The Trust Agreement For Shares is a specialized legal instrument used in the Philippines when a shareholder (settlor) wishes to transfer their shares to a trustee for management on behalf of specified beneficiaries. This arrangement is commonly used for estate planning, family wealth management, or corporate restructuring purposes. The agreement must comply with the Civil Code of the Philippines, Corporation Code, and Securities Regulation Code, making it essential to include specific provisions regarding share transfer mechanics, trustee duties, beneficiary rights, and trust administration procedures. The document typically includes detailed schedules of the shares involved, specific powers granted to the trustee, and mechanisms for trust termination and distribution. It's particularly relevant in scenarios involving family businesses, corporate succession planning, or when professional trust management of shareholdings is desired.
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1. Parties: Identification of the Settlor (share owner), Trustee, and Beneficiary/ies with complete details
2. Background: Context of the trust arrangement, including details of the company whose shares are being placed in trust
3. Definitions: Definitions of key terms used throughout the agreement
4. Declaration of Trust: Formal establishment of the trust and transfer of shares to the trustee
5. Trust Property: Detailed description of the shares being placed in trust and any additional property
6. Powers and Duties of Trustee: Comprehensive list of trustee's authorities and responsibilities regarding share management
7. Rights of Beneficiaries: Enumeration of beneficiary rights, including dividend rights and distribution terms
8. Term and Termination: Duration of the trust and circumstances for termination
9. Distribution of Trust Property: Procedures for distributing trust assets upon termination
10. Trustee Compensation: Details of fees and expenses payable to the trustee
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
12. Execution: Signature blocks and execution requirements
1. Voting Rights: Specific provisions for exercise of voting rights attached to shares, used when voting arrangements need special attention
2. Successor Trustee Provisions: Procedures for appointment of successor trustees, included when requested by parties
3. Multiple Beneficiaries: Special provisions for managing interests of multiple beneficiaries, used when there is more than one beneficiary
4. Investment Powers: Additional investment authorities for the trustee, included when trustee is given discretionary investment powers
5. Tax Provisions: Specific tax handling provisions, included when special tax arrangements are needed
6. Anti-Money Laundering Compliance: Detailed AML compliance procedures, included for high-value trusts or when required by circumstances
7. Dispute Resolution: Detailed arbitration or mediation procedures, included when parties want specific dispute resolution mechanisms
1. Schedule A - Share Details: Detailed description of shares including certificate numbers, class, and quantity
2. Schedule B - Initial Trust Property: Comprehensive list of all property initially transferred to the trust
3. Schedule C - Trustee Compensation Schedule: Detailed breakdown of trustee fees and payment terms
4. Schedule D - Beneficiary Information: Complete details of beneficiaries and their respective interests
5. Appendix 1 - Company Information: Corporate documents and information about the company whose shares are in trust
6. Appendix 2 - Required Notices and Forms: Templates for notices and forms required for trust administration
7. Appendix 3 - Distribution Procedures: Detailed procedures for making distributions to beneficiaries
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