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67-453: In British India the gubernatorial style was chief commissioner in various (not all) provinces (often after being an entity under a lower ranking official), the style being applied especially where an elected assembly did not exist, notably: On two occasions in the late 20th century, local elected government in the City of Melbourne was temporarily replaced by panels of commissioners headed by

134-440: A legal entity such as a company , but typically the trust itself is not a legal entity and any litigation involving the trust must include the trustee as a party. A trustee has many rights and responsibilities which vary based on the jurisdiction and trust instrument. If a trust lacks a trustee, a court may appoint one. The trustees administer the affairs attendant to the trust. The trust's affairs may include prudently investing

201-460: A 'chief commissioner' – as opposed to a 'commissioner'. The reason for this is, during Victoria's pre-federation history, there was more than one commissioner in the colony, one metropolitan and one for the goldfields, hence an additional degree of seniority was introduced. The office of chief commissioner has remained since. The island of Rodrigues which is part of the Republic of Mauritius has

268-659: A Trustee and or a Trust may be classified as a Foreign Financial Institution (FFI) requiring registration with the IRS and disclosure of results on a yearly basis. Under the Common Reporting Standard decree, a trust would in most cases classify as either a Reporting Financial Institution (FI) or a Passive Non-Financial Entity (Passive NFE). If the trust is an FI the trust or the trustee will have an obligation to report to its local tax authority in Cyprus in respects to

335-590: A chief commissioner since 12 October 2012 when the island was granted autonomy status. He/she is the head of the Rodrigues Regional Assembly. In India the post of chief commissioner is in Indian Revenue Service (IRS) i.e. Central Excise & Customs Department & Income Tax Department. Usually the chief commissioner is above 3 or 4 commissioners of C&CE or IT This job-, occupation-, or vocation-related article

402-467: A chief commissioner. Chief commissioner is also a rank used by Scouts Australia for the Adult Leader with operational control of Scouting in each State and Territory Branch. There is also a Chief Commissioner of Australia, a position which is more prestigious, although it carries less power. Also in the state of Victoria, the head of police force is, unlike all the other states and territories,

469-730: A chief commissioner: At the time of independence in 1947, British India had 17 provinces: Upon the Partition of India into the Dominion of India and Dominion of Pakistan , eleven provinces (Ajmer-Merwara-Kekri, Andaman and Nicobar Islands, Bihar, Bombay, Central Provinces and Berar, Coorg, Delhi, Madras, Panth-Piploda, Orissa, and the United Provinces) joined India, three (Baluchistan, North-West Frontier and Sindh) joined Pakistan, and three ( Punjab , Bengal and Assam ) were partitioned between India and Pakistan. In 1950, after

536-418: A duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise turn over all profits from the trust and neither endebt nor riskily speculate on the assets without the written, clear permission of all adult beneficiaries. There are strong restrictions regarding a trustee with a conflict of interest . Courts can reverse

603-432: A legislative power existed in such places. The same two kinds of management applied for districts. Thus Ganjam and Vizagapatam were non-regulation districts. Non-regulation provinces included: At the turn of the 20th century, British India consisted of eight provinces that were administered either by a governor or a lieutenant-governor. The following table lists their areas and populations (but does not include those of

670-407: A means to inherit substantial wealth may be associated with some negative connotations; some beneficiaries who are able to live comfortably from trust proceeds without having to work a job may be jokingly referred to as "trust fund babies" (regardless of age) or "trustafarians". Common purposes for trusts include: Trusts go by many different names, depending on the characteristics or the purpose of

737-642: A quarter of the population of the British Raj and two fifths of its land area, with the provinces comprising the remainders. In 1608, the Mughal Emperor Farrukhsiyar issued a royal farman to the East India Company to establish a small trading settlement at Surat (now in the state of Gujarat ), and this became the company's first headquarters town. It was followed in 1611 by a permanent factory at Machilipatnam on

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804-465: A similar, Roman-law-based device to its own law with the fiducie , amended in 2009; the fiducie , unlike a trust, is a contractual relationship. Trusts are widely used internationally, especially in countries within the English law sphere of influence, and whilst most civil law jurisdictions do not generally contain the concept of a trust within their legal systems, they do recognise the concept under

871-484: A small part of Burma, and by 1886, almost two thirds of Burma had been made part of British India. This arrangement lasted until 1937, when Burma was reorganized as a separate British colony. British India did not apply to other countries in the region, such as Sri Lanka (then Ceylon ), which was a British Crown colony , or the Maldive Islands , which were a British protectorate . At its greatest extent, in

