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Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income.''Black's Law Dictionary, Fifth Edition'' (1979), p. 1357, . Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government. A trust can be set up either to benefit particular persons or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer bene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Trust Law
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property is known as the "corpus" or "trust property". A ''testamentary trust'' is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Fiduciary
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (legal person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter... In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Office Of The Scottish Charity Regulator
The Scottish Charity Regulator (OSCR; ) is a non-ministerial department of the Scottish Government with responsibility for the regulation of charities in Scotland. OSCR is the independent regulator and registrar for more than 25,000 Scottish charities. OSCR is charged with developing a regulatory framework for Scottish charities, where each charity is clear about its rights and responsibilities. This framework should also foster public confidence in charities. OSCR is directly answerable to the Scottish Parliament. OSCR is based in Dundee. Background In 1981 the Law Society of Scotland announced support for a register through which all charities in Scotland could record their purposes, financial details, and accounts. Under section 6 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990, the Lord Advocate was given the power to make inquiries either for general or specific purposes and to obtain various types of information from charities. Following the Scotland Ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Charities Act 1993
The Charities Act 2011 (c. 25) is a UK act of Parliament. It consolidated the bulk of the Charities Act 2006, outstanding provisions of the Charities Act 1993, and various other enactments. Repeals Legislation repealed in its entirety by the Charities Act 2011 included * Recreational Charities Act 1958 ( 6 & 7 Eliz. 2. c. 17), * (c. 10), * (c. 48), * Charities Act 1993 (Substitution of Sums) Order 1995 ( SI 1995/2696), * Charities Act 2006 (Charitable Companies Audit and Group Accounts Provisions) Order 2008 ( SI 2008/527), and * Charities (Pre-consolidation Amendments) Order 2011 ( SI 2011/1396). Amendments were made to other legislation. It replaced most of the (c. 41) and Charities Act 2006 (c. 50). Independent examination Section 145(1)(a) allowed for charities' financial accounts to be independently examined where a full audit is not required. An "independent examiner" is a person not connected to the charity who is "reasonably believed by the trustees to have th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Rule In Re Atkinson
''Re Atkinson, Barbers' Company v Grose-Smith'' 9042 Ch 160 is an English trusts law case, which lays down a rule of equity relating to the disposition by the trustees of an authorised mortgage security where the security forms part of a trust fund, and the beneficiaries of the trust fund include a tenant for life and a remainderman. Where the security is sold and the proceeds are insufficient to satisfy the principal and interest in full, it is necessary to determine the way in which the loss shall be shared as between the tenant for life and the remainderman. The sum realised by the sale must be apportioned between the life tenant and the remainderman in the proportion that the amount due for the arrears of interest bears to the amount due in respect of principal. The rule also applies to debenture stock,''Re Walker'' 936Ch 280 but not to dividends or arrears of dividends on preference shares.''Re Wakley'' 9202 Ch 205 Facts By his will dated 30 August 1858 John Atkins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Beneficiary (trust)
In trust law, a beneficiary (also known by the Law French terms and trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company (law), company as the beneficiary of a trust, and this often happens in sophisticated commercial transaction structures. With the exception of charitable trusts, and some specific anomalous purpose trust, non-charitable purpose trusts, all trusts are required to have ascertainable beneficiaries. Generally speaking, there are no strictures as to who may be a beneficiary of a trust; a beneficiary can be a minor, or under a mental disability (in fact many trusts are created specifically for persons with those legal disadvantages). It is also possible to have trusts for unborn children, although the trusts must Vesting, vest within the applicable perpetuity period. Categorization There are various ways in which beneficiaries of tru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Legal Term
The following pages contain lists of legal terms: *List of Latin legal terms *List of legal abbreviations *List of legal abbreviations (canon law) *''on Wiktionary:'' ** wikt:Appendix:English legal terms, Appendix: English legal terms ** wikt:Appendix:Glossary of legal terms, Appendix: Glossary of legal terms See also *:Law-related lists *Outline of law#Lists, Outline of law: Lists *List of Latin phrases {{DEFAULTSORT:terminology, legal Law-related lists ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Sabbatical Officer
In the United Kingdom, a sabbatical officer is a full-time officer elected by the members of a students' union (or similar body such as students' association, students' representative council or guild of students), commonly at a higher education establishment such as a university A university () is an educational institution, institution of tertiary education and research which awards academic degrees in several Discipline (academia), academic disciplines. ''University'' is derived from the Latin phrase , which roughly .... Sabbatical officers are usually trustees of their students' union, in its capacity as a charity, and may also sit on or form the board of directors of the union. Sabbatical officers (or 'sabbs') are normally elected annually, for a one-year term, i.e. a ' sabbatical year'. Some students' unions allow their sabbatical officers stand for re-election for a second year. Terms of more than two years are not permitted in the UK, under the Education Act 1994. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Students' Union
A students' union or student union, is a student organization present in many colleges, universities, and high schools. In higher education, the students' union is often accorded its own building on the campus, dedicated to social, organizational activities, representation, and academic support of the membership. It may also be a club. In the United States, ''student union'' often only refers to a physical building owned by the university with the purpose of providing services for students without a governing body. This building is also referred to as a student activity center, although the Association of College Unions International (largely US-based) has hundreds of campus organizational members. Outside the US, ''student union'' and ''students' union'' more often refer to a representative body, as distinct from a ''student activity centre'' building, and may also refer to a building run by that representative body. Purpose Depending on the country, the purpose, assembl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Depositor
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings account A savings account is a bank account at a retail banking, retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditi ...s, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount owed by the bank to the customer. In other words, the banker-customer (depositor) relationship is one of debtor-creditor. Some banks charge fees for transactions on a customer's account. Additionally, some banks pay customers Interest (finance), interest on their account balances. Types of accounts * How banking works In banking, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Board Of Directors
A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation, non-executive directors are elected by the shareholders, and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as Germany and Sweden), the workers of a corporation elect a set fraction of the board's members. The board of directors appoints the ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Corporation
A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in Corporate law, law for certain purposes. Early incorporated entities were established by charter (i.e., by an ''ad hoc'' act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through List of company registers, registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: whether they can issue share capital, stock, or whether they are formed to make a profit (accounting), profit. Depending on the number of owners, a corporation can be classified as ''aggregate'' (the subject of this articl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |