Compulsory registration of domestic Trusts

(1) The settlor or trustee of a domestic trust, shall apply to the Registrar to enter the trust on the Domestic Trust Register within 14 days of the date of the creation of the trust. (2) An application for entry on the Domestic Trust Register shall contain the information required to be kept on the Register under section 63(2) and shall be accompanied by - (a) a certified copy of the instrument creating the trust, if any; and (b) a fee of two hundred dollars. (3) The Registrar shall, on receipt of an application for registration, the certified copy of the instrument creating the trust, if any, and the required fee– (a) enter on the Domestic Trust Register the name of the trust, name of the settlor or trustee, and any other information required under section 63; and (b) issue to the settlor or trustee a certificate of (4) Where a settlor, or the terms of a trust which has been registered are varied, the settlor or trustee shall, within 14 days of the date of such variation, send to the Registrar a notification of such variation together with the prescribed fee and the Registrar shall amend the entry on the Register accordingly, and issue an amended certificate of registration. (5) Where a trust which has been registered terminates, the settlor or trustee shall, within 45 days of the date of the termination, send to the Registrar a notification of such termination together with the certificate of registration and the Registrar shall then cancel the entry on the Register and the certificate of registration. 49 (6) The Registrar shall refuse to register a trust if– (a) the application contains information which is incomplete, incorrect, misleading or intended to deceive; (b) the application for registration is not in conformity with this Act; or (c) the Registrar determines that, having regard to the contemplated activities of the trust and the persons connected with the trust as disclosed in the application for registration, it would not be in the public interest that the trust should be registered as a domestic trust. (7) The Registrar shall cancel the registration of a trust, if– (a) he is satisfied that a certificate of registration issued by him in respect of the trust has been obtained by or on account of any misrepresentation, fraud or mistake; (b) he determines that, having regard to the activities of the trust and the persons connected with the trust as disclosed in the application and other trust documents, it is not in the public interest that the trust should continue to be registered as a domestic trust; (c) the trust ceases to comply with the provisions (d) the settlor or trustee fails to produce any document or information required pursuant to 63B (3) and (4); or (e) there is any other fit and proper cause. 50