Transitional provisions

Any trust which is an exempt trust at 30th day of May, 2007, shall apply to the Registrar for registration under the provisions of this Part and obtain such registration within twelve months from that 30th day of May 2007, failing which it shall cease to be a valid and enforceable trust under the laws of Belize and no trust agent or IFS Practitioner shall service or otherwise deal with such trust in any manner whatsoever. Savings and 5.–(1) Any domestic trust that had been created but had not been registered prior to the commencement of this Act, the settlor or trustee thereof shall apply to the Registrar for registration within six months from the date of commencement of this Act. (2) Any domestic trust not registered pursuant to this Act after the elapse of six months from the commencement of this 63 Act shall cease to be a valid and enforceable domestic trust under the laws of Belize.