person entitled to benefit under a trust
or in whose favour a discretion to distribute property held in trust
may be exercised;
"'Ixxly of persons" means any company, fellowship . society or
other associat ion of persons, whether vested with legal personality
or not;
"breach of trust" has the meaning assigned to it by section 4 of
this Act;
"company" means 3limit~d liability company duly fanned and
registered under any law for the time being in force in Malta, and
include!; a similar body corpora te incorporated or registered
abroad;
"the Court" means the Second Hall of the Civil Court ;
"immovable property si tuated in Malta" includes shares. stock
or debentures in or of a company whose assets include immovable
properly situ31ed in Ma lta or in, or of a company registered in
Maha;
" Mi nister" means the Minister responsible for internat ional
business act iviti es;
"nominee company" means a company authorised 10 perfonn
the functions of a nominee company as provided in se>:tion 47 of Ih is
Act;
"offshore trust" has the meaning assigned IQ it by subst:cdun
(2) of section 60f this Act;
"pcn;.on" includes a body o f persons;
"prescribed" means prescribed by regulations made unde r thl~
Act;
"propeny" means property of any kind or description,
whether movable or immovable, personal or real. and wherever
situated. and in relation to rights and interests whethe r vested.
oontingent. voidable or future ;
"qualified person" in relation to a senior or beneficiary of a
trust means a person not resident in Malta. and references to a
person qualified to be a senior or a beneficiary shall be construed
accordingly
"registe r" includes a ny ki nd of record;
"resident in Mal1a " has the S<lme meaning as it has under the
Act
" settlor" means Ihe person wh o ma~es the trust and includcsa
person who provides Irust property or ma kes a disposition on trust
or 10 a trust
"trus t" has the meaning described in scction 3 of this Act. and
indudes the trust property the right~. powers. duties , interest~.
relationships and obligations under a trust
"trustee" in relation to an offshore trust. means the person or
persons appointed to 3Ct 3S trustee or trustees of a trust in
accordance with the provisions of this Act
"trust instrument" means the instrument whereby the trust is
created a nd indudes any instrument vary ing the terms of the trust
and also a unilateral declaration of trust
"Irust property" means the property for the time belllg held on
trust
"unilateral declaration of tru~t" has the meaning assigned to il
by subsection (2) of section 7 of this Act.
(2) Any reference in this Act to any law, or prov ision
thereof, shall be coo,lrued w; a reference to that law or provision as from
lime 10 lime io force. aod shall include a reference to any enactment
replaci ng such law or provision, and 10 any subsidiary legislation made
thereun der.
(3) Words and expressions used in this Act with referenoe to
any othcr law shall. so far as necessary to give effect to this Act and
consistently with the provisions thereof, have the same meaning as they
have in the law with reference to which they arc used in this Act.
(4) Any reference in this Act to acriminaloffence committed
abroad. or against the law of a country othe r th an Malta, o r to an act
which if committed in Malta would be a crim inal offe nce against the law
of Ma lta , shall be construed as limited to offences which are extraditable
for the purposes o f section 5 o f the Extradition Act , 1978.
Act XVIII of 1978,
(5) In this Act and in an y regulations made thereunder, if there
is a ny conflict between th e English and Maltese text , the E ngl ish te xt
shall prevail.
OffshQre Trusts
J . (l) A trust exists where a ~rw.n (called a t~slee) holds or M • ..,inloftru".
has vested in him property under an obligation to deal ",th that property
for the benefit of persons (called the beneficiaries). whether or not y~t
ascerta ined or io existance, or for a purpose which is not for the benefit
of the trustee. or for both such benefi t and purpose aforesaid.
(2) The trust property shall be held by the trustee as a
separate fund. distinct and separate from that of the trustee ,
(3) 111e trust property is held by or in the name or uoder th e
control o f the trustee who shall ha ve fu ll power as weU as the duty for
which he is accoun table. to administer. employ or dispose of the trust
property in acrordance with the terms of the trust and any special duties
imposed 00 the trustee by any law applicable there to . tosue and be sued
in respeet of Ihe trust and otherwise to act in all matters cooeeming th e
trust.
4. Any breach of duty imposed on a trustee by this Act or by the
terms of the trust or by the proper law of the trust. and any act or neglect
on the part of the trustee which is not authorised ore ~cused by th is Act.
or the proper law of the trust or the terms of the trust. shall be and is by
th is Act defined a breach of trust.
S. (I ) Subjeet to the provisions of th is Act. a trust sha ll be
governed by its proper la w and shall be interpreted and be enforceable
accordingly.
(2) Th e proper law of 3 trust is determined in the first place
by the intention of the settlor. whether such intent ion results exp ressly
from the tru st instrument or is desumed tlterefrom. If such an inten tion
does not result sufficiently dear, the proper law of the trust sha ll be the
law of Malta.
6. (1) A trust which is an offshore trust validly created in OOshoruru" . . Rd
accordance with or as provided by this Act. whe ther in Maltaor abroad. thoir "'cogn;'''''
sha ll. if registered under this Act , be recognised and be enfo rceable by
the courts in Mal ta; and subject to the provIsions of th is Act. a
registered trust and the tenns thereof shall be so recognised and
enforceable notwithstanding the provisions of any other law ,
A trust is an offsoore trust if -
(2)
(a)
the settlor is a qualified person. at the time the trust is
created;
(b) the trust property does nOl include any immovable
property situated in Malta;
(c) all the beneficiaries under the trust arc qualified persons
at the time the trust is created and at the time anyone or more of
them otherwise become emilled to be a beneficiary.
Provided that if al the lime the trust is created none of the
beneficiaries is resident in Malta and only onc or some of them are
resident in Malta 31 the time they otherwise become first entitled 10
be a beneficiary, the trust shall oontinue 10 be an offshore trust.
savi ng any ot her provisions of th is Act
Provided further that a trust shall be and remain an
offshore trust notwi thstanding that a person or persons resident in
Malta may benefit thereunder together with other persons as
me mbers of a class that arc beneficiaries o f a chari table trust.
(3) For the purposes of this section , where a trust is created
by a will, the time at which the trust is created shall be the time at which
thewilJismade.