938-532: A trust is created include: In some jurisdictions, certain types of assets may not be the subject of a trust without a written document. The formalities required of a trust depend on the type of trust in question. Generally, a private express trust requires three elements to be certain, which together are known as the "three certainties". These elements were determined in Knight v Knight to be intention, subject matter and objects. The certainty of intention allows

1005-414: A trust to be validly constituted it must be presented to the commissioner of stamp duty and a one-time payment of Euro 430 is made. The commissioner does not keep a copy of the document. The regulation of the industry providing company and trust management functions (ASP) has also brought about the requirement to disclose to the regulator the existence of a Cyprus International Trust. Such obligation burdens

1072-424: A trust. The uses of trusts are many and varied, for both personal and commercial reasons, and trusts may provide benefits in estate planning , asset protection , and taxes . Living trusts may be created during a person's life (through the drafting of a trust instrument ) or after death in a will . In a relevant sense, a trust can be viewed as a generic form of a corporation where the settlors (investors) are also

1139-551: A trustee and a lifetime beneficiary while naming other contingent beneficiaries. Trusts have existed since Roman times and become one of the most important innovations in property law . Specific aspects of trust law vary in different jurisdictions. Some U.S. states are adapting the Uniform Trust Code to codify and harmonize their trust laws, but state-specific variations still remain. An owner placing property into trust turns over part of their bundle of rights to

1206-465: A trustee could be liable if assets are not properly invested. In addition, a trustee may be liable to its beneficiaries even where the trust has made a profit but consent has not been given. However, in the United States, similar to directors and officers, an exculpatory clause may minimize liability; although this was previously held to be against public policy, this position has changed. In

1273-456: A trustee's actions, order profits returned, and impose other sanctions if they find a trustee has failed in their duties. Such a failure is a civil breach of trust and can leave a neglectful or dishonest trustee with severe liabilities. It is advisable for settlors and trustees to seek legal advice before entering into, or creating, a trust agreement and trustees must take care in acting or omitting to act to avoid unlawful mistakes. Roman law had

1340-519: A well-developed concept of the trust ( fideicommissum ) in terms of "testamentary trusts" created by wills but never developed the concept of the inter vivos (living) trusts which apply while the creator lives. This was created by later common law jurisdictions. Personal trust law developed in England at the time of the Crusades , during the 12th and 13th centuries. In medieval English trust law,

1407-526: Is a stub . You can help Misplaced Pages by expanding it . British India The provinces of India , earlier presidencies of British India and still earlier, presidency towns , were the administrative divisions of British governance on the Indian subcontinent . Collectively, they have been called British India . In one form or another, they existed between 1612 and 1947, conventionally divided into three historical periods: "British India" did not include

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1474-473: Is a legal relationship in which the owner of property , or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law , the party who entrusts the property is known as the " settlor ", the party to whom it is entrusted is known as the " trustee ", the party for whose benefit the property is entrusted is known as the " beneficiary ", and

1541-493: Is based on common law principles however the Cyprus International Trusts Law of 2012 introduces certain conditions and requirements to for the trust to qualify under the same law. These conditions are: In addition to above the common law principles of certainty must be present. The Cyprus International Trust Law of 2012 also introduces certain settlor powers which if exercised will not invalidate

1608-463: Is one created by a court of equity because of acts or situations of the parties. Implied trusts are divided into two categories: resulting and constructive. A resulting trust is implied by the law to work out the presumed intentions of the parties, but it does not take into consideration their expressed intent. A constructive trust is a trust implied by law to work out justice between the parties, regardless of their intentions. Common ways in which

1675-671: The Battle of Buxar , the Company obtained the Diwani of Bengal, which included the right to administer and collect land-revenue (land tax) in Bengal , the region of present-day Bangladesh, West Bengal, Jharkhand and Bihar beginning from 1772 as per the treaty signed in 1765. By 1773, the Company obtained the Nizāmat of Bengal (the "exercise of criminal jurisdiction") and thereby full sovereignty of

1742-599: The Bengal Presidency established in 1765—and the abolition of local rule (Nizamat) in Bengal in 1793, the company gradually began to formally expand its territories across India . By the mid-19th century, and after the three Anglo-Maratha Wars and the four Anglo-Mysore Wars , the East India Company had become the paramount political and military power in south Asia, its territory held in trust for

