Medicines and Related Substances Act, 1965
R 385
Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Amended Codes of Good Practice (2013)Amended Code Series 100: Measurement of the Ownership Element of Broad-Based Black Economic EmpowermentAnnexe 100 (D)5. Rules for Family Trusts |
| 5. | Rules for Family Trusts |
| 5.1 | The qualification criteria for the recognition of Family Trusts are as follows: |
| 5.1.1 | the trust deed must define the beneficiaries and the proportion of their entitlement to receive distributions; |
| 5.1.2 | a written record of the names of the beneficiaries or the use of a defined class of natural persons satisfies the requirement of defining beneficiaries; |
| 5.1.3 | a use of a formula for calculating entitlement satisfies the need for defining proportion of benefit; |
| 5.1.4 | only the trustees must have discretion on the above mentioned terms; and |
| 5.1.5 | on winding-up or termination of the trust, all accumulated Economic Interest must be transferred to the beneficiaries or to an entity representing the interest of the participants or class of beneficiaries. |