(4) Trusts which arise as provided by this Act shall also be
recogn ised and enforced as such by the courts in Malta.
An offs hore trust shall not be valid unless it is created hy a
7. (1)
offs""'" 1rn .... will or other written instrument
Provided that a unilateral declaration of trust shall have the
same effect as a written instrument.
(2) A unilateral declaration of trust is a declaration in writing
made by a nominee company stating that it is the trustee of an offshore
trust , giving the name of the trust and containing all the tenns of the trust
as well as the names or the information enabling the identification of all
the beneficiaries.
(3) A unilateral declaration of trust need not contain the
name of the settlor, but in such a case the declaration shall contain a
statement by the nominee oompany that the settlor is a qualified person
on the date o f the dedaration.
8. The trust instrument of an offshore trust shall include the name
by which the trust is to be known and registered; and such name shall,
unless the Court exceptionally and for good reason authorises a change .
remain unchanged untiltbc te nnination of the trust.
9. (1) A person shall not be entitled 10 claim unde r an offshore
trust unless he is-
(a)
identifiable by name . or
(b) ascertainable by reference to a class or to a relationship 10
some person. whethe r or not living at the time which under th e
terms of the trust is the lime by reference to which members of a
class are to be determined;
and if there are no beneficiaries identifiable or ascertainable as
aforesaid the trust shall . unless the purpose of the trust is a charitable
purpose. be null.
(2)
A settlor of a trust may be also a beneficiary under the
trust.
(3) Th e term s o f the trust may provide for the add ition of a
person as a beneficiary. the exclusion of a beneficiary from benefit. or
the imposition on a beneficiary of an obligation as a condition for
benefit.
(4) A beneficiary may disclaim his whole interest; and such a
disclaimer shall be irrevocable.
(5) Subject to the terms of the trust , a beneficiary may
disclaim part of his interest. whether or not he has received some benefit
from his interest; in any such case. bUl subject to the terms of the trust. a
disclaimer may , by the instrum ent by which the interest is disclaimed, be
made revocable. and shall then be capable of revocation in the manner
and under the circumstances therein mentioned or referred to.
(6) The interest of a beneficiary under a trust shall constitute
movable property. even if the trust property includes immovable
property.
(7) Subject to the terms of the truSI , a beneficiary may , by
instrument in writing, sell. charge. lraflSfer or oth erwise deal with his
interest in any manner.
10, Subject to the terms of the trust the trustee of an offshore trust
may accept from any person qualified to be a settlor any property to be
added to the trust property . other than immovable property situate in
M31ta.
An offshore trust shall be invalid and unenforccble in ltwo1><61yof
11 .
(I)
Malta _
(a) if it requires. purports or encourages the doing o f any act
which is a criminal offence under thc 11IwsofMalta orwould besuch
offence if done in Maim;
(b) if it has income accruing to, or derived by it, which
originates from an ope ration. transaction or other activity which is a
criminal offence under the laws of Malta or which, if carried OUI in
Malta, would besuch an offence, or comprises propeny the receipt .
ownership or control of which is or would be such an offence a5
aforesaid.
(2) A trust shall also be invalid and unenforceable if the
Cou rt declares that the object fOT wllich it was created has failed or that
the te nns of the trust are such that its performance is not possible.
(3) Where a trust is created for two or more purposes, any
onc or more of which render it invalid and others do not -
(a) if the purpose cannot be properly separated, the trust
shall be invalid;
if the purposes can be properly separated. the trust shall
(b)
be valid with respect 10 the purpose or purposes which do not
effect its validity if the Court so delennine5 and 10 the e ~tenl and
under oonditiollS indicated by the Court.
(4) Where the trustee of an offshore trust is of the opinion
that the trust isor may be wholly or in part invalid he shall seck directives
from the Co urt as to the validity or otherwise of the trust and a~ to any
matter concerning the property subject to that trust and his obligatio ns
in relation thereto,
(5) Directives as provided in su bsection (4) of this seetion
may also be requested by the settlor. and by anyof the beneficiaries.
(luratiolloltru5l..
12. (1) A trust may continue until th eone·hundreth anniversary
of the date on which it came into existence and, unless sooner
terminated, shall then terminate.
(2) Sub~tion (1) of this section shall not apply to a trust for
a chari table purpose.
13. If there is only one bene liciary, or it there is unanimous
• • tiDJUi>hmentol agreement amongst alt the beneficiaries of the trust , an offshore trust
may be arrested . modified or extinguished by the said beneficiary or
beneficiaries without reference to the wishes of the settlor or the trustee.
and in any such case the trustee shall act accordingly
Provided that no such arrest. modification or extinguishment shall
have effect -
(a) if the settlor is still alive. without his express consent In
writing;
(b) where the trust is created by a unilateral declaration o f
trust. without the expressoonsent in writing of the trustee.
""n,.
14. Where the terms of a trust provide for the variation of its
terms such power to vary shall be without prejudice to the power vested
by this Act in the Court for the variations of the terms of a trust.
15. (1) Where a trust OT a po" .. er exercisable under a trust is, by
the terms thereof, expressed 10 bc -
(a)
revocable, whether wholly or in part; or
(b)
capable of variation.
no such revocation or variation shall prejudice anything lawfully
done by a trustee in relation to a trust before he receives notice of
such revocation or variation.
0) Subject to the terms of Ihe trust, if a trust is revoked the
trustee shall hold the trust property in trust for the settlor absolutely.
(3) Where a trust ~ partl y revoked subsection (2) of Ihis
section shall apply to the property affected by the revocation.
16. (1) Subject to the terms of a trust and to any order of the
Court. where -
(a)
an interest under a trust lapses; or
(b) a trust terminates; or
(c) there is no beneficiary and no person wile> can become a
beneficiary in 3CC()rdance with the term s of the trust,
the interest of the property affected by such lapse, termination orlack of
beneficiary shall be held by the trustee in trust for the settlor absolutely
or, if he is dead, for his heirs.
(2) Where an interest or property ;s held by a trustee for a
Charitable purpose which has ceased 10 e~isl or is no longe r applicable,
that interest or property shall be held for such charitable purposes as the
Court may declare to be consistent with the original intentioo of the
senior, or as the Court may otherwise determine.
