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Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. A trustee can also be a person who is allowed to do certain tasks but not able to gain income, although that is untrue.''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-charitab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Trust Law
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the " settlor", the party to whom the right 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 itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage ... [...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 (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 one who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Testamentary Trust
A testamentary trust (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in their will. A will may contain more than one testamentary trust, and may address all or any portion of the estate. Testamentary trusts are distinguished from ''inter vivos'' trusts, which are created during the settlor's lifetime. There are four parties involved in a testamentary trust: *the person who specifies that the trust be created, usually as a part of their will, but it may be set up in abeyance during the person's lifetime. This person may be called the ''grantor'' or ''trustor'', but is usually referred to as the '' settlor''; *the ''trustee'', whose duty is to carry out the terms of the will. they may be named in the will, or may be appointed by the probate court that handles the will; *the ''beneficiary(s)'', who will receive the benefits of the trust; *Although not a party to the trust itself, the ''pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Beneficiary (trust)
In trust law, a beneficiary or '' cestui que'' use, a.k.a. ''cestui que'' 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 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 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 vest within the applicable perpetuity period. Categorization There are various ways in which beneficiaries of trusts can be categorised, depend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Board Of Directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a " defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans ... [...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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Company
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is generating profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups. Meanings and definitions A company can be defined as an "arti ... [...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. 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 The Education Act 1994 is an act passed by the Parliament of the United Kingdom under John Major's government in 1994, which primarily established the Teacher Training Agency and allowed students to opt out of students' unions. Part I Part I r ... [...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 accounts, 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 on their account balances. Types of accounts * How banking works In banking, the verbs "deposit" and "withdraw" mean a customer paying money into, and taking money out of, an account, respectively. From a legal and financial accounting standpoint, the noun "deposit" is used by the banking industry in financial statements to describe the liability owed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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Corporation
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and recognized as such in 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: by whether they can issue share capital, stock, or by 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 article) or ''corporation sole, sole'' (a legal entity consisting of a sing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |