This is the version of this Act as it was from 1 April 1997 to 31 March 2023. Read the latest available version.
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Related documents
- Is amended by General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022
- Is amended by Justice Laws Rationalisation Act, 1996
- Is commenced by Trust Property Control Act, 1988: Commencement
South Africa
Trust Property Control Act, 1988
Act 57 of 1988
- Published in Government Gazette 11357 on 17 June 1988
- Assented to on 1 June 1988
- Commenced on 31 March 1989 by Trust Property Control Act, 1988: Commencement
- [This is the version of this document as it was from 1 April 1997 to 31 March 2023.]
- [Amended by Justice Laws Rationalisation Act, 1996 (Act 18 of 1996) on 1 April 1997]
1. Definitions
In this Act, unless the context otherwise indicates—"banking institution" means an institution registered otherwise than provisionally as a bank in terms of the Banks Act, 1965 (Act No. 23 of 1965);"building society" means a mutual building society registered finally as a mutual building society in terms of the Mutual Building Societies Act, 1965 (Act No. 24 of 1965), or a building society registered finally as a building society in terms of the Building Societies Act, 1986 (Act No. 82 of 1986);"court" means the provincial or local division of the Supreme Court of South Africa having jurisdiction;"financial institution" means a financial institution as defined in the Financial Institutions (Investment of Funds) Act, 1984 (Act No. 39 of 1984);"Master", in relation to any matter, means the Master, Deputy Master or Assistant Master of the Supreme Court appointed under section 2 of the Administration of Estates Act, 1965 (Act No. 66 of 1965), who under section 3 of this Act has jurisdiction in respect of the matter concerned;"trust" means the arrangement through which the ownership in property of one person is by virtue of a trust instrument made over or bequeathed—(a)to another person, the trustee, in whole or in part, to be administered or disposed of according to the provisions of the trust instrument for the benefit of the person or class of persons designated in the trust instrument or for the achievement of the object stated in the trust instrument; or(b)to the beneficiaries designated in the trust instrument, which property is placed under the control of another person, the trustee, to be administered or disposed of according to the provisions of the trust instrument for the benefit of the person or class of persons designated in the trust instrument or for the achievement of the object stated in the trust instrument,but does not include the case where the property of another is to be administered by any person as executor, tutor or curator in terms of the provisions of the Administration of Estates Act, 1965 (Act No. 66 of 1965);"trustee" means any person (including the founder of a trust) who acts as trustee by virtue of an authorization under section 6 and includes any person whose appointment as trustee is already of force and effect at the commencement of this Act;"trust instrument" means a written agreement or a testamentary writing or a court order according to which a trust was created;"trust property" or "property" means movable or immovable property, and includes contingent interests in property, which in accordance with the provisions of a trust instrument are to be administered or disposed of by a trustee.2. Certain documents deemed to be trust instruments
If a document represents the reduction to writing of an oral agreement by which a trust was created or varied, such document shall for the purposes of this Act be deemed to be a trust instrument.3. Jurisdiction of Masters
4. Lodgement of trust instrument
5. Notification of address
A person whose appointment as trustee comes into effect after the commencement of this Act, shall furnish the Master with an address for the service upon him of notices and process and shall, in case of change of address, within 14 days notify the Master by registered post of the new address.6. Authorization of trustee and security
7. Appointment of trustee and co-trustee by Master
8. Foreign trustees
When a person who was appointed outside the Republic as trustee has to administer or dispose of trust property in the Republic, the provisions of this Act shall apply to such trustee in respect of such trust property and the Master may authorize such trustee under section 6 to act as trustee in respect of that property.9. Care, diligence and skill required of trustee
10. Trust account
Whenever a person receives money in his capacity as trustee, he shall deposit such money in a separate trust account at a banking institution or building society.11. Registration and identification of trust property
12. Separate position of trust property
