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Trust Property Control Act, 1988 (Act No. 57 of 1988)

Regulations

Regulations under the Trust Property Control Act, 1988 (Act No. 57 of 1988)

3D. The Master's register on beneficial ownership of trust

 

(1) The register of the beneficial owners of a trust that the Master is required to keep in terms of section 11A(2) of the Act must, subject to the provisions of subregulation.

 

(2) be an electronic register, and the register must be kept in such a manner that provides for—
(a) access to registered users through a username and a password;
(b) adequate measures against loss of information as a result of damage to or failure of the medium on which the information is kept;
(c) adequate security measures for the protection of the information contained in the register;
(d) a trustee to lodge, on the electronic register, the information of each beneficial owner that the trustee is keeping in terms of section 11(A)(1)(a) of the Act;
(e) a trustee to update the information that the trustee has lodged on the electronic register;
(f) a trustee to upload documents;
(g) a trustee to only have access to the information that the trustee has lodged and the documents that the trustee has uploaded on the electronic register;
(h) a trustee to sign off electronically on the information the trustee has lodged; and
(i) access by the entities and authorities referred to in regulation 3E(1) to the information contained in the register.

 

(2) The Master must, in the event that the establishment of the electronic system is not completed when section 11A(2) of the Act commences, provide for an interim electronic medium—
(a) with adequate security measures;
(b) through which a trustee may lodge the information of each beneficial owner that the trustee is keeping in terms of section 11A(1)(a) of the Act; and
(c) which will enable the migration of the beneficial ownership information to the system contemplated in regulation 3E(1).

 

(3) A trustee who is unable to lodge beneficial ownership with the Master electronically may visit any Master’s Office for assistance in this regard.

 

[Regulation 3D inserted by section 2 of Notice No. R. 3240, GG48351, dated 31 March 2023 - effective 1 April 2023]