56-749: Scottish Swimming , also known as the Scottish Amateur Swimming Association (SASA), is the national governing body for swimming , diving , water polo and synchronised swimming in Scotland . The SASA and the English and Welsh swimming associations form British Swimming , which is responsible for British teams at the Olympics, and other events in which the United Kingdom sends a combined team. Founded in 1888,
112-440: 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
168-659: 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
224-571: A certain group, such as the Catholic or Jewish sports groups. General sports organizations and multi-sport events also exist for other groups such as the Invictus Games for military veterans. Professional sports leagues are usually the highest level of play in sport, specifically if they consist of the best players around the world in a certain sport. Because of this, they usually work with national or international federations, but there
280-499: A congress or general assembly of the international federation and is responsible for defining its sports policies. It consists of all of the national federations, each of which receives one vote. On the other hand, the executive branch, which is often referred to as the council or executive committee, consists of elected members by the legislative branch and is responsible for directing, managing, and representing their federation. Trusts are organizations or groups that have control over
336-418: 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
392-540: A group of similar sport disciplines, such as aquatics or skiing ) and administers its sport at the highest level. These federations work to create a common set of rules, promote their sport, and organize international competitions. International sports federations represent their sport at the Olympic level where applicable. About 30 international sport federations are located in Switzerland , with about 20 or so in
448-407: 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
504-584: A particular sport, as evident in the example of the Northern Ireland Federation of Sub-Aqua Clubs . Multi-sport event organizers are responsible for the organization of an event that includes more than one sport. The best-known example is the International Olympic Committee (IOC), the organizer of the modern Olympic Games . General sports organizations are responsible for sports-related topics, usually for
560-465: 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
616-631: A team in the minor leagues . This enables them to shuffle players who are not doing well to the minor leagues, which will inspire them to contribute more to the team by playing better. A 2014 study by the Institute for Human Rights and Business (IHRB) criticized major international sports governing bodies including the International Olympic Committee and FIFA for not having sufficient provisions for human and labor rights. Trust law Sections Contest Property disposition Common types Other types Governing doctrines A trust
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#1732786664587672-532: 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
728-414: 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
784-424: 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
840-551: 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
896-465: 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
952-456: 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
1008-531: A type of national federation, as they are responsible for a country's participation in the Olympic Games and in the Paralympic Games respectively. However, a national governing body (NGB) can be different from a national federation due to government recognition requirements. Also, national governing bodies can be a supraorganization representing a range of unrelated organizations operating in
1064-519: 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,
1120-402: Is a sports organization that has a regulatory or sanctioning function. Sports governing bodies come in various forms and have a variety of regulatory functions, including disciplinary action for rule infractions and deciding on rule changes in the sport that they govern. Governing bodies have different scopes. They may cover a range of sport at an internationally acceptable level, such as
1176-460: Is a stub . You can help Misplaced Pages by expanding it . This article related to sport in Scotland is a stub . You can help Misplaced Pages by expanding it . This swimming-related article is a stub . You can help Misplaced Pages by expanding it . This article about a water polo organization is a stub . You can help Misplaced Pages by expanding it . Sport governing body A sports governing body
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#17327866645871232-418: 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
1288-493: 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
1344-463: 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
1400-494: Is usually a separation between the different federations. Most North American professional leagues usually do not have amateur divisions, as the amateur divisions are mostly run in separate leagues. Also, most professional leagues are related to other leagues, as players usually attempt to play in the league with the highest level of play. Because of this, promotion and relegation can occur; or, in league systems without promotion and relegation, clubs in professional leagues can have
1456-545: 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
1512-622: 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
1568-472: 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
1624-670: 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
1680-564: The International Olympic Committee and the International Paralympic Committee , or only a single sport at a national level, such as the Rugby Football League . National bodies will largely have to be affiliated with international bodies for the same sport. The first international federations were formed at the end of the 19th century. Every sport has a different governing body that can define
1736-622: The Lausanne area, where the International Olympic Committee is located. International federations for sports that do not participate in the Olympic Games are managed by equivalent organizations to the International Olympic Committee , such as the SportAccord . International federations are typically organized with legislative and executive branches at the top. The legislative body is usually referred to as
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1792-585: 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)
1848-626: The SASA was incorporated as a limited company in 2003. It comprises four districts – North, Midlands, East and West and has 160 affiliated swimming clubs across the country. It is based on the campus of the University of Stirling . In 2009, British Swimming announced a £15 million, 6 year sponsorship deal with British Gas , to cover the Home Country Associations too. This article about an organisation in Scotland
1904-458: 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
1960-424: 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
2016-487: 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,
2072-546: 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
2128-411: 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
2184-467: 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,
2240-410: 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
2296-415: 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
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2352-421: 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
2408-477: The money that will be used to help someone else, such as the Youth Sport Trust . National governing bodies have the same objectives as those of an international federation, but within the scope of one country, or even part of a country, as the name implies. They support local clubs and are often responsible for national teams . National Olympic Committees and National Paralympic Committees are both
2464-478: 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
2520-416: 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
2576-660: 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
2632-500: 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
2688-461: 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
2744-410: 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
2800-454: 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
2856-498: 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
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#17327866645872912-420: 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
2968-421: 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
3024-461: 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
3080-399: The way that the sport operates through its affiliated clubs and societies. This is because sports have different levels of difficulty and skill, so they can try to organize the people playing their sport by ability and by age. The different types of sport governing bodies are all shown below: International sports federations are non-governmental non-profit organizations for a given sport (or
3136-574: 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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