Section 2: Interpretation

2. Interpretation In this Act— “beneficiary” means a person, whether natural or corporate, entitled to benefit under a trust, or in whose favour a power to distribute trust property may be exercised; “body corporate” means a company, société or association wherever incorporated; “breach of trust” means a breach of any duty imposed on a trustee by this Act or by the terms of the trust; “charitable trust” means a trust referred to in section 20; “Code” means the Code Civil Mauricien; “Commission” means the Financial Services Commission established under the Financial Services Act; “constructive trust” means a trust referred to in section 53; “corporate trustee” means a body corporate appointed or acting as trustee; “Court” means the Supreme Court; [Issue 1] T22 – 2 Revised Laws of Mauritius “custodian trustee” means a trustee referred to in section 25; “enforcer” means a person referred to as such in section 21; “foreign trust” means a trust, the proper law of which is a law other than the law of Mauritius; “functions” includes rights, powers, discretions, obligations, liabilities and duties; “immovable property” includes— (a) rights and interests in any immovable property; (b) securities of a body corporate (wherever incorporated), if the majority by value of the property of the body corporate (whether held directly, indirectly or through the interposition of other body corporate, firm, partnership or person) is immovable property or interests in immovable property; and (c) interests (however described) in a collective investment scheme or similar scheme (whether operated in Mauritius or not), if the majority by value of the property of the scheme (whether held directly, indirectly or through the interposition of other body corporate, firm, partnership or person) is immovable property or interests in immovable property; “interest”, in relation to a beneficiary, means his interest under a trust; “management company” has the same meaning as in the Financial Services Act; “managing trustee” means a trustee referred to in section 26; “Minister” means the Minister to whom responsibility for the subject of financial services is assigned; “minor” means a person who has not attained the age of 18; “non-charitable purpose trust” means a trust having a purpose other than a charitable purpose; “non-citizen” has the same meaning as in the Non-citizens (Property Restriction) Act; “person” means a natural person or a body corporate; “person having an interest”, in relation to a power to apply to the Court, means the Attorney-General, a trustee, a settlor, an enforcer, a protector, a beneficiary of the relevant trust, any person empowered by the terms of the trust to make such application, or any other person with leave of the Court; “personal representative”, in relation to a deceased person, means the executor or administrator of his estate; “profit” includes gain or advantage; T22 – 3 [Issue 1] Trusts Act “property” includes movable and immovable property, wherever situated, and rights and interests in the property whether vested, contingent, defeasible or future; “protective or spendthrift trust” means a trust referred to in section 18; “purpose trust” means a trust referred to in section 19 and includes a charitable trust; “qualified trustee” means a management company or such other person resident in Mauritius as may be authorised by the Commission to provide trusteeship services; “settlor” means a person who provides trust property or makes a te erever situated, and rights and interests in the property whether vested, contingent, defeasible or future; “protective or spendthrift trust” means a trust referred to in section 18; “purpose trust” means a trust referred to in section 19 and includes a charitable trust; “qualified trustee” means a management company or such other person resident in Mauritius as may be authorised by the Commission to provide trusteeship services; “settlor” means a person who provides trust property or makes a testamentary disposition on trust or to a trust; “trust” means a trust referred to in section 3 and includes— (a) the trust property; and (b) the functions, interest and relationships under the trust; “trust property” means property held on trust. [S. 2 amended by s. 156 (5) of Act 22 of 2005 w.e.f. 28 September 2007.]