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  The Beneficiary

  Article 43 The beneficiary is the person that enjoys the right to benefit from a trust. He may be a natural person, legal person or an organization established according to law. (来源:英语博客 http://space.englishcn.com)

  The settler may be a beneficiary and may also be the only beneficiary under the same trust.

  The trustee may be a beneficiary but may not be the only beneficiary under the same trust.

  Article 44 The beneficiary shall enjoy the right to benefit from a trust beginning from the date the trust becomes effective, unless otherwise stipulated in the trust documents.

  Article 45 The co-beneficiaries shall enjoy the benefits from a trust according to the provisions in the trust documents, Where no percentage or methods for distribution of the benefits from the trust are specified in the documents, all the beneficiaries shall enjoy the benefits equally.

  Article 46 The beneficiary may give up the right to benefit from a trust.

  Where all the beneficiaries give up the right to benefit from a trust, the trust shall be terminated.

  Where some of the beneficiaries give up the right to benefit from a trust, the right given up shall go to the person in following order of precedence:

  (1)the persons specified in the trust documents;

  (2)the other beneficiaries; and

  (3)the settler or his successor.

  Article 47 Where the beneficiary cannot repay the matured debts, his right to benefit from a trust may be used to repay the debts, except this is restricted by provisions in laws, administrative regulations and trust documents.

  Article 48 The beneficiary may, in accordance with law, transfer his right to benefit from a trust or have the right succeeded to, except this is restricted by provisions in the trust documents.

  Article 49 The beneficiary may exercise the rights