Section 9 — Trusts Act 2019: Definitions

9 Definitions In this Act, unless the context otherwise requires,— adult means a person aged 18 years or older beneficiary means a person who has received, or who will or may receive, a benefit under a trust (other than a trust for a permitted purpose), and includes a discretionary beneficiary charitable purpose means a charitable purpose that relates to the relief of poverty, the advancement of education or religion, or any other matter beneficial to the community, and includes any other purpose within the meaning of charitable purpose in section 2 of the Charitable Trusts Act 1957 charitable trust means a trust the permitted purpose of which is a charitable purpose child means a person under the age of 18 years court means the High Court default duty has the meaning given to it in section 28 discretionary beneficiary means a person who may benefit under a trust at the discretion of the trustee or under a power of appointment but who does not have a fixed, vested, or contingent interest in the trust property express trust has the meaning given to it in section 12 financial product has the meaning given to it in section 7(1) of the Financial Markets Conduct Act 2013 incorporated law firm has the meaning given to it in section 6 of the Lawyers and Conveyancers Act 2006 insolvency event has the meaning given to it in section 6(4) of the Financial Markets Conduct Act 2013 lacks capacity means, in relation to a beneficiary, that the beneficiary— (a) is a child; or (b) is not competent to manage the beneficiary’s own affairs for any reason, including that the beneficiary— (i) is subject to an order appointing a manager under section 31 of the Protection of Personal and Property Rights Act 1988; or (ii) has a trustee corporation managing the person’s property under section 32 or 33 of that Act mandatory duty has the meaning given to it in section 22 permitted purpose , in relation to a trust, means a charitable purpose and any other purpose for a trust that is permitted at law and specified in the terms of the trust person with the power to appoint trustees means, in any particular case of appointment, a person described in section 92(2) as having the relevant power in that case person with the power to remove trustees means, in any particular case of removal, a person described in section 92(1) as having the relevant power in that case personal representative , in relation to a deceased person, means an executor (original or by representation) who has obtained probate or an administrator of the deceased person’s estate appointed by the court portfolio investment entity has the meaning given to it in section YA 1 of the Income Tax Act 2007 power of appointment means a power to appoint a person to be, or to remove a person from being, a beneficiary of a trust security trust has the meaning given to it in clause 3 of Schedule 3 settlor has the meaning given to it in section 15(1)(b) specified commercial trust has the meaning given to it in clause 1 of Schedule 3 statutory trustee means a trustee that is a body corporate and that is authorised under an enactment to act as executor or administrator of a deceased person’s estate and includes a trustee corporation terms , in relation to a trust, means 1 or more of the following, as the relevant provision expressly, or the context in which it is used, requires: (a) express written terms of the trust: (b) express oral terms of the trust: (c) implied terms of the trust trustee means a person who is appointed as trustee of a trust trustee corporation has the meaning given to it in section 2 of the Protection of Personal and Property Rights Act 1988 welfare , in relation to a person,— (a) means the person’s maintenance, education, advancement, benefit, comfort, or well-being; and (b) includes past maintenance or education wholesale trust has the meaning given to it in clause 2 of Schedule 3.