1809-748: The British Crown . Company rule in Bengal (after 1793) was terminated by the Government of India Act 1858 , following the events of the Bengal Rebellion of 1857 . Henceforth known as British India, it was thereafter directly ruled as a colonial possession of the United Kingdom , and India was officially known after 1876 as the Indian Empire . India was divided into British India, regions that were directly administered by

1876-545: The Brussels regime (Europe) and the parties to the Hague Trust Convention . Tax avoidance concerns have historically been one of the reasons that European countries with a civil law system have been reluctant to adopt trusts. Cyprus legislators enacted the Cyprus International Trusts Law of 2012 with an aim to facilitate the establishment of trusts by non-Cypriot residents. The Cyprus International Trust

1943-622: The Commonwealth or the United States , the impact of trust law has been wide and varied. Even under common law systems, the basic notion of a trust has been implemented in strikingly different ways. Trust law in civil law jurisdictions , generally including Continental Europe only exists in a limited number of jurisdictions (e.g. Curaçao, Liechtenstein and Sint Maarten ). The trust may however be recognized as an instrument of foreign law in conflict of laws cases, for example within

2010-597: The Coromandel Coast , and in 1612 the company joined other already established European trading companies in Bengal in trade. However, the power of the Mughal Empire declined from 1707, first at the hands of the Marathas and later due to invasion from Persia (1739) and Afghanistan (1761); after the East India Company's victories at the Battle of Plassey (1757), and Battle of Buxar (1764)—both within

2077-472: The English legal system . Today, trusts play a significant role in most common law systems, and their success has led some civil law jurisdictions to incorporate trusts into their civil codes . In Curaçao , for example, the trust was enacted into law on 1 January 2012; however, the Curaçao Civil Code only allows express trusts constituted by notarial instrument . France has recently added

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2144-670: The Hague Convention on the Law Applicable to Trusts and on their Recognition (partly only the extent that they are parties thereto). The Hague Convention also regulates conflict of trusts . Although trusts are often associated with intrafamily wealth transfers, they have become very important in American capital markets, particularly through pension funds (in certain countries essentially always trusts) and mutual funds (often trusts). Property of any sort may be held in

2211-461: The British, with acts established and passed in the British parliament, and the princely states , ruled by local rulers of different ethnic backgrounds. These rulers were allowed a measure of internal autonomy in exchange for recognition of British suzerainty . British India constituted a significant portion of India both in area and population; in 1910, for example, it covered approximately 54% of

2278-585: The Cyprus Beneficial Ownership Register. Subject to this the following information will be required to be mandatory disclosed: The actual implementation of this law still remains to be seen however the requirements above are expressly extracted from The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007–2018. Under the Foreign Account Tax Compliance Act (FATCA)

2345-754: The Madras Presidency (or the Presidency of Fort St. George), the Bombay Presidency, and the Bengal Presidency (or the Presidency of Fort William)—each administered by a governor. After Robert Clive 's victory in the Battle of Plassey in 1757, the puppet government of a new Nawab of Bengal , was maintained by the East India Company. However, after the invasion of Bengal by the Nawab of Oudh in 1764 and his subsequent defeat in

2412-458: The US may be subject to federal and state taxation. The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement or deed . It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role. For example, in a living trust it is common for the grantor to be both

2479-424: The United States, the Uniform Trust Code provides for reasonable compensation and reimbursement for trustees subject to review by courts, although trustees may be unpaid. Commercial banks acting as trustees typically charge about 1% of assets under management. The beneficiaries are beneficial (or 'equitable') owners of the trust property. Either immediately or eventually, the beneficiaries will receive income from

2546-518: The area and included over 77% of the population. In addition, there were Portuguese and French exclaves in India. Independence from British rule was achieved in 1947 with the formation of two nations, the Dominions of India and Pakistan , the latter including East Bengal , present-day Bangladesh . The term British India also applied to Burma for a shorter time period: beginning in 1824,

2613-487: The assets of the trust, accounting for and reporting periodically to the beneficiaries, filing required tax returns and other duties. In some cases dependent upon the trust instrument, the trustees must make discretionary decisions as to whether beneficiaries should receive trust assets for their benefit. A trustee may be held personally liable for problems, although fiduciary liability insurance similar to directors and officers liability insurance can be purchased. For example,

2680-546: The beneficiaries. This is particularly evident in the Delaware business trust, which could theoretically, with the language in the " governing instrument ", be organized as a cooperative corporation or a limited liability corporation, although traditionally the Massachusetts business trust has been commonly used in the US. One of the most significant aspects of trusts is the ability to partition and shield assets from

