INTERNATIONAL TRUSTS ACT, 1994 (Act 26 of 1994)

PART IX

FAILURE, LAPSE AND TERMINATION OF TRUSTS

57. Subject to the terms of an international trust and to any order of the court, where -

(a) an interest lapses;

(b) an international trust terminates;

(c) there is no beneficiary and no person who can become a beneficiary in accordance with the terms of the trust; or

(d) property is vested in a person otherwise than for the sole benefit of the person, but the international trust upon which the person is to hold the property is not declared or communicated to the person,

the interest or property concerned shall be held by the trustees in trust for the settlor absolutely or, if the settlor is dead, for the settlor's personal representative.

58. (1) On the termination of an international trust, the trust property shall, subject to subsection (2), be distributed by the trustees within a reasonable time in accordance with the terms of the trust to the persons entitled to it.

(2) The trustees may retain sufficient assets to make reasonable provision for liabilities (existing, future, contingent or otherwise).

(3) Without prejudice to the powers of the court under subsection (4), and subject to the terms of the international trust, where all the beneficiaries are in existence and have been ascertained, and none is a person under legal disability or a minor, they may unanimously require the trustee to terminate the trust and distribute the trust property among them, and the trustee shall comply with the request.

(4) The court, on the application of any person having an interest in the trust, may -

(a) direct the trustees to distribute, or not to distribute, the trust property; or

(b) make such other order in respect of the termination of the trust and the distribution of the property as it thinks fit.