INTERNATIONAL TRUSTS ACT 1984
PART 3 REGISTRATION OF TRUSTS
16
Certificate of registration
(1)
A certificate of registration issued pursuant to section 15(2) is valid and effective for the period specified in that certificate, and registration of the international trust the subject of that certificate is valid and effective until that international trust is deregistered pursuant to subsection (6).
(2)
Application for renewal of registration may be made upon—
-
(a)
filing with the Registrar an application for renewal of registration in the prescribed form; and
-
(b)
payment of the prescribed fee.
(3)
Application for renewal of registration may be made on or before of the date of expiry of the last certificate of registration and no application for renewal of registration pursuant to subsection (2) may be granted where application is not made or the prescribed fee paid within that period.
Provided the Registrar may, in their sole discretion, if they are satisfied on application by a trustee of a trust that the failure to make the application for renewal and payment of the prescribed fee was as a consequence of inadvertence on the part of any interested party to the trust, extend the time for registration accordingly.
(4)
Every renewal of registration granted takes effect from the date of expiry of the last certificate of registration.
(5)
Every renewal of registration must be for a period not exceeding 5 years as may be specified in the renewed certificate of registration.
(6)
The Registrar may, on giving 90 days’ notice to the trustees at the registered office of the trust, deregister an international trust if—
-
(a)
a completed application for the renewal of its registration is not filed on or before the date of expiry of the last certificate of registration, or
-
(b)
if he or she reasonably believes that trust no longer qualifies as an international trust in terms of the definition of international trust in section 2,
and on and from the date of de-registration the provisions of this Act cease to apply to that trust or, in respect of sections 13A and 13B, to any dispositions made to that trust prior to the date of deregistration, and if that trust is governed by the laws of the Cook Islands and, but for the provisions of this Act, would be held void by reason of breach of the rule against perpetuities or remoteness of vesting or the rule against perpetual trusts or against inalienability, such trust is, unless otherwise provided in the trust instrument, deemed varied immediately prior to de-registration such that the maximum duration of the trust is the period which ends on that day which is the 21st anniversary of the death or winding up of the settlor.
(6A)
In every case where the registration of a trust is renewed after the Registrar has given notice pursuant to subsection (6), there is payable to the Registrar in addition to the prescribed fee, a further fee of $50 or such other amount as may be prescribed.
(7)
A trust must not be re-registered under this Act if it has been de-registered pursuant to this section.
(8)
Except for the provisions of subsection (6), nothing in this section affects the application of section 13K(5) to an international trust.
[Section 16: replaced, on 21 November 1996, by section 20 of the International Trusts Amendment Act 1995-96 (1995-96 No 25) .]
[Section 16(3): amended, on 3 March 1999, by section 7(a) and (b) of the International Trusts Amendment Act 1999 (1999 No 3) ; on 1 June 2004, by section 3(a) of the International Trusts Amendment Act 2004 (2004 No 7) .]
[Section 16(6): amended, on 1 June 2004, by section 3(b) of the International Trusts Amendment Act 2004 (2004 No 7) .]
[Section 16(6)(a): amended, on 1 June 2004, by section 3(c) of the International Trusts Amendment Act 2004 (2004 No 7) .]
[Section 16(6A): inserted, on 1 June 2004, by section 3(d) of the International Trusts Amendment Act 2004 (2004 No 7) .]