2747-411: The claim of a returning Crusader. The legal owner would hold the land for the benefit of the original owner and would be compelled to convey it back to him when requested. The Crusader was the "beneficiary" and the acquaintance the "trustee". The term "use of land" was coined, and in time developed into what we now know as a trust . The trust is widely considered to be the most innovative contribution of

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2814-422: The company established its first factory at Hoogly in 1640. Almost a half-century later, after Mughal Emperor Aurengzeb forced the company out of Hooghly for its tax evasion, Job Charnock was tenant of three small villages, later renamed Calcutta , in 1686, making it the company's new headquarters. By the mid-18th century, the three principal trading settlements including factories and forts, were then called

2881-467: The court to ascertain a settlor's true reason for creating the trust. The certainties of subject matter and objects allow the court to administer trust when the trustees fail to do so. The court determines whether there is sufficient certainty by construing the words used in the trust instrument. These words are construed objectively in their "reasonable meaning", within the context of the entire instrument. Despite intention being integral to express trusts,

2948-410: The court will try not to let trusts fail for the lack of certainty. A trust may have multiple trustees, and these trustees are the legal owners of the trust's property, but have a fiduciary duty to beneficiaries and various duties, such as a duty of care and a duty to inform. If trustees do not adhere to these duties, they may be removed through a legal action. The trustee may be either a person or

3015-492: The defeat of Tipu Sultan in the Fourth Anglo-Mysore War more of his territory was annexed to the Madras Presidency. In 1801, Carnatic , which had been under the suzerainty of the company, began to be directly administered by it as a part of the Madras Presidency. By 1851, the East India Company's vast and growing holdings across the sub-continent were still grouped into just four main territories: By

3082-438: The dependent native states): During the partition of Bengal (1905–1912), a new lieutenant-governor's province of Eastern Bengal and Assam existed. In 1912, the partition was partially reversed, with the eastern and western halves of Bengal re-united and the province of Assam re-established; a new lieutenant-governor's province of Bihar and Orissa was also created. In addition, there were a few provinces that were administered by

3149-639: The early 20th century, the territory of British India extended as far as the frontiers of Persia in the west; Afghanistan in the northwest; Nepal in the north, Tibet in the northeast; and China, French Indochina and Siam in the east. It also included the Aden Province in the Arabian Peninsula . The East India Company , which was incorporated on 31 December 1600, established trade relations with Indian rulers in Masulipatam on

3216-698: The east coast in 1611 and Surat on the west coast in 1612. The company rented a small trading outpost in Madras in 1639. Bombay, which was ceded to the British Crown by Portugal as part of the wedding dowry of Catherine of Braganza in 1661, was in turn granted to the East India Company to be held in trust for the Crown. Meanwhile, in eastern India , after obtaining permission from the Mughal Emperor Shah Jahan to trade with Bengal,

3283-415: The entrusted property is known as the "corpus" or "trust property". A testamentary trust is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of

3350-749: The expanded Bengal Presidency . During the period, 1773 to 1785, very little changed; the only exceptions were the addition of the dominions of the Raja of Banares to the western boundary of the Bengal Presidency, and the addition of Salsette Island to the Bombay Presidency . Portions of the Kingdom of Mysore were annexed to the Madras Presidency after the Third Anglo-Mysore War ended in 1792. Next, in 1799, after

3417-421: The king, who would refer the matter to his Lord Chancellor . The Lord Chancellor could decide a case according to his conscience. At this time, the principle of equity was born in English law. However, the original notion of equity goes all the way back to Aristotle and is found in book V, chapter 10 of his Ethics. Indeed, the universities of the 13th century often wrote commentaries on Aristotle's works, and it

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3484-417: The many princely states which continued to be ruled by Indian princes, though by the 19th century under British suzerainty —their defence, foreign relations, and communications relinquished to British authority and their internal rule closely monitored. At the time of Indian Independence, in 1947 , there were officially 565 princely states, a few being very large although most were very small. They comprised

3551-434: The new Indian constitution was adopted, the provinces in India were replaced by redrawn states and union territories. Pakistan, however, retained its five provinces, one of which, East Bengal , was renamed East Pakistan in 1956 and became the independent nation of Bangladesh in 1971. Trust law Sections Contest Property disposition Common types Other types Governing doctrines A trust