(3) In this section "settlor" means the particular person who
provided the interest or property affected as mentioned in sub~tion (\)
of this section.
(4) An application to the Court under this section may be
made by any of the perwns mentioned in subsection (3) of section 37 of
this Act.
17, (I) On the termination of a trust the trust prope rty sball be
distributed by the trustee within a reasonable time in acoordance with
the terms of the trust to the perwns entitled thereto.
(2) Nothwithstanding the provisions of subsection (\) of this
section. the trustee may retain sufficient assets to make reasonable
provision for liabititcs.
(3) The Court may, on the termination of a tru ~t , or al any
other time -
(a) require the trustee to distribute trust properly;
(b) direct the trustee not to distribute trust property; or
(c)
make such. ot her order as il lhinks fil.
In this section "liabili{ies~ includes contingent liabilities.
(4)
(5) An application to the Court under this section may be
made by any of the persons mentioned in subsection (3) of section 37 of
Ihis Act.
TrU!iIUS
18. (1) Trustees are appointed by, or as provided in, the trust
instrument, and in such. number as may be so provided.
(2) Only a nominee company authorised to ael as trustee
unde r section 47 of this Act may be the sole trustee of a trust under this
Act; and where the truslees are more than one. oneofsuch. trustees shall
be a nominee company as aforesaid.
(3) Where there is no trustee orthere is a vacancy among the
trustees which cannot otherwise be fined the last former trustee or any
trustee, o r any beneficiary or the Attorney General may apply to the
Court for the appointment of a new trustee.
(4) The Court -
(a) upon being satisfied that an application made by a
beneficiary has been served on the last fonner trustee oron at least
one of the other trustees, if any; and
(b) having heard the representations made by the said
trustee or trustees, or by any beneficiary; and
(c) having ascertained that the trustee indicated for the
purpose in the applic~ tion or otherwise intended for appointment
as the new trustee is willing to act ,
may make an order appointing a new trustee.
(5) Subject to the terms of the trust , a trustee appointed as a
new trustee under this sect ion shall have the same powers, discretions
and duties as if he had originally been appointed trustee.
(6) On the appointment of a new trustee anyt hing requisi te
for vesting the trust property in or under the control of the trustee for
the time being shall, and may be required by th e trustee or any
beneficiary, to be done.
Ill. (1) No one is obliged to accept appointment as trustee, but
if a nominee company appointed as trustee does a ny act or thing in
relation to the trust property consistent with the status of a trustee of
that property it shall be deemed to have accepted appointment as
trustee,
(2) A nominee company which has not accepted and is not
deemed to have accepted appoin tment as trustee may disclaim such
appoimment within a reasonable period of time after becoming aware
of it by notice in writing to the settlor or 10 the olher Imstees.
(3) If the settlor is dead or cannot be found and there are no
olher trustees , the trustee to which subsection (2) of this section applies
may apply to the Court for relief from the appointment and the Cou n
may make such orde r as it thi nks fil.
20. (I) Subject \0 the provisions of subsection (2) of this
section , a trustee may resign office by notice in writing delivered to the
Authority and to the settlor or. in the absence oflhe setllor. 10 at least
one beneficiary; and the resignation shall tak e effect on the delivery of
lite aforesaid notices.
(2)
A resignation-
(a)
given in order to facilitate a breach of trust; or
(b) which would result in there being no trustee, shall have
no effect
Provided that a trustee may resign office notwithstanding Ihe
provisions of paragraph (b) of this subsection, if, before the
resignation takes effect, application is made to the Court for the
appointment of a ne w trustee and a new trustee has been so
appoimed.
(3)
A trostee shall cease to bea trustee immediately upon-
(a)
the removal of the trustee by the Court ; or
(b) The coming into effect of a provision in the terms of a
trust under which the trustee is removed from office or otherwise
ceases 10 hold office ; o r
(c) steps are taken for the winding up of the nominee
company acting as trustee.
(4) A trustee ceasing to be a trustee shall concur in executing
all documents necessary for tne vesting of the trust prope rty in or under
the control of the new trustee and sueh obligation o f the person ceasmg
to be a trustce shall be capable of10rced execution by the Court.
21. (I) Trustees shall in the execution of the ir duties and the tMieoolw... ...
exercise of their powers and discretions act with the prudence , diligence
and attention of a bonus paterfamilias and obsen-e the utmost good
faith .
(2) Subject to th e provisions of this Act , trostees shall carry
out and administer the trost according to its terms; and, subject as
aforesaid, the trostees shall -
(a) ensure thm the trust property is vested in them or is under
their control;
(b) so far as reasonable preserve and enhance the value of
the trust property.
(3) Except as perm itted by th is Act or as e ~pressly provided
by the termsofthe trust. a trustee shall 1101. without the AUlhorityofthe
Court -
(a) directly or indirectly profit from the trusteeship; or
(b) cause or permit any other person to profit directly o r
ind irect ly from the trusteeship; or
(c) on.his own account enter into any transaction relating to
the trust property which may resull in such profit.
(4) T rustees shall k.eep accurate accounts and records of
their trusteeship and shall render an account ofsuch trusteeship:-
(a)
as required by the terms of th e trust;
(b) on an order by the Court given on an application by the
settlor or any of the beneficiaries.
(5) Trustees shall keep trust property distinct and separate
from their own property as well as from any other property held by them
under any other trust or title, and separately indentifiable therefrom ,
22. Where the trustees are more than one they shall. subject to
Ihe teons of the trust and except as otherwise provided therein -
(a) act jointly in the pe rfoonance of thei r duties and the
exercise of their powers. unless in urgent cases it is not possible for
anyone o r more of them so to act;
(b) not exercise any powe r or discretion unless all the
trustees are in agreement;
and where the terms of the trust empowers the trustees to act by a major-
ity, a trustee who dissents from a decision of the majo rity. shall cause his
dissent 10 be recorded in writing
Provided that, notwiths13nding anything contained in the
terms of the trust, no act of the trustees, and no decision, power or dis-
cretion. done. taken or exercised by them shall be valid or have effect
unless it is done. taken or exercised jointly with. or with the agreement
of. a nominee company acting as one of the trustees of the trUSt.
