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Trust Amendment Bill passed: Registration made mandatory
The Trust (Amendment) Bill was passed in Parliament, making registration with the Registrar General mandatory for all trusts and foundations. It also grants powers to the Attorney General and Auditor General to monitor these entities. Over 500 trusts and foundations were established during recent parliamentary terms.
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Summary
Under the amendments, registration with the Registrar General will become mandatory for all trusts and foundations, whether registered or unregistered. The new laws also empower the Attorney General and the Auditor General to monitor the relevant trusts at any time. More than 500 trusts and foundations were established by Acts of Parliament during the 7th, 8th and 9th parliamentary terms.