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Bahamas Numbered Acts |
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No. 14 of 2005 |
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AN ACT TO AMEND THE PURPOSE TRUSTS ACT, 2004 |
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[Date of Assent : - 8th August, 2005] |
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Enacted by the Parliament of The Bahamas. |
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1.
This Act, which amends the
Purpose Trusts Act, 2004 (hereinafter referred to as the principal
Act), may be cited as the Purpose Trusts
(Amendment) Act,
2005.
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Short title. |
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2.
Section 7 of the Purpose
Trusts Act, 2004 is amended by the deletion of sub-section (1) and
the substitution therefor of the following:
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No. 17 of 2004. Amendment of section 7 of the principal Act. |
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"(1)
A person who carries out trust
business in or from within The Bahamas shall not act as trustee of
an authorized purpose trust unless
that person is -
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(a)
a bank or trust company licensed
under the Banks and Trust Companies Regulation Act; or
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Ch. 316. |
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(b)
an individual who is licensed as
a service provider under the Financial and Corporate Service
Providers Act."
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Ch. 369. |
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URL: http://www.commonlii.org/bs/legis/num_act/pta2005315