23. Wh ere the trust provides for more than one beneficiary, or
more than one charitable purpose or for at least one beneficiary and at
least one charitahle purpose, trustees shall be impartial and shall not
execute the trust for the advantage of one and to the delriment or at the
expense of anothe r, except to the extent that they are so authorised or
required by the ICons of the trust.
24. (1) Subject 10 the terms ofllle trust and to the provisions of
this Act, a trustee shall, in relation 10 the trust property, have all the
powers of a natural person baving the absolut e title to such property.
(2) A trustee shall e:o:crcise hi!; powers in the in/erest of the
beneficiaries and in accordance with the terms of the trust.
(3) Where the terms of a trust require the trustee to obtain
the consent of some o ther person before c:<ercising a power or
discretion, the person who so consents shall not by virtue of so doing be
deemed to be a trustee.
25. (I) A trustee may not delegate his powers unless permitted
10 do so by this Act, o r by the terms of the trust. or by Ihe Court .
(2) Except where the terms of the trust specifically provide
to the contrary. a trustee -
(a) may delegate management of trust property 10 and
employ investment managers whom the trustee reasonably
considers competen t and qualified to manage the investment of
trust property;
(b) may employ accountants, advocates, attorneys, bankers,
brokeT5, custodians, investment advise T5, nominees, property
agents, solicitors and other professional agents o r perso ns to act in
relation to any of the affairs of the trust or to hold any of the trust
property,
(3) A trustee who in good faith and without neglect makes a
delegation or an appointment in accordance with the provisions of this
section, shall not be liable for any loss arising tothe trust in consequence
thereof.
(4) A trustee may authorise a person referred to in
subsection (2) of this section to retain any commission orother payment
usually payable in relation to any transaction.
u. (1) Wh ere the tenos of the trust direct o r authorise the • Accumulation
accumulation for a period of all or part of the income of the trust, the
trustee shall distribute the income of the trust which is not accumulated
as required o r authorised by the terms of the trust.
(2) Subject to the tenos of the trust, and subject to any prior
interest or charges affecting the trust property. where a beneficiary is a
minor and whether or not his inte rest is a vested interest or an interest
which will become vested o n attaining the age of majority or a late r age
or uJXIn the happening o f any event , the trustee may -
(a) accumulate the income attributable to the interest of
such beneficiary pe nding the attainment of the age of majority or
such later age or the happening o f such an event; or
(b) apply such income or part o f it toor fOfthe maintenance,
education o r o the r benefit of such beneficiary; or
(c) advance or appropriate 10 o r for the benefit of any such
beneficiary such interest o r part of such interest.
(3) The receipt given by a parent or the lawful guardian of a
beneficiary who is a minor shall he sufficient discharge to the trustee for
a paymen t made under subsection (2) of th is section.
(4) Subject to the te rmsof the trust. and subject 10 any prior
interest or charges affecting the trust property, the trustee may advance
10, or apply for the benefit of, a beneficiary part 01 the trust property
prioT to the dale of the happening of the event upon the happening of
which. the beneficiary becomes enti tled absolute ly there to.
(5) Subject to the terms of the trust, a trustee may
appropriate trust property in or towards the satisfaction of the interest
of a beneficiary in such. manner and in accordance wit h such vHluation as
the trustee may think fit.
(6) Any p;!rt of the trust property advanced, applied or
appropriated as aforesaid shall be brought into account in determining
from time 10 time the share of the beneficiary in the trust property.
(7) No part of the trust property advancea. applied or
appropriated as provided in this section shall exceed the presumptive,
contingent or vested share of the beneficiary in the trust property.
27. Where the terms of the trust confer on the trustee o r on any
other person power to appoin t or assign all o r any part of the trust
property or any interest in the trust property to. or to trustees for the
benefit of any person, such power shall, subject to the terms of the trust ,
have effect whether or not such person was a beneficiary of the trust
immediately prior to such appointme nt o r assignment.
28. (1) Unless authorised by the terms of the trust. or by the
consent in writing of all the be neficiaries or by any order of the Court, a
trustee shall not be entitled to remuneration for services rendered.
(2) A trustee may reimbu rse himself or payout of the trust
all expenses properly incurred by him in connection with the trust.
29. (I) Subject to the te rms of th e trust and to any order of the
Court given for special reasons, a trUSTee or any othe r person shall not
be required to disclose to any person any document or information
which -
(a) discioses the trustee's deliberations as to the manner in
which a power or discretion was exercised. or a duly conferred or
imposed by law or by the terms of the trust was performed
(b) discloses the reaso n for any particular exercise of such
power or discretion or performance of ducy or the material upon
which sueh reason will be or might have been based;
(c) relates to the exercise or proposed exercise of such power
or discretion or the performance or proposed performance of such
duty;
(d)
relates 10 or forms pan of th e accounts of the trust
Provided that where the request is for the disclosure of any
document or information relating 100r forming part of the accounts
of the trust and is made by a beneficiary under the trust or. in the
case of a charity, by a charity referred to by name in th", trust
inst rument as a beneficiary under the trust, th", trustee shall be
obliged to disclose the document or othe r information requested.
(2) Save as is required. permitted or otherwise provided by
this Act, or by the terms of the trust or as may be necessary for the
purposes of the trust, and notwithstanding the provisions of any other
Jaw-
(a) every trllStee and every other person shall at all tim es
regard and deal with all documents and information rdating to a
trust as secret and confidential;
(h) no trustee or other person shall at any time be required to
produce 10 or before any court, tribunal , board, committee of
inquiry or any other authority or to divulge to any such authority
any matter or thing coming to his notice or being in his possession
for any reason whatsoever, where such maller or thing re lates to a
trust.
(3) Any trustee or other person who, except as is required.
permitted or otherwise provided by this Act, or by the terms of the trust,
at any time communicates or atlempts 10 communicate any matter or
thing rdating to a trust to any person whatsoever -
(a) shall be guilty of an offenre and shall be liable on
conviction to a fine (multa) of not less than one thousand and not
more than five thousand liri , or to imprisonment for a term not
exceeding two years , or to both such fine and imprisonment; or
(b) shall pay into the trust a penalty of not less than three
hundred and not more than ten thousand liri, or such higher
amount if the damages sustained exceed that sum , as the oourt
convicting such person as aforesa id may det ermine and order; such
sum bei ng recoverable as a civil de bt, the order of the court be ing
an executive title hy virt ue of this subsection for the purposes of
such recove ry.
