Curbing the abuse of the trust form: the inclusion of penalty and prohibition provisions as well as compulsory audits in the Trust Property Control Act 57 of 1998
Abstract
he South African Law Reform Commission (“SALRC”) in its Report
(“SALC Report”)1
on trusts expressed its opposition against the inclusion
of penalty provisions in the proposed Trust Property Control Act 57 of 1988
(“TPCA”). However, with the increase in the number of cases where an
abuse of the trust form occurred, the question that will be addressed in this
article is whether the TPCA should be amended to include penalty provisions
and a so-called prohibition against reckless behaviour, as well as requiring
compulsory audits, to combat this problem.
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