Interpretation

(1) In this Act, unless the context otherwise requires“bankrupt”, in relation to a corporation, includes a corporation which is insolvent and “bankruptcy” shall be construed accordingly; “beneficiary” means a person entitled to benefit under a trust or in whose favour a power to distribute trust property may be exercised; “breach of trust” means a breach of any duty imposed on a trustee by this Act or by the terms of the trust; “corporate trustee” means a trustee which is a corporation; 64 “corporation” means a body corporate wherever incorporated; “Court” means the Supreme Court or a Judge thereof; “family”, in relation to an individual, means his father and mother, his spouse, the father and mother of his spouse, his brothers and sisters and the brothers and sisters of his spouse, his children and remoter issue and the spouses of such children and issue; “functions” includes rights, powers, discretions, obligations, liabilities and duties; “the Gazette” means the Belize Government Gazette and includes any supplement thereto; “he”, “him” and “his”, in relation to a corporation, include “it” “insolvency” includes the making of an administration order, the appointment of a receiver and the bankruptcy of any person; “insurance” includes assurance; “interests”, in relation to a beneficiary, means his interest under “minor” means a person who has not attained full age under the law of his domicile; “personal representative” means the executor or administrator of the estate of a deceased person; “profit” includes gain or advantage; (a) means property of any description, wherever situated, including any share therein; or 65 (b) in relation to rights and interests, includes rights and whether vested, contingent, defeasible or future; “provisions of this Act” includes the provisions of any order hereunder; “settlor” means a person who provides trust property or makes a testamentary disposition on trust or to a trust; “terms of a trust” means the written or oral terms of a trust and any other terms applicable under its proper law; “trust” includes– (a) the trust property; and (b) the functions, interests and relationships under “trustee” has the meaning given by section 2, and includes a “trust property” means property held on trust; and “unit trust” means a trust established for the purpose, or having the effect of providing, for persons having funds available for investment, facilities for the participation by them as beneficiaries under the trust in any profits or income arising from the acquisition, holding, management or disposal of (2) For the purposes of this Act, a corporation is resident in the place in which it has its registered office. (3) Any reference in this Act to an enactment is, unless the context otherwise requires, a reference to that enactment as amended, extended, re-enacted, or applied by or under any other enactment, including this Act. 66