CHAPTER 63
TRUSTS RESTRICTION ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Restriction on creation of settlements, trust or future interests

   4.   Exceptions

   5.   Effect of dispositions in contravention of this Act

   6.   Existing settlements, etc.

   7.   Reduction of age

   8.   Notices of proposed registration, and registration

   9.   Regulations

      SCHEDULE

AN ACT

to restrict the creation of settlements, trusts and future interests.

[24th December, 1970]

Act 64 of 1970.

1.   Short title

This Act may be cited as the Trusts Restriction Act.

2.   Interpretation

   (1) In this Act, unless the context otherwise requires—

“Court” means the High Court;

“disposition” includes the conferring of a power of appointment;

“in being” means living or en ventre sa mere;

“minor” means a person in being under the age of twenty-one years;

“power of appointment” includes any discretionary power to transfer a beneficial interest in property without the furnishing of valuable consideration;

“property” includes real and personal property and any estate or interest therein;

“settlement” means any disposition where under any property stands for the time being limited to or in trust for any persons by way of succession, and “settle” and other cognate expressions shall be construed accordingly;

“tenant for life” has the meaning assigned thereto in the Settled Land Act, 1882, of the United Kingdom, and has the corresponding meaning in relation to personal property;

“will” includes a codicil.

   (2) A disposition made pursuant to a power of appointment shall be deemed to have been made at the time when the power was conferred.

   (3) A disposition contained in a will shall be deemed to have been made at the death of the testator.

3.   Restriction on creation of settlements, trusts or future interests

Save as hereinafter provided, after the commencement of this Act person shall not—

      (a)   settle any property; or

      (b)   limit any property in trust for another; or

      (c)   make any disposition where under property vests in possession at a future date.

4.   Exceptions

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