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  The property obtained by the trustee through administering, using or disposing of the trust property or by other means falls within trust assets. (来源:英语麦当劳-英语学习门户 http://www.EnglishCN.com)

  No property the circulation of which is prohibited by laws and administrative regulations may be deemed trust property.

  The property the circulation of which is restricted by laws and administrative regulations may be deemed trust property upon approval given, in accordance with law, by the competent department concerned.

  Article 15 The trust shall be differentiated from other property that is not put under trust by the settler. Where, after a trust is created, the settler dies or is dissolved or cancelled according to law, or is declared bankrupt, and the settler is the sole beneficiary, the trust shall be terminated, and the trust property shall be his legacy liquidation property; where the settler is not the sole beneficiary, the trust shall subsist, and the trust property shall not be his legacy or liquidation property; but if the settler is one of the co-beneficiaries and dies or is dissolved, or cancelled according to law, or is declared bankrupt, his right to benefit from the trust shall be deemed his legacy or liquidation property.

  Article 16 The trust property shall be segregated from the property owned by the trustee(hereinafter referred to as his“own property”, in short), and may not included in, or made part of his own property of the trustee.

  Where the trustee dies or the trustee as a body corporate is dissolved, removed or is declared bankrupt according to the law, and the trusteeship is thus terminated, the trust property shall not be deemed his legacy or liquidation property.

  Article 17 No compulsory measures may be taken against the trust property unless one the following circumstances arises;

  (1)where before the creation of the trust, the creditors enjoyed the priority right to be paid with the trust property and may exercise this right according to law;

  (2)where the creditors demand repayment of the debts incurred by the trustee in the course of handling trust business;

  (3)where taxes are levied on the trust property itself; and

  (4)other circumstances prescribed by lay.

  Where compulsory measures are taken against the trust property in violation of the provisions in the preceding paragraph, the settler, trustee and beneficiary shall have the right to raise their objections to the People's Count.

  Article 18 The claims arising from the administration or disposition of trust assets by the trustee may not be used to offset the liabilities incurred by the trustee's own property.

  The claims arising from the administration and disposition of the trust assets of different settlers may not be used to offset the liabilities incurred by the trustee likewise.

  Chapter IV

  The Parties Concerned in a Trust

  Section 1

  The Settler

  Article 19 The settler shall be a natural person, a legal person, or an organization established in accordance with law, that has full capability for civil conduct.

  Article 20 The settler shall have the right to know the administration, use and disposition of, and the income and expenses relating to, his trust property, and the right to request the trustee to give explanations in this regard.

  The settler shall have the right to check, transcribe or duplicate the trust accounts related to his trust property and other documents drawn up in the course of dealing with trust business.

  Article 21 If, due to special reasons unexpected at the time the trust is created, the methods of administrating the trust property are not favorable to the realization of trust purposes or do not conform to the interests of the beneficiary, the beneficiary, the settler shall have the right to ask the trustee to modify such methods.

  Article 22 Where the trustee disposes of the trust property in breach of purposes of the trust, or causes losses to the trust property due to his departure from his administrative duties or improper handling of trust business, the settler shall have the right to apply to the People's Count for annulling such disposition and the right to ask the trustee to restore the property to its former state or make compensation. Where a transferee of the said trust property accepts the property while knowing the violation of the purposes of the trust, he shall return the property or make compensation.

  Where the settler does not exercise the right of application prescribed in the preceding paragraph within one year beginning from the date he comes to know or should have known the reason for annulling the disposition, such right shall cease to exist.

  Article 23 Where the trustee disposes of the trust property against the purposes of the trust or commits gross negligence in administering, using or disposing of the trust property, the settler shall have the right to dismiss the trustee according to the provisions in the trust documents or apply to the People's Count for dismissing him.

  Section 2

  The Trustee

  Article 24 The trustee shall be a natural person or legal person who has full capability for civil conduct.

  Where there are other provisions governing qualifications of a trustee laid down in laws or administrative regulations, those provisions shall prevail.

  Article 25 The trustee shall abide by the provisions in the trust documents and handle trust business for the best interests of the beneficiary.

  In administering the trust property, the trustee shall be careful in performing his duties and fulfill his obligations with honesty, good faith, prudence and efficiency.

  Article 26 Except obtaining remuneration according to the provisions of this Law, the trustee may not seek interests for himself by using the trust property.

  Where the trustee, in violation of the provisions of the preceding paragraph, seeks interests for himself by using the trust property, the interests gained therefrom shall be integrated into the trust property.

  Article 27 The trustee may not convert the trust property into his own property. Where the trustee converts the trust property into his own property, he shall restore the trust property into its former state; where losses are caused to the trust property, he shall bear the responsibility to pay compensation.

  Article 28 The trustee may not conduct inter transaction between his own property and trustee assets or between the trust assets of different settlers, unless it is otherwise stipulate in the trust documents or is consented by the settlers or beneficiary and the inter transaction is conducted at fair market price.

  Where the trustee, in violation of the provisions in the preceding paragraph, causes losses to the trust property, he shall bear the responsibility to pay compensation.

  Article 29 The trustee shall administer the trust property separately from his own property and keep separate accounting books, and he shall do the same with regard to the trust property of different settlers.

  Article 30 The trustee shall handle trust business himself, but may entrust another person to handle such affairs on his behalf where the trust documents provide otherwise or he has to do so for reasons beyond his control.

  Where the trustee, in accordance with law, entrusts another person to handle trust business on his behalf, he shall bear the responsibility for the acts committed by that person in handling such affairs.

 
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