S.L. 331.8 Art. 4The trustee.

(1) A trust set up under the terms of these regulations shall have as its trustee either of the following, and such trustee shall not also be a beneficiary under the same trust:

(a) a professional trustee authorised to act as trustee under article 43 of the Act and who is either acting without being remunerated or, if such professional trustee receives or is entitled to receive remuneration, any such fee shall be fixed and agreed upon with the settlor, clearly set out in the trust instrument and shall satisfy the conditions listed in regulation 5; or

(b) a private trustee in terms of article 43A of the Act.

(2) In the case that the trustee is a private trustee under sub-regulation (1)(b), the following conditions shall be satisfied:

(a) the private trustee so appointed shall have no beneficial or any other interest in the trust assets;

(b) although such trustee would not be a trustee duly authorised to so act in terms of article 43 of the Act, such trustee shall have to adhere to any applicable law that is already or may become so applicable or to any rules or regulations applicable to trustees as established by article 1(2) of the Act;

(c) a professional trustee as described in sub-regulation (1)(a) shall be appointed co-trustee by the settlor and, in the event of the latter’s death, by the protector, and such co-trustees shall act jointly in the performance of their duties and the exercise of their powers and discretions;

(d) the person so appointed to act as private trustee shall, within one year of being so appointed, undergo adequate training regarding the institute of trust and the legal obligations and powers of the trustee in order that such trustee may execute his duties in adherence to the law and regulations and as a bonus pater familias.

(3) The trustee of a trust set up under these regulations shall not be appointed or shall not continue to act as trustee should any circumstance that gives rise to a conflict of interest as defined in article 2 of the Act arise.