30. (1) A trust ee committing or concurring in a breach of trust
shall without prejudice to any other liability be liable for -
(a) the loss of depreciation in value of th e trllSt propeny
resulting from the breach;
(b) the profit, if any, which would have au:rued to the trust if
there had been no such breach.
(2) A trustee may not set off a gain from a breach of trust
against a loss from the same or some other breach of trust.
(3) A trustee shall not be liable for a breach of trust
commi tted prior to his appoin tment. if such breach of trust was
committed by some o ther person. It Shall, howeve r, be the duty of the
trustee on hecoming aware of it to take all reasonable steps to have
such breach remedied.
(4) A trustee shall nOI be liable for breach of trust committed
by a co-trustee unless-
(a) he becomes aware or ought to have become aware of the
commission of such breach or the intention of the co-trustee \0
commit a breach of trust; and
(b) he activcl y conceals suc h breach. Or such. intention or fails
within a reasonable lime 10 take proper steps to protect or restore
the trust property o r preven t such breach..
(5)
Subject to the terms of the trust, a trustee shall not be
liable -
(a )
for the default of a co-trustee unless he -
(i)
concurs in the defaul t of that trustee; or
(ii)
fails to tak e reasonable care \0 prevent i1;
(b)
fOT any loss to the trust property. unless such loss is due
'0-
(i)
his wilful default, act or concurrence; or
(ii) his neglect or failure 10 e xercise reasonable care 10
preve nt slIch loss.
(6) Where two or more trustees are liable in respect of a
breach of trust, their liability shall be joint and seve ral.
(7) A beneficiary may , in respect of a liability to him fo r a
breach of trust already committed, relieve a trustee of, or indemnify him
agaill5t , such liability, but only if the beneficiary-
(a)
has legal capacity; and
(b)
has full knowledge of all material facts : a nd
(c) has not been improperly induced by the trustee to give
the relief or indemni ty.
(8) The Court ma y relieve the trustee eitherwhollyor in part
(rom liabil ity for a breach of trust where it is satisfied that the trustee has
acted honestly and reaso nably and o ught in fairn ess to be e:\cused in the
circumstances.
31. (1) A trustee acting for the purposes of more than one trust
shall not, in the absence of fraud , bc affceted by notice of any
instru men t, matter. f~ct or thing in relation to any particular trust if the
tru stee has obtained notice of it by reason of acting or having ~cted for
the purposes of another trust.
(2) A trustee of a trust sh~1I disclose to any co-trustee any
interest whielt Ite has as trustee o f another trust if any tra nsaction in
rela tiO ll to the first mentioned trust is to be entered 1Oto with the trustee
of such other trust.
32. (I) Whcre in a ny tra nsaction or matter affecting a trust a
trustee informs a third party that he is acting as trustee , a claim by suclt
tltird party in relation th ereto shall extend only to tlte trust property.
(2) Where in any such transaction or matter a tlUstee fails to
infnnn a third party that he is acting as trustee , the trustee -
(a) shall be personally liable to such third party in respect
thereof; and
(b) shall have a right of recourse to the trust property byway
of indemnity against such liability, unless the trustee acted in
breacll of trust.
(3) In this section "third party~ means any person not being a
senior, a trustee or a beneficiary of the trust.
33. (I) Subject to the provisions of subsection (2) of Ihis eon.tN<livc
section, where a person (in this section referred to as a "constructive '''' .....
trustee") makes or receives any profit. gain or advantage from a breach
of trust he shall be deemed to be a trustee of that profit . gain or
advantage; and the beneficiary of such [rust Shall be deemed [0 be the
trust. or the beneficia ry. or other pe rson. 10 the detriment of whom
or at the expen se of whom the profit. gain o r advantage was made.
(2) Subsection (I) of this section shall not apply to a perwn
acquiring property under an onerous title in good faith .
(3) A person who is or becomes a contructive trustee shall
deliver up the property 10 or in favour of the beneficiaries thereof.
34. (1) A truslee who resigns or is re moved or otherwise ceases
to be a trustee shall duly surre nder trust property in his possessio n or
control.
(2) A trustee who resigns or is removed or otherwise ceases
to be a trustee and has complied with the req uirements of subsection (1)
of this section shall be released from liability to any beneficiary , trustee
or person interested under the trust for any act or omission in relation to
the trust property or his dUly as a trustce, except in respect of actions
arising from breach of trust to which such trustee was a party or to which
he was privy.
(3) A trustee who resigns or is removed or otherwise ceases
to be a trustee shall continue to be liable to any beneficiary, trustee or
person interested under the trust for Ihe recovery from such trustee of
trust property or the proceeds of trust property in the possession of the
trustee o r convened to Ihe trustee's own use or nOI surrendered as
required by subsection (1) of this section.
(4) An~ provisions in the terms of the trust purporting to
indemnify the trustee to an extent greater than is provided in this section
shall be invalid.
Miscellaneous Provisions Regarding Trusts
35. (1) Subject to the terms of the trust. the following rules shall
apply where a trllSL or an interest under a trust. is in fa.'ouroi a class of
pcrsons -
(a) a class closes when it is no longer possible for any other
person to become a member of a class;
(b) a woman who is o,'c r the age of fifty-five years shall be
deemed to be no longer capable of bearing a child
(c) where any class interest relates to income and for any
period there is no member of the daM; i ll exi stence , the income shall
be accumulated and, su bject \0 section 12 of this Act. shall be
retained until there is a member of the class in existe nce or the class
closes.
(2) In this sect ion "class interest" means a trust or an interest
under a trust which is in favour of a class of persons.
