Custodian trustee meaning

For further details on the documents outlined below, please refer to Practice Note: Issuing debt securities—key documentation. Appointment of the arranger The issuer (Issuer) designates an arranger (Arranger) to set up the programme. The Arranger may additionally serve as a dealer or manager for later note issues under the programme. Responsibility —Issuer and Arranger. Appointment of the dealers The dealer(s) (Dealers) will enter into a dealer agreement with the Issuer and the Arranger. For a syndicated issue, the Dealers and the Issuer may also sign a subscription agreement. New dealers may be added to the programme after launch via a dealer accession letter. Responsibility —Dealers, Arranger and the Issuer. Appointment of the agents The Issuer will appoint agents to act on its behalf for the programme. These may include a fiscal agent (Fiscal Agent) or a trustee (appointed by the Issuer to represent the interests of the noteholders),...

Those serving on a charity’s governing body hold responsibility for the general management and control of the charity’s administration. They are most commonly referred to as ‘charity trustees’, though they may equally also be described as trustees, directors, board members, governors, or committee members. Whatever title is used within the charity, a charity trustee’s duties are broadly the same overall. The precise legal position, however, varies in law depending on whether the charity is incorporated or unincorporated. Trustees hold, and must accept, ultimate responsibility for directing a charity’s affairs, and for ensuring it remains solvent, well run, and delivering charitable outcomes for the benefit of the public for which it has been established. The duty of care Section 1 of the Trustee Act 2000 (TrA 2000, s 1) sets out a statutory duty of care that applies to trustees of charitable trusts when they are exercising specified powers: Whenever this duty is engaged in relation to a trustee, they must exercise such care and skill...

This Practice Note summarises Bermuda trust law at a high level and signposts its distinctive characteristics, including expansive reserved powers rules, codified Hastings Bass measures, and adaptable perpetuity provisions. Bermuda’s trust legislation Trustee Act 1975 (TA 1975) – addresses, among other matters, trustees’ powers, entitlements and duties, together with the Bermuda courts’ supervisory jurisdiction in trust matters. Trusts (Special Provisions) Act 1989 (TSPA 1989) – sets out Bermuda’s broad reserved powers regime, firewall protections, and rules on purpose trusts. Perpetuities and Accumulations Act 2009 (Bermuda) (PA 2009) – states that trusts created on or after 1 August 2009 may exist indefinitely provided they do not own Bermuda land, and permits the disapplication of the rule against perpetuities for earlier trusts. Trusts (Regulation of Trust Business) Act 2001 – requires the licensing of persons conducting trust business in Bermuda. Who can serve as trustee? There is no need for trustees to be resident in Bermuda, although appointing licensed local trustees...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...

This Agreement is entered into on [ insert day and month ] 20 [ insert year ] Parties [ insert name of insolvency representative ], acting in the capacity of [ insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner ] of [ insert name of company(ies) appointed over ] in [ insert name of country A ], appointed pursuant to a decision of the [ insert name of court or administrative or governmental or regulatory body appointing them ] dated [ insert date ]; [ insert name of insolvency representative ], acting in the capacity of [ insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner ] of [ insert name of company(ies) appointed over ] in [ insert name of country B ], appointed pursuant to a decision of the [ insert name of court or administrative or governmental or regulatory body appointing them ] dated [ insert date...

A charity may hold legal title to land or property in its own name only if it is a charitable incorporated organisation or a charitable company. Land Registry Guidance Practical Guidance 14: Charities explains that the term “trust corporation” includes: the Public Trustee (who is not permitted to accept trusts for charitable purposes); a corporation appointed by the court, in any particular instance, to act as trustee; and a corporation entitled, under rules made pursuant to section 4(3) of the Public Trustee Act 1906, to act as a custodian trustee. See section 205(1)(xxix) of the Law of Property Act 1925 and section 17(1)(xxx) of the Settled Land Act 1925, and also section 3 of the Law of Property (Amendment) Act 1926...