On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 01/03/2010.
PART VIII
GENERAL PROVISIONS
85.
—(1) This Act and every order purporting to be made under this Act shall be a complete indemnity to all persons for any acts done pursuant thereto.
(2) It shall not be necessary for any person to inquire concerning the propriety of the order, or whether the court by which the order was made had jurisdiction to make it.
[Trustees Ordinance 1955 Ed., s. 64]
86. For the avoidance of doubt, every settlement or disposition of property made or caused to be made on trust, before, on or after 15th December 2004, with intent to defraud creditors, shall be voidable at the instance of any person thereby prejudiced, in accordance with section 73B of the Conveyancing and Law of Property Act (Cap. 61).
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87.
—(1) For the avoidance of doubt, every settlement or disposition of property made or caused to be made on trust, before, on or after 15th December 2004, that is —
(a)
a transaction at an undervalue as defined in section 98 (read with sections 100 and 101) of the Bankruptcy Act (Cap. 20); or
(b)
an unfair preference as defined in section 99 (read with sections 100 and 101) of the Bankruptcy Act,
shall be subject to the respective sections, as the case may be.
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(2) Where the person making the settlement or disposition is a body corporate, the provisions of sections 98 to 101 of the Bankruptcy Act shall be read subject to such modifications as are prescribed under the Companies Act (Cap. 50) for the application of those provisions for the purposes of sections 227T and 329 of the Companies Act.
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88. The income arising from a trust may be accumulated for such period as is allowed under section 31 of the Civil Law Act (Cap. 43).
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89. For the purposes of the rule against perpetuities, the provisions of sections 32, 33 and 34 of the Civil Law Act shall apply to trusts created on or after 15th December 2004.
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90.
—(1) Subject to subsection (3), where a person creates a trust or transfers movable property to be held on an existing trust during his lifetime, he shall be deemed to have the capacity to so create the trust or transfer the property if he has capacity to do so under any of the following laws:
(a)
the law applicable in Singapore;
(b)
the law of his domicile or nationality; or
(c)
the proper law of the transfer.
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(2) No rule relating to inheritance or succession shall affect the validity of a trust or the transfer of any property to be held on trust if the person creating the trust or transferring the property had the capacity to do so under subsection (1).
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(3) Subsection (1) —
(a)
does not apply if, at the time of the creation of the trust or the transfer of the property to be held on trust, the person creating the trust or transferring the property is a citizen of Singapore or is domiciled in Singapore; and
(b)
applies in relation to a trust only if the trust is expressed to be governed by Singapore law and the trustees are resident in Singapore.
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(4) In subsection (1), the reference to “law” does not include any choice of law rules forming part of that law.
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(5) No trust or settlement of any property on trust shall be invalid by reason only of the person creating the trust or making the settlement reserving to himself any or all powers of investment or asset management functions under the trust or settlement.
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91.
—(1) Where a trust deed created before 15th December 2004 confers on a trustee the power to invest trust funds in accordance with the repealed First Schedule to the Trustees Act (Cap. 337) in force immediately before that date, however the conferment of such power may be expressed in the trust deed, the power of investment so conferred shall, as from that date, be deemed to be the general power of investment under section 4 of the Trustees Act in force as from that date.
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(2) A trustee shall not be liable for breach of the statutory duty of care by reason only of his continuing to hold an investment which has ceased to be an investment made by him pursuant to the repealed First Schedule to the Trustees Act (Cap. 337) in force immediately before 15th December 2004 if they are investments which a trustee may make under section 4 of the Trustees Act in force as from that date.
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