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24. Requirements for creation

(1) A trust is created if:
(a) the settlor has the capacity to create a trust;
(b) the settlor indicates an intention to create the trust;
(c) the trust either:
(i) has a definite beneficiary;
(ii) is a charitable trust, as provided for in Article 28; or
(iii) is a non-charitable purpose trust, as provided for in Article 29;
(d) the trustee holds or has vested in him or it property for the benefit of a beneficiary or for a purpose;
(e) the trustee has duties to perform; and
(f) the same person is not the sole trustee and sole beneficiary.
(2) A beneficiary is definite if the beneficiary can be ascertained now or in the future.
(3) A trust may have at the same time a definite beneficiary and a purpose.