Non-charitable Trusts Research Articles

Stewards enquiry: challenging a professional trustee’s remuneration

Abstract This article examines how a professional trustee charging remuneration to the trust is approached in respect of non-charitable trusts. It reminds the reader of the legal basis on which a professional trustee is able to charge for its fees, considers certain specific features of a professional trustee’s remuneration and examines the general approach of the courts to assessing a professional trustee’s charges. It also looks at the relative advantages and disadvantages of investigating a professional trustee’s charges before or after the resignation of a trustee and the winding up of a trust.

To good purpose: non-charitable purpose trusts for the specific purpose of holding shares in perpetuity in Singapore

Abstract This article considers the issue of whether Singapore should amend its trust laws to allow for non-charitable purpose trusts (NCPTs) for the specific purpose of holding company shares in perpetuity. The authors argue that such trusts should be allowed for two reasons. First, NCPTs in general should not be regarded as repugnant to the trust concept. Secondly, the practical advantages of allowing non-charitable trusts in a limited fashion outweigh the disadvantages. The article concludes by proposing possible reforms to the Singapore trust legislation.

Venture Capital in China and India: Does Business Form Matter?

This paper re-evaluates the importance of business organizational forms with regard to venture capital funds by exploring two major Asian markets, China and India. Evidence suggests that the limited partnership is the leading business form among Chinese venture capital funds. On the other hand, Indian venture capital funds are predominantly organized as private non-charitable trusts. These findings challenge the orthodox view that the limited partnership is the preferred business form for venture capital funds. Instead, Indian venture capital funds have used the trust vehicle effectively and regard it as a functional equivalent to limited partnerships. This paper argues that the choice of business form is not the sole determinant of a vibrant venture capital market due to the presence of multiple functional equivalents that can substantially satisfy the goals of investors and fund managers. This paper advocates for a more nuanced analysis that takes into account peculiar local factors when considering if a particular business form should be introduced to facilitate the development of a venture capital market.

The Beneficiary of a Non-Charitable Trust

The Beneficiary of a Non-Charitable Trust