3618-478: The settlor was known as the feoffor to uses, while the trustee was known as the feoffee to uses, and the beneficiary was known as the cestui que use, or cestui que trust . At the time, land ownership in England was based on the feudal system . When a landowner left England to fight in the Crusades, he conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on

3685-500: The time of the Indian Rebellion of 1857 , and the end of Company rule, the developments could be summarised as follows: The British Raj began with the idea of the presidencies as the centres of government. Until 1834, when a General Legislative Council was formed, each presidency under its governor and council was empowered to enact a code of so-called 'regulations' for its government. Therefore, any territory or province that

3752-416: The trust and or do not need to be inserted in the trust deed for the settlor to exercise them. The powers introduced are: Cyprus does not limit the duration of an international trust and it may be formed for an unspecified duration. In accordance with Section 7, a Cyprus International Trust may be formed for one or more of the following purposes: The law includes specific confidentiality obligations over

3819-660: The trust company and the information disclosed is the following: For the avoidance of any doubt, the regulator does not require particulars of the Settlor, the Beneficiaries and details of the trusts. Neither does the regulator store in any way the trust deed. On the contrary, they rely on the regulated entity to collect, store and update this information The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2018 introduced mandatory disclosure requirements in respects to trusts. Generally known as

3886-500: The trust property, in accepting title the trustee owes a number of fiduciary duties to the beneficiaries. The primary duties owed are those of loyalty , prudence and impartiality . Trustees may be held to a high standard of care in their dealings to enforce their behavior. To ensure beneficiaries receive their due, trustees are subject to ancillary duties in support of the primary duties, including openness , transparency , recordkeeping , accounting , and disclosure . A trustee has

3953-461: The trust property, or they will receive the property itself. The extent of a beneficiary's interest depends on the wording of the trust document. One beneficiary may be entitled to income (for example, interest from a bank account), whereas another may be entitled to the entirety of the trust property when they attain a specified age. The settlor has much discretion when creating the trust, subject to some limitations imposed by law. The use of trusts as

4020-410: The trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures. A court of competent jurisdiction can remove a trustee who breaches their duty. Some breaches can be charged and tried as criminal offenses. A trustee can be a natural person , business entity or public body . A trust in

4087-454: The trust. Because trusts often have multiple characteristics or purposes, a single trust might accurately be described in several ways. For example, a living trust is often an express trust, which is also a revocable trust, and might include an incentive trust, and so forth. While trusts originated in England, and therefore English trusts law has had a significant influence, particularly among common law legal systems such as those of

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4154-498: The trustee, multiple beneficiaries, and their respective creditors (particularly the trustee's creditors), making it " bankruptcy remote ", and leading to its use in pensions, mutual funds, and asset securitization as well protection of individual spendthrifts through the spendthrift trust . Trusts may be created by the expressed intentions of the settlor also known as the founder ( express trusts ) or they may be created by operation of law known as implied trusts. An implied trust

4221-420: The trustee, separating the property's legal ownership and control from its equitable ownership and benefits. This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated , or deceased. Testamentary trusts may be created in wills , defining how money and property will be handled for children or other beneficiaries. While the trustee is given legal title to

4288-421: The trustee, the protector, enforcer or any other person to keep information and details of the trust confidential. This right is waived in the instances that law requires the disclosure of such information or if a judge before which a case is tried in issues a judgment to such effect. Nevertheless, with the changing times, public disclosure of trusts is required in Cyprus. Such public disclosures are required: For

4355-461: The understanding that the ownership would be conveyed back on his return. However, Crusaders often encountered refusal to hand over the property upon their return. English common law did not recognize his claim. As far as the King's courts were concerned, the land belonged to the trustee, who was under no obligation to return it. The Crusader had no legal claim. The disgruntled Crusader would then petition

4422-482: Was added by conquest or treaty to a presidency came under the existing regulations of the corresponding presidency. However, in the case of provinces that were acquired but were not annexed to any of the three presidencies, their official staff could be provided as the governor-general pleased, and was not governed by the existing regulations of the Bengal, Madras, or Bombay presidencies. Such provinces became known as 'non-regulation provinces' and up to 1833 no provision for

4489-574: Was these universities that gave rise to the lawyers of the time. The Lord Chancellor would consider it "unconscionable" that the legal owner could go back on his word and deny the claims of the Crusader (the "true" owner). Therefore, he would find in favour of the returning Crusader. Over time, it became known that the Lord Chancellor's court (the Court of Chancery) would continually recognize

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