Section 3: Existence of trust

3. Existence of trust (1) For the purposes of this Act, a trust exists where a person (known as “trustee”) holds or has vested in him, or is deemed to hold or have vested in him, property of which he is not the owner in his own right, with a fiduciary obligation to hold, use, deal or dispose of it— (a) for the benefit of any person (“beneficiary”), whether or not already ascertained or in existence; (b) for any purpose, including a charitable purpose, which is not for the benefit only of the trustee; or (c) for such benefit as is referred to in paragraph (a) as well as for any such purpose as is referred to in paragraph (b). (2) Notwithstanding articles 893, 896, 931 and 1130 of the Code, property and rights may be transferred to or vested upon trust in accordance with this Act.