This Act amends the Trusts (Special Provisions) Act 1989 by adding a new section (2A) concerning the legal effect of the reservation by the settlor to himself or grant to any other person in a trust instrument of any limited beneficial interest in the trust property or any or all of the powers specified in the new section. Those powers concern modification, transfer, etc. of trusts, trust instruments or trust property. A trust instrument may provide that the reservation or grant of any of such powers shall not impose a fiduciary duty on the holder of such powers.
Amends: Trusts (Special Provisions) Act 1989. (2009)
Authors and Publishers
Government of Bermuda (XSL v.18.104.22.168)
Bermuda was first settled in 1609 by shipwrecked English colonists heading for Virginia. Self-governing since 1620, Bermuda is the oldest and most populous of the British overseas territories. Vacationing to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has also developed into a highly successful offshore financial center. A referendum on independence from the UK was soundly defeated in 1995.