36. (t) Subject to the provisions of subsection (2)oft his~ction.
the Court may. if it thinks fit. by orde r approve on behalf of ~
(a) any person incapacitated at law Ilaving directly or
indirectly, an interest. whether vested o r contingent. under the
trust; or
(b) any person. whether ascertained or not. who may
become entitled. directly or ind irectly, 10 an interest under the trust
as being at a future date or on the happening of a future event a
person o f any specified description or a member of any specified
class of persons; or
(c)
any perl;(>fl unbom;or
(d) any person in respect of any in terest of his that may arise
to him by reaso n of any discre tionary power given to anyone on the
failure or determination of any existing interest tllat has not failed
or determined,
any arra ngt:ment. by whom5OCver proposed and whether or not there is
any utller person beneficially interested who is capable of assenting
thereto. varyi ng or revoking all or any of the terms of the trust or
enlarging the powe~ofthe trustees of managing or administeringanyof
the trust property.
(2) The Court sha ll not approve an arrangement on bellalf of
any pl"'rson coming witllin paragnlphs (a). (b) or (c) of subsecti on ( I) of
this section. unlcss it is satisfied Ihal Ihe carrying out of such
arrangement appear.; to be for tile benefit of that person.
(3) Whe re in Ihe managemcnt or adminislration of a trust.
a ny sale, I\'ase, pledge. charge. surrender, release or other disposition,
or any purcllase. in"cstmcn!, acquisition, cxpcllditure or other
transaction is in the opinion of the Court expedient but the same cannot
be efft:cted by reason of the absence of any power for lhal purpose
vested in the trustee by the terms of the trust or hy law, the Court may
confer on the trustee, either generally or in any particular circumstance,
a !XlWCT for that purpose on such terms and subject to such provisions
and conditions. if any, as it thinks fit . and may direct in what manner and
from what property any money authorised to be expended. and the costs
of any transaction. are to be borne.
(4) An application 10 the Court under this section may be
made by the trustee or by any beneficiary.
37. (\) A trustee may apply to the Court for directives
concern ing the manner in which he mayor should act in connc.;tion with
any ma!lcr concerning thc trust; and the Court may make such order, if
any. as it thinks fit.
(2)
The Court may also. if it tllinks fit -
(a)
make an order concerning -
(i)
tile execution or the administration of any trust; or
(ii) tile trustee of any trust. includ ing an order relating
to the exercIse of any power, discretion or duty of tile trustce,
thc appointment or removal of a trustee , the rcmunerationofa
trustee. the submission of accounts, the conduct of the trustee
and any payments into court; or
(iii) any beneficiary of any
person
having any
connection with the trust;
(b)
make a declaration as to the validity or enforceability of a
trust;
lc) rescind or vary any order or declaration made under this
Act, or make any new or further order or declaration.
(3) An application 10 the Court for an order or declaration
under subsection (2) of this section may be made by the trustee or by any
beneficiary or by the Attorney General.
(4) Where the Court makes an order forthe appojntment ora
trustee it may impose such conditions as it thinks fit, including
conditions as to the vesting of trust property.
(5) Subject to any order of the Court, a trustee appointed by
the Court under this section shall have the same powers, discretions and
duties as if he had been originally appointed a trustee.
38. (I) In the exercise of its functions under this Act the Court
shall have all the powers o f the Civil Court. First Hall, and, without
prejudice to the generalityofthe aforesaid, any order or direction of the
Court may be carried imo execution as if il were ajudgement of the r.aid
First Hall and shall not be subject to be set aside by the said First Hall but
shall be subject to be appealed from as jf they were judgements of that
Hall.
(2) Without prejudice 10 any other power \0 the Court by
virtue of Ihe foregoing provisions of this section or of any other law,
where a trustee neglects or refuses topcrform anydutyortooomplywilh
any order of the Court, the Court may, on such terms and conditions it
may deem appropriate. order that the required action be executed,
made or done by such person as the Court may appoint for Ihe purpose,
at the COSt Dflhe trustee in de fault, or otherwise as IheCourt may direct
and anything so executed, made or done shall operate and have effect
for all purposes as if it had been executed, made or done by the trustee.
39. The COSIS and expenses of and incidental to an application 10
the Court under this Act shall be paid out of the trust property or be
borne and paid in such other manner or by such other per5()[1 as the
Court may order.
40. (1) A perwn acquiring trust property from a trustee in good
faith and unde r an onerous title acquires a good title thereto as ,fhe had
acquired it from the perwn having the absolute title thereto and shall
not be affected by the trusts on which the said property is held.
(2) No perwn paying or adv31lcing money 10 a trustee shall
be concerned to see that such money is required for the purposes of the
trust. or that no more than is required is raised, or otherwise as to the
propriety of the transaction or the application of the money.
4 1.
(1 )
An action brought against a trustee -
(a) in respect of any fraud to which the trustee was a pari)" or
to which he was privy; or
(b) for the recovery (rom the trustee of trust property in his
possession or control or previously received by the trustee and
converted to his use,
shall not be barred by prescription except by the lapse of thirty years.
(2) Without prejudice to the provisions of subsection (1) of
this section, no action may be brought against a trustee by a beneficiary
for breach o f trust after the lapse of three years -
(a) commencing from the date of the delivery of the final
accounts of the trust to the ben eficiary; or
(b) commencing from the date on which the beneficiary ficst
had knowledge of the occurence ofthc breach of trust.
whichever is the earlier date.
(3) Whe re the beneficiary is a mi nor the periods re fe rred to
in Ihis section shall not begin 10 run until the day on which the
beneficiary ceases to be a minor.
(4) The periods mentioned in this section shall be interrupted
if a judicial act or demand is filed in th e competent court and served on
the tru,tee belure the expiration of the >aid period.
42. (I) Where any person, being a director. officer or member of a
nominee company for the time being acting as a trustee of a trust, has
reason to believe that the said trust has property or has income accruing
\0 it o r derived by it and originating from a transaction, operation or
other activity which is a criminal offence under the laws of Malta or
which, had it been carried oul in Malta, would have been such an
offence. or ha5 received or compri5es or has in its possession or control
money or other propeny the receipt. ownership or control of which is or
would be an offence as aforesaid, it shall be the duty of such person to
bring the matter to the notice of the Authority.
(2) Any person who without reasonable e1<Cuse fails to
comply with the requirements of subsection (1) of this section shall be
guilty of an offence and shall be liable on conviction to a fi ne (m ulta) of
not less than two thousand and not more than ten tliousand liri or to a
term of imprisonmen t not e1<ceeding five years, or to both such fine and
imprisonment.
