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Declaration Of Trust For Shares

Declaration Of Trust For Shares Template for Nigeria

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Key Requirements PROMPT example:

Declaration Of Trust For Shares

"I need a Declaration of Trust for Shares to establish a trust holding 10,000 ordinary shares in my family's manufacturing company, with myself as trustee holding the shares for my three children as equal beneficiaries, ensuring they receive dividend income while I retain voting control until January 2025."

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Document background
A Declaration of Trust for Shares is essential in Nigerian business practice where there is a need to separate legal and beneficial ownership of shares. This document is commonly used in situations involving nominee shareholding arrangements, family wealth management, corporate restructuring, or regulatory compliance requirements. The declaration must comply with Nigerian legislation, including the Companies and Allied Matters Act 2020 and relevant trust laws. It typically includes detailed provisions about the shares being held, the rights and obligations of trustees and beneficiaries, voting arrangements, dividend distributions, and reporting requirements. The document is particularly important for ensuring transparency in beneficial ownership and protecting the interests of all parties involved in the trust arrangement.
Suggested Sections

1. Parties: Identifies the Trustee(s) and the Beneficiary(ies) with their full legal names and addresses

2. Background: Sets out the context of the trust arrangement, including details of the shares being held in trust and the purpose of the arrangement

3. Definitions: Defines key terms used throughout the document for clarity and legal certainty

4. Declaration of Trust: The formal declaration that the Trustee holds the shares on trust for the Beneficiary

5. Trust Property: Detailed description of the shares held in trust, including the number, class, and the company that issued them

6. Trustee Powers and Duties: Comprehensive list of the Trustee's powers and obligations in managing the trust shares

7. Beneficiary Rights: Specifies the rights of the Beneficiary, including rights to dividends, voting instructions, and information

8. Duration of Trust: Specifies how long the trust will last and any circumstances that would trigger its termination

9. Administrative Provisions: Covers practical aspects of trust administration, including record-keeping and reporting requirements

10. Governing Law and Jurisdiction: Specifies that Nigerian law governs the trust and establishes jurisdiction for dispute resolution

Optional Sections

1. Successor Trustees: Provisions for appointing replacement trustees - include when there are multiple trustees or likely succession needs

2. Trustee Remuneration: Details of any fees or expenses payable to the Trustee - include when the trustee will be professionally compensated

3. Trust Protector: Appointment and powers of a trust protector - include for larger or more complex trust arrangements

4. Variation of Trust: Mechanisms for modifying the trust terms - include when flexibility may be needed in the future

5. Anti-Money Laundering Provisions: Specific provisions for compliance with AML regulations - include for high-value trusts or when required by regulations

6. Tax Provisions: Specific provisions regarding tax treatment and obligations - include when tax planning is a key consideration

Suggested Schedules

1. Schedule 1 - Details of the Trust Shares: Comprehensive details of the shares held in trust, including share certificates numbers and dates of issue

2. Schedule 2 - Initial Trust Property: Details of any additional property besides shares included in the trust at establishment

3. Schedule 3 - Beneficiary Instructions: Standard form for beneficiaries to give instructions regarding voting rights and other share-related decisions

4. Schedule 4 - Trustee Reporting Requirements: Templates and requirements for periodic reporting by trustees to beneficiaries

5. Appendix A - Execution Requirements: Forms and requirements for proper execution of the trust deed under Nigerian law

6. Appendix B - Statutory Declarations: Any required statutory declarations or forms required under Nigerian law

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Financial Services

Banking

Investment Management

Real Estate

Family Business

Professional Services

Manufacturing

Technology

Oil and Gas

Telecommunications

Relevant Teams

Legal

Corporate Secretarial

Compliance

Corporate Governance

Finance

Tax

Wealth Management

Investment Management

Risk Management

Corporate Affairs

Relevant Roles

Corporate Lawyer

Legal Counsel

Company Secretary

Trust Officer

Compliance Officer

Corporate Governance Officer

Investment Manager

Wealth Manager

Financial Advisor

Tax Consultant

Director of Legal Affairs

Chief Legal Officer

Estate Planning Attorney

Corporate Trustee

Share Registrar

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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