|
No. 14 of 2005 |
AN ACT TO AMEND THE PURPOSE TRUSTS
ACT, 2004 |
[Date of Assent : – 8th
August, 2005] |
Enacted by the Parliament of The
Bahamas. |
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. | Short title. |
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: | No. 17 of 2004. Amendment of section 7 of the
principal Act. |
"(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 - |
(a) a bank or trust company licensed
under the Banks and Trust Companies Regulation Act; or | Ch. 316. |
(b) an individual who is licensed as
a service provider under the Financial and Corporate Service Providers
Act." | Ch. 369. |