DUTIES OF TRUSTEES

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Posted on February 7th, 2020 by chamod tharuka

An amendment made to the trusts law in 2018, requires, inter alia, a trustee:

01.	to keep records of certain information of express trusts, which must be verified and updated every three months;
02.	of movable or immovable property in respect of an express trust, to forward certain information to the Registrar of Lands of the area within which the trust property is situated and to the Registrar General’s Department;
03.	to provide certain information on being called upon to do so by any relevant authority;
04.	to maintain records of the information referred to, for a period of at least six years after a trustee ceases to be trustee.

In an instance where a trustee is found to have breached his/her/its duties, the penal provisions in the trusts law could become applicable.

Regulations issued under the trusts law contains details with regard to the requirements relating to maintaining and providing information and can be accessed via: http://www.rgd.gov.lk/web/images/pdf/acts/trust-regulation-e.pdf