(3) A person convicted of an offence under this section shall
be ~rmanentJy disqua lified from bei ng an officer or member of a
nommee company.
(4) All moneys or property described in subsection (i) ofthis
section shall be forfeited in fa~our of the Government and become its
property absolutely.
Registration of Trusts
43. (1) Every offshore trust shall be registe red with the R.po .. ,ion 01
Authority and shall not have effect in Malta unless and until it is so ."
registered.
(2) it shall be the responsibility of the trustee to ascertain
that a trust is registered under this Act; and the trustee shall, moreover.
not later than onc month after every anniversary of the registration of
the trust. advise the Authority whether the trust is still in nistence and
whether or not he is the trustee thereof.
(3) Registration shall be effected by filing with the
Authority
(a) a certified copy of the trust instrument;
(b) a declara tion by the nominee company acting as trustee
of the trust that the trust satisfies the conditions of this Act in order
that it may be an offshore trust.
(4) The Authority. on being satisfied that all the
requirements prescribed by this Act for the existence of an offshore trust
concur and that the appropriate fee has been paid. shall register the trust
and issue a certificate of registration accordingly.
(5) Any subsequent change in the trust instrument shall
likewise be registe red with the Authority and shall not have effect in
Malta until it is so registered. Any sueh change ~h an be registered by the
trustee. irrespective of the o rigin of or the person making the change.
(6) The trustee shall likewise give notice to the Authority of
the termination of the trust, irrespective of the cause or reason of such
termination.
(7) At the request of the trustee of a trust , and o n adequate
proof being given to the satisfaction of the Authority, the Authority may
issue a certificate stating that, 10 the best of ilS know ledge, on the date of
Ihe certificate, the applicant was the trustee of the trust. A certificate
under this subsection shall be issued on the payment of a fee ofLmIS or
such higher amount as the Authority may from time to time detennine.
(8) The Authority shall keep a register of all trusts registered
with it under this section and shall e Dler therei n any change relative to
them notified to it and such other matters it may deem appropriate to
register.
(9) The fee payable for the registration of a trust shall be two
hundred li ri.
(10) A trust shall cease to be e nt itled to the e~emptions,
benefits or other privileges of an offshore trust if the tax due each year
under section 44. oflhis Act is not paid within three months from thcduc
P<scal and OIherexempliQn5
44. (\) The tax chargeable under the lnoome Ta~ Act. 1948. or
under any enaClment replaci llg that law on -
(a)
the inoome of any o ffshore trust ;
(b) any inoome of a bencficiary arising from any offshore
trust shall be two hundred liri for each year of assessment, an d sh all
be payable by the trust to the Authority on behalf of the
Commissioner of Inland Reven ue not later than the end of January
of each year following that of th e registration of the trus\,
(2) No duty shall be chargeable under the Death and
1973. Donation D uty Act , 1973. or under any enactment replacing that law-
(a)
in respect o f any asset held under an offshore trust;
(b) by any person in respect of his interest as a beneficiary
under an offshore trust.
(3) No duly shall be chargeable under the Duty on
1961. Documents Act. 1981, or under any enactment replacing that law, in
respect of any document concerning an offshore trust.
(4) Any property held under an offshore trust shall be
exempt from customs duty when imlX>rted into Malta
Provided that duty shall be payab le on any property imported
free of duty under this subsection if and wheo such property is sold,
assigned or otherwise transferred to any person resident in Malta.
45. The Exchange Control Act , 1972, and any enactment Em"plionfrom
replacing that law, shall not apply to any transaction or operation ucll""JCCOOIrQI.
concerning or relating to offshore trusts or any property held
thereunde r
Provided that the foregoing provisions of this section shall not
apply to transactions or operations carried out with persons reside nt in
Malta.
46. (I)
Where a declaration in the fono set out in the Schedule
to t his Act has been submitted to the Commissioner of Joland Revenue in tieuof
by a nominee company in respect of the trust of which it is a trustee.
neither the trust nor a trustee nor any other person having an interest in
the trust Shall be required to make or furnish any return. information or
other details that could be due or othef',lo'ise be lawfu!ly required to be
made or furnished for any purpose of the Income Tax Act. 1945. in
relation to t hat trust.
(2) Whe re property is by this Act e:<empt from duty payable
under the Death and Donation Duty Act , 1973, no return of the said
property sh all be required to be made under the said Act nor of the
relative chargeable transmission . if the transmission comprises no other
property: and where the transmission comprises other property the
return may be limited to the property liable to duty.
Nomine~ Compa"i~s
47. (I) A company formed for the purposes of acting as trustee
of offshore trusts or for such purpose and for the purpose of performing
Ihe functions of a nominee company with respect to offshore companies
as provided in the ACI. and satisfying. subjecl to the provisions of
subsection (3) of this section, all the conditions set out in subsection (2)
of section 42 of the Act and otherwise qualified to be granted a warrant
to function as a nominee company undcrsection 430fthe Act, shall also
qualify 10 be a nominee company for the purposes of this Act and the
provisions of the Act for the grant of a warrant 10 a nomi nee company
shall apply 10 such company as they apply to a nominee company under
th e Act.
(2) A nominee company may nOI function as lrustee. and
shall not be lreated as such for the purposes of this Act, unless it is in
possession of a warrant issued by the Authority . and currently in force,
authoriSing it to function as such for the purposes of this Act.
(3) All the provisions of Ihe Act relating to nominee
companies shall apply 10 a company which is granled a warrant 10
function as a nominee company faT the purposes of this Act, or for the
purposes of this ACI and of the Act. as the case may be, subje<;:t to such
modifications and adaptions as may be necessary 10 apply the aforesaid
provisions of the Act to J1()mince companies acting as trustees of
offshore trusts; and in pan icular, but without prejudice to the generality
of the aforesaid, references in the Act to the Act itself shall be construed
as references to this Act, refe rences to offshore companies shall be
construed as references to trust and references to duties as directors or
secretaries of offshore companies shall be construed as references to the
duties of trustees.
