The Nominee Declaration Of Trust is a crucial document in Philippine business and investment practices, commonly used when there is a need to separate legal and beneficial ownership of assets. This arrangement is particularly relevant in situations involving foreign investment restrictions, corporate structuring, or asset management. The document must comply with Philippine laws, including the Civil Code, Corporation Code, and Anti-Money Laundering Act. It typically details the nature of assets held in trust, the rights and obligations of both nominee and beneficial owner, and the terms of the trust arrangement. This declaration serves as evidence of the true ownership structure and helps prevent disputes regarding beneficial ownership rights.
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1. Parties: Identifies the Trustee (Nominee) and the Beneficial Owner, including their full legal names, addresses, and contact details
2. Background: Sets out the context of the trust arrangement and the intention to create a nominee relationship
3. Definitions: Defines key terms used throughout the document
4. Declaration of Trust: Formal declaration by the Nominee confirming they hold the Trust Property on behalf of the Beneficial Owner
5. Trust Property: Detailed description of the assets held in trust
6. Nominee's Obligations: Lists the duties and responsibilities of the Nominee in managing the Trust Property
7. Beneficial Owner's Rights: Specifies the rights retained by the Beneficial Owner over the Trust Property
8. Instructions and Communications: Procedures for how the Beneficial Owner may give instructions to the Nominee
9. Fees and Expenses: Details of any fees payable to the Nominee and handling of trust-related expenses
10. Duration and Termination: Terms regarding the length of the trust arrangement and circumstances for termination
11. Governing Law and Jurisdiction: Confirms Philippine law as governing law and specifies jurisdiction for disputes
1. Voting Rights: Required when the Trust Property includes shares or securities with voting rights
2. Dividend and Distribution Rights: Needed when the Trust Property generates income or distributions
3. Transfer and Assignment: Include when the parties want to specify rules for transferring beneficial ownership
4. Confidentiality: Optional section for adding specific confidentiality obligations
5. Anti-Money Laundering Compliance: Required for high-value trust arrangements or when dealing with regulated assets
6. Multiple Beneficial Owners: Required when there is more than one beneficial owner
7. Nominee's Indemnification: Optional protection for the Nominee against certain liabilities
1. Schedule 1 - Trust Property Details: Comprehensive list and description of all assets held in trust
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees and charges applicable to the trust arrangement
3. Schedule 3 - Authorized Representatives: List of persons authorized to give instructions on behalf of the Beneficial Owner
4. Appendix A - Communication Protocols: Detailed procedures for communications between parties
5. Appendix B - Required Notices and Filings: List of regulatory notices and filings required under Philippine law
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