Where a fiduciary structure is used, the beneficial owner(s) shall designate an agent or nominee acting as an intermediary for the beneficial owner and, in the case of a simple trust, the nominee shall have no discretion to deal with the asset, except on the instructions of the beneficial owner. In a simple trust, there is an agency relationship between the nominee or agent and the beneficial owners. Since beneficial owners are still entitled to manage the assets and the nominee or trustee acts only on the instructions of the beneficial owners, it is ultimately the beneficial owners who are responsible for the debt and obligations of the nominee or trustee. 1 BARE TRUST AND AGENCY AGREEMENT THIS DECLARATION OF THE TRUST AND THE AGENCY AGREEMENT dates from 20 ENTRE : Name of – AND – (the name of agent nu VERS: de A. The owner enjoys an advantageous right to communal land and premises known as road, city, province, postal code (the owner, and in particular described in the cadastre as: lot number, suburban block (or area, district land”); B. Legal title to the property was registered in the name of the Bare Trustee in the Land Title Office on the 20th, but since that date Bare Trustee has held the property in trust for the owner. C. Bare Trustee will retain the property as a nominee, agent and trustee counting for the sole profit and on behalf of the owner as the principal and beneficial owner in accordance with this statement. A trust is held by a trustee or nominee for the benefit of one or both third-party beneficiaries. Beneficial owners may set up a trust to hold assets, for example when the beneficiaries do not wish to be disclosed; to facilitate the logistics of the performance of the contract; or the beneficiaries are not legal persons capable of owning real estate. In view of the above-mentioned directive on trusts only and anyone who carries out a trust business activity, a person may have to register or unsubscribe for GST purposes. As has already been said, there may be circumstances in which the agent acts in several capacity, for example.B.
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