(4) The provisions of this subsection referred to in subsection
(I) of this section are -
(a) paragraph (b) of subsection (Z) of section 42 of the Act
shaH be construed as requiring the objects of the company 10 be
limi ted expressly to carrying out the functions of a trust~ of
offshore trusts, and to matters ancillary or incidental therelo. or 10
such functions and the functions of a nominee company with
respecl lo offshore companies;
(b) in the case of a company formcd exclusively to act as a
trustee of offshore trusts -
(i) Ihe percentage referred to in paragraph (e) of
subsection (2) of section 42 of the Act shall he sixly; and
(ii) the Authority may, in exceptional cases and for
special reasons, allow a person not resident in Malta to own or
hold all the shares in the company.
48. Without prejudice to the generality of the provisions of
subsection (Z) of sectio n 47 oflhis Act, no trust shall be registe red by the
throush ..,..,; ....
Authority cxcept through the agency of a nominee company authorised
to act as the trustee of offshore trusts and no person other than a
nominee company authorised as aforesaid may be appointed trustee of
an offshore trust.
General Provisions
49. (\ ) The Mi nister may, on the advice of the Authority. make
regulations or rules for the_ beller carrying OUI of ~ny. of the proVIsions .of
this Act, and may, In paMlcular. but WIthout prejud,ce to the generahty
of the foregoing. by any such regu lations or rules
(a) provide for the returns, statements. and notices to he
made or given for any of the purposes of this Act, and the form and
contents the reof;
(b) regulate the conduct, duties and other obligations of
nom inee companies, including the retum5, statements and other
in formation Ih ey are to submit to the Authority, and establish the
maximum amount which, notwithstanding any prOVIsion of this
Act . may be charged as fees by such companies;
(~) alter any f~established by any provision of this Act, and
amend any su~h provision accordingly to reflect changes in the.:ost
of living or in the value of currencies, and establish such other fees
as may be deemed appropriate in respe~t of any matter for which a
fee is not provided by this Act
Provided that no alteration of any fees shall have effect before
the expiration of one year from the publication of such alteration in
the Gazette;
(d) make rules of COllrt for any purpose of this Act and of
proceedings thereunder, providing by such rules for any matter
referred to in section 29 of the Code of Organisation and Civil
Procedure;
prescribe any matte r that mayor is to be prescribed.
(e)
t2) Regulations and rules made under any of the provisions
of this Act may be made in the English langu age only.
50. (1) The registration of an offshore trust under this Act shall
constitute a ~ontract between the Government and the trust
guaranteeing the rights and excmptions and other privileges due as
provided by this Act. suhject only to the due observance o f all thc
provisions of this Act.
(2) The guarantee given by subsection (1) of this section shall
apply also against retrospective action, whether by legislation or
otherwise. as would nullify any rights. exemplions or privileges so
guaranteed.
(3) The guarantee granted by subsection (I) of this section
,hall be for a J?Criod of ten years from the registration of IlIe offshore
trust.
51. (I) No proceedings for an offence under this Act shall be
commenced without the sanction of the Attorney Gen~ral.
(2) The provisions of this Act shall not affect any criminal
proceedings that may be competent under any other law.
(3) Where in respect of any offence against any of the
provisions of this Act , the Act or omission constituting Ihe offence can
be attributed direclly 10 a person or persons clearly identifiably. and
such pe rson or persons arc convicted of Ihal offence. the court shall not
be required to convict also any other person if it is satisfied that such
person had no part in the offence and that by reason of his behaviour or
other circumstances he deserves not 10 be convicted.
52. The provisions of the Act relating to the Authority and in Awlic;nion of
particular. but without prejudice to the generality of the aforesaid. the
provisions of section~4. 5. \0. 11 and 120f the Act. shall apply to and with of
respect to offshore trusts. and otherwise for the purposes of this Act, as
tney appty 10 and Wllh respect to ottshore companies and otherwise for
the pllTposeS of the Act. and shall so apply subject to such modifications
and adaptations as may be necessary for the purposes aforesaid.
A
51 4
SCHE D U L E
Sect ion 46
Declaration in lieu of Tax Return
In r e!lpocl Or;tO OfJsh~ TrUSl
Declaration by tire Tru.l'teeof un Offshore Trust in lieu of a Return of IlIcomealld Capital
Asset WIder Ihe Income Tax Act, 1948.
Year of Assessment
a nd
We ...... • . . . . . . .... . . . . . ... . .. .
two of the di rectors of .. . .. .
the nominee company acting as the trustee of . .... . . . . . .... .. . . .. . . .. . ... .
an offshore trust registered under the Offshore Trusts Act. 1988 (herein~fter referred to
as "the Act") do solemnly and sincerely declare that we have ascertained to the best of
our a bility that the said offshore trust satisfies all the conditions required by the Act in
order that it may remain an offshore trust and have the income referred to in subsection
(I) of section 44 of the Act not chargeab le 10 tax as provided in that seclio n, and that
accordingly
(a) the income of said lrust ~nd that of its beneficiaries arising from the said
~s
trust. are chargeable to income tax for the year o f assessment . . ....
provided in the section aforesaid
(b) the sell lor and the beneficiaries o f the truSt are qualified 10 be the settlor
and beneficiaries . respectively. in terms of the Act and the trust property doe s not
include any immovable propcny situated in Malt a
(c) the trust of which the said nominee company is the trustee does not stand
to lose any rights. exemptions and other privileges gran led by Ihe Act for any
reason whatsoever.
We ma ke this ded aration in fu ll kfM.)Wledge of the pe nalticsC$tablished by the Act
fo r incorrect or raise d~la ral ion.
Signature ...
.
Name in full
. ...... ................................ ... , ................. .
I.D. Card No .
Professio n
Add resses
Daled .... ........ ... ......... ........... .. .
Passed by the House of Rept"esc ntalives 81 Si lting No. 16 1 of the 7t h November,
1988. LAW RENCE GONZI
Speaker
P. M USCAT TERR16IL E
Clerk 10 tire House of Representa/ives
IW"bbhkat mid.o;.,.nim.nt .. 'J.!nformaujoni _ K,,,ilj. Puoruh<d by ,It<! IHp,mmm' of l~fQ.m",;a" - Ka"iij4
),t " bugll fi ·I".rnp<';j . .. 1_0...,," _ 1'd.Md., fIr< Go .... rnm<"' ""·"',ng 1'" "
p,.,., 14< _ /',ia 14<