中华人民共和国信托法 Trust Law of the Peoples Republic of China

new trustee.

　　Upon acceptance of the report, mentioned in the preceding paragraph, by the settler or beneficiary, the original trustee shall be exempted from the liability for issues listed in the report, except for the illegitimate acts committed by him.

　　Article 42 Where the appointment of one of the co-trustees is terminated, the trust property shall be administer

ed and disposed of by the rest of the trustees.

　　Section 3

　　The Beneficiary

　　Article 43 The beneficiary is the person that enjoys the right to benefit from a trust. He may be a natural person, legal person or an organization established according to law.

　　The settler may be a beneficiary and may also be the only beneficiary under the same trust.

　　The trustee may be a beneficiary but may not be the only beneficiary under the same trust.

　　Article 44 The beneficiary shall enjoy the right to benefit from a trust beginning from the date the trust becomes effective, unless otherwise stipulated in the trust documents.

　　Article 45 The co-beneficiaries shall enjoy the benefits from a trust according to the provisions in the trust documents, Where no percentage or methods for distribution of the benefits from the trust are specified in the documents, all the beneficiaries shall enjoy the benefits equally.

　　Article 46 The beneficiary may give up the right to benefit from a trust.

　　Where all the beneficiaries give up the right to benefit from a trust, the trust shall be terminated.

　　Where some of the beneficiaries give up the right to benefit from a trust, the right given up shall go to the person in following order of precedence：

　　（1）the persons specified in the trust documents;

　　（2）the other beneficiaries; and

　　（3）the settler or his successor.

　　Article 47 Where the beneficiary cannot repay the matured debts, his right to benefit from a trust may be used to repay the debts, except this is restricted by provisions in laws, administrative regulations and trust documents.

　　Article 48 The beneficiary may, in accordance with law, transfer his right to benefit from a trust or have the right succeeded to, except this is restricted by provisions in the trust documents.

　　Article 49 The beneficiary may exercise the rights that the settler enjoys us as stipulated in Article 20 through 23 of this Law. If the beneficiary. While exercising the said rights, holds views differing from those of the settler, he may apply to the People's Count for decision.

　　Where the trustee commits the act listed in the first paragraph of Article 22 of this Law and one of the co-beneficiaries applies to the People's Count for annulling the disposition of the trust property, the decision made by the People's Count to such an effect shall be effective to all the co-beneficiaries.

　　Chapter V

　　Modification in and Termination of a Trust

　　Article 50 Where the settler is the only beneficiary, he or his successor may revoke the trust. Where it is otherwise provided for in the trust document, the provisions there shall prevail.

　　Article 51 After a trust is created, the settler may replace the beneficiary or dispose of his right to benefit from the trust under one of the following circumstances：

　　（1）the beneficiary commits a major tort against the settler;

　　（2）the beneficiary commits a major tort against the other co-beneficiaries;

　　（3）the change or disposition wins the consent of the beneficiary; and

　　（4）other circumstances stipulated in the trust documents.

　　Under one of the circumstances listed in subparagraphs（1）,（3）and （4）in the preceding paragraph, the settler may revoke the trust.

　　Article 52 A trust will not be terminated due to the facts that the settler or trustee dies, loses his capacity for civil conduct, the trusteeship is dissolved or canceled according to law or he is declared bankrupt, neither will it be terminated due to the fact that the trustee resigns, except it is otherwise stipulated in this Law or the documents.

　　Article 53 Under one the following circumstances, a trust shall be terminated：

　　（1）the cause for its termination specified in the trust documents arises;

　　（2）the continuance of the tr

ust goes against the purposes of the trust;

　　（3）the purposes of the trust have been realized or cannot be realized;

　　（4）the parties concerned, through consultation to terminate it;

　　（5）the trust is cancelled;

　　（6）the trust is revoked.

　　Article 54 Where a trust is terminated, the trust property shall be owned by the person specified in the trust documents; where there are no such specifications in the documents, the following order of precedence shall be applied for determining the ownership：

　　（1）the beneficiary or his successor; and

　　（2）the settler or his successor.

　　Article 55 After the ownership of the trust property is determined according to the provisions in the preceding Article, the trust shall be deemed subsisting while the trust assets are being transferred to the owner and the owner shall be deemed the beneficiary.

　　Article 56 Where a trust is determined, the People's Count takes compulsory measures with regard to the original trust property according to the provisions of Article 17 of this Law, the owner shall be deemed the person against whom the measures are taken.

　　Article 57 When, after a trust is terminated, the trustee, in accordance with the provisions of this Law, exercises the right to request for remuneration or to obtain compensation from the trust property, he may have a lien on the property or raise the request to the owner of the property.

　　Article 58 Where a trust is terminated, the trustee shall make a liquidation report on the trust business handled. Where the beneficiary or the owner of the property has objections to the report, the trustee shall be exempted from the liability for issues listed in the report, except for the illegitimate acts committed by him.

　　Chapter VI

　　The Charitable Trust

　　Article 59 The provisions in this Chapter are applicable to public welfare trusts where there are no provisions in this Chapter with regard to some matters, the provisions in this Law or other related laws shall be apply.

　　Article 60 A trust created for one of the following purposes in the interest of public welfare is a public welfare trust：

　　（1）relief for the poor;

　　（2）relief assistance to people suffering from disasters;

　　（3）helping the disabled;

　　（4）developing education, science, technology, culture, art and sports;

　　（5）developing medical and public health undertakings;

　　（6）developing undertakings for the protection of the environment and maintaining ecological environment; and

　　（7）developing other public welfare undertakings.

　　Article 61 The State encourages the development of public welfare trusts.

　　Article 62 A public welfare trust shall be created and its trustee shall be appointed with approval by relevant public welfare undertaking administration authority（hereinafter refer to as the“public welfare administration authority, in short”）.

　　Without approval by the public welfare administration authority, no one may carry out activities in the name of a public welfare trust.

　　The public welfare administration authority shall support activities conducted by welfare trust.

　　Article 63 No property under a public welfare trust or the income from it may be used for non-public welfare purposes.

　　Article 64 Trust supervisors shall be appointed for public welfare trusts.

　　Trust supervisors shall be specified in the trust documents. Where there are no such specifications, they shall be designated by the public welfare administration authority.

　　Article 65 The trust supervisor shall have the right, in his own name, to file a lawsuit or the other legal acts in the interests of the beneficiary.

　　Article 66 No trustee of a public welfare trust may resign without the approval of the public welfare administration authority.

　　Article 67

The public welfare administration authority shall inspect the trustee as to how he handles the public welfare affairs and disposes of the property.

　　The trustee shall, at least once a year, makes a report on the trust business handled and the status of assets disposed of, and upon acceptance by the trust supervisor, the report shall be submitted to the public welfare administration authority for examination and approval, and the trustee shall announce the report.

　　Article 68 Where the trustee for a public welfare trust goes against his obligations under the trust, or is unable to perform his duties, the public welfare administration authority shall replace the trustee.

　　Article 69 If, after a public welfare trust is created, an event unforeseeable at the time of the creation of the trust occurs, the public welfare administration authority may, on the basis of the purposes of the trust, revise the related articles in the trust document.

　　Article 70 Where a public welfare trust is terminated, the trustee shall, within 15 days from the date the cause for the termination arises, report to the public welfare administration authority the cause for its termination and the date the trust is terminated.

　　Article 71 Where public welfare trust is terminated, the trustee shall make a liquidation report on the trust business handl

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