Statistics Act, 1999
R 385
Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Amended Codes of Good Practice (2017)Amended Code Series CSC100: Measurement of the Ownership Element of Broad-Based Black Economic Empowerment in the Construction SectorStatement CSC100: The General Principles for Measuring OwnershipAnnexe CSC100 (D)1. Rules for Trusts (including Family Trusts) |
1.1 | The qualification criteria for the recognition of Trusts are as follows: |
1.1.1 | The trust deed must define the beneficiaries and the proportion of their entitlement to receive distributions; |
1.1.1.1 | A WRITTEN RECORD of the names of the beneficiaries or the use of a defined class of natural person satisfies the requirement for identification; |
1.1.1.2 | A WRITTEN RECORD of fixed percentages of entitlement or the use of a formula for calculating entitlement satisfies the need for defining proportion of benefit; |
1.1.2 | The trustees must have no discretion on the above mentioned terms of the trust deed except where it is a family trust. In case of a family trust only the trustees may have a discretion with respect to the above mentioned terms and then only within the confines of the discretion awarded them by the trust deed; and |
1.1.3 | 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. |