Can trustees sell trust property to their own company?
The Supreme Court of Appeal (SCA) recently deliberated on whether a court sanction is necessary to validate the sale of shares owned by a trust to a company controlled indirectly by two of the trustees of the trust. This matter was addressed in the case of Kuttel vs Master of the High Court and Others. […]
Distributing retirement fund death benefits
Making benefit allocations equitably and fairly As per Section 37C of the Pension Funds Act, once trustees have identified dependants of a deceased member, the next step is to allocate the death benefit in a proportion they deem fit. This article highlights some of the key factors in making this determination. Section 37C grants trustees […]
The importance of trustee meetings and minutes
Trustees should always act in good faith and in the best interest of the beneficiaries. One of the main duties of the trustees is to manage the trust efficiently which requires effective communication between all the related parties. An effective management system should be in place to ensure that the correct decision is made by […]
How to deregister or terminate a trust
There is no provision in the Trust Property Control Act, 1988 that requires the deregistration of trusts. However, this said, it does not mean that a trust can never be terminated, as there are a few events that can occur during the lifetime of the founder, the trustees or the beneficiaries. When considering the termination […]