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TRUST PROPERTY CONTROL ACT 57 OF 1988

as amended by
Justice Laws Rationalisation Act 18 of 1996

ACT
To regulate further the control of trus t property; and to provide for matters
connected therewith.

Section 1 Definitions
In this Act, unless the co ntext otherwise indicates-
‘banking institution’ means an institution registered otherwise than provisionally as a
bank in terms of the Banks Act, 1965 (Act 23 of 1965);

‘building society’ means a mutual building society registered finally as a mutual
building society in terms of the Mutual Building Societies Act, 1965 (Act 24 of 1965),
or a building society registered finally as a building society in terms of the Building
Societies Act, 1986 (Act 82 of 1986);

‘court’ means the provincial or local divisi on of the Supreme Court of South Africa
having jurisdiction;

‘financial institution’ means a financial institution as defined in the Financial
Institutions (Investment of Fund s) Act, 1984 (Act 39 of 1984);

‘Master’, in relation to any matter, mean s the Master, Deputy Master or Assistant
Master of the Supreme Court appointed under section 2 of the Administration of
Estates Act, 1965 (Act 66 of 1965), who under se ction 3 of this Act has jurisdiction in
respect of the matter concerned;

‘trust’ means the arrangement through which the ownership in property of one
person is by virtue of a trust instrument made over or bequeathed-

(a) to another person, the trustee, in wh ole or in part, to be administered or
disposed of according to the provisions of the trust instrument for the benefit of the
person or class of persons de signated in the trust instrument or for the achievement
of the object stated in the trust instrument; or

(b) to the beneficiaries designated in the trust instrument, which property is placed
under the control of another person, the trus tee, to be administered or disposed of
according to the provisions of the trust instrument for the benefit of the person or
class of persons designated in the trust instrument or for the achievement of the
object stated in the trust instrument, bu t does not include the case where the
property of another is to be administered by any person as executor, tutor or curator
in terms of the provisions of the Administration of Estates Act, 1965 (Act 66 of
1965);

‘trustee’ means any person (inc luding the founder of a trust) who acts as trustee by
virtue of an authorization under section 6 and includes any person whose
appointment as trustee is already of forc e and effect at the commencement of this
Act;

‘trust instrument’ means a wr itten agreement or a testamentary writing or a court
order according to which a trust was created;

‘trust property’ or ‘property’ means mova ble or immovable property, and includes
contingent interests in property, which in accordance with the provisions of a trust
instrument are to be administered or disposed of by a trustee.

Section 4 Lodgement of trust instrument
(1) Except where the Master is already in possession of the trust instrument in
question or an amendment thereof, a tr ustee whose appointment comes into force
after the commencement of this Act shall, before he assumes control of the trust
property, upon payment of the prescribed fee, lodge with the Master the trust
instrument in terms of which the trust property is to be administered or disposed of
by him, or a copy thereof certified as a true copy by a notary or other person
approved by the Master.

(2) When a trust instrument which has been lodged with the Master is varied, the
trustee shall lodge the amendment or a copy thereof so certified with the Master.

Section 6 Authorization of trustee and security

(1) Any person whose appointment as trustee in terms of a trust instrument, section
7 or a court order comes into force after the commencement of this Act, shall act in
that capacity only if authorized thereto in writing by the Master.

(2) The Master does not grant authority to the trustee in terms of this section
unless-

(a) he has furnished security to the satisfaction of the Master for the due and faithful
performance of his duties as trustee; or

(b) he has been exempted from furnishing se curity by a court order or by the Master
under subsection (3) (a) or, subject to the provisions of subsection (3) (d), in terms
of a trust instrument:

Provided that where the furnishing of secu rity is required, the Master may, pending
the furnishing of security, authorize the trustee in writing to perform specified acts
with regard to the trust property.

(3) The Master may, if in his opinio n there are sound reasons to do so-
(a) whether or not security is required by the trust instrument (except a court
order), dispense with security by a trustee;

(b) reduce or cancel any security furnished;
(c) order a trustee to furnish additional security;
(d) order a trustee who has been exempted from furnishing security in terms of a
trust instrument (except a court order) to furnish security.

(4) If any authorization is given in terms of this section to a trustee which is a
corporation, such authorization shall, subject to the provisions of the trust
instrument, be given in the name of a nominee of the corporation for whose actions
as trustee the corporation is legally liable, and any substitution for such nominee of
some other person shall be endorsed on the said authorization.