Trust property shall not form part of the personal estate of the trustee except in so far as he as trust beneficiary is entitled to the trust property.13. Power of court to vary trust provisions
If a trust instrument contains any provision which brings about consequences which in the opinion of the court the founder of a trust did not contemplate or foresee and which—14. Variation of trust instrument
Whenever a trust beneficiary under tutorship or curatorship becomes entitled to a benefit in terms of a trust instrument, the tutor or curator of such a beneficiary may on behalf of the beneficiary agree to the amendment of the provisions of a trust instrument, provided such amendment is to the benefit of the beneficiary.15. Report of irregularities
If an irregularity in connection with the administration of a trust comes to the notice of a person who audits the accounts of a trust, such person shall, if in his opinion it is a material irregularity, report it in writing to the trustee, and if such irregularity is not rectified to the satisfaction of such person within one month as from the date upon which it was reported to the trustee, that person shall report it in writing to the Master.16. Master may call upon trustee to account
17. Custody of documents
A trustee shall not without the written consent of the Master destroy any document which serves as proof of the investment, safe custody, control, administration, alienation or distribution of trust property before the expiry of a period of five years from the termination of a trust.18. Copies of documents
Subject to the provisions of section 5(2) of the Administration of Estates Act, 1965 (Act No. 66 of 1965), regarding the documents in connection with the estate of a deceased person, the Master shall upon written request and payment of the prescribed fee furnish a certified copy of any document under his control relating to trust property to a trustee, his surety or his representative or any other person who in the opinion of the Master has sufficient interest in such document.19. Failure by trustee to account or perform duties
If any trustee fails to comply with a request by the Master in terms of section 16 or to perform any duty imposed upon him by the trust instrument or by law, the Master or any person having an interest in the trust property may apply to the court for an order directing the trustee to comply with such request or to perform such duty.20. Removal of trustee
21. Resignation by trustee
Whether or not the trust instrument provides for the trustee’s resignation, the trustee may resign by notice in writing to the Master and the ascertained beneficiaries who have legal capacity, or to the tutors or curators of the beneficiaries of the trust under tutorship or curatorship.22. Remuneration of trustee
A trustee shall in respect of the execution of his official duties be entitled to such remuneration as provided for in the trust instrument or, where no such provision is made, to a reasonable remuneration, which shall in the event of a dispute be fixed by the Master.23. Access to court
Any person who feels aggrieved by an authorization, appointment or removal of a trustee by the Master or by any decision, order or direction of the Master made or issued under this Act, may apply to the court for relief, and the court shall have the power to consider the merits of any such matter, to take evidence and to make any order it deems fit.24. Regulations
The Minister of Justice may make regulations regarding any matter which in terms of this Act is required or permitted to be prescribed.25. Application of Act
This Act shall not apply to a trust which has been exempted by any other Act from the application of the Trust Moneys Protection Act, 1934 (Act No. 34 of 1934), or to a scheme in terms of the Participation Bonds Act, 1981 (Act No. 55 of 1981).26. Amendment or repeal of laws, and savings
27. Short title and commencement
This Act shall be called the Trust Property Control Act, 1988, and shall come into operation on a date to be fixed by the State President by proclamation in the Gazette.History of this document
01 April 1997 this version
Amended by
Justice Laws Rationalisation Act, 1996
31 March 1989
Commenced by
Trust Property Control Act, 1988: Commencement
17 June 1988
01 June 1988
Assented to
Subsidiary legislation
Title | Numbered title |
---|---|
Trust Property Control Act, 1988: Commencement | Proclamation R35 of 1989 |
Trust Property Control Act: Regulations: Amendment | Government Notice R1056 of 2009 |
Trust Property Control Act: Regulations: Amendment | Government Notice 1162 of 2017 |
Trust Property Control Act: Regulations: Amendment | Government Notice R3240 of 2023 |
Trust Property Control Act: Regulations: Amendment | Government Notice R4510 of 2024 |
Cited documents 10
Legislation 10
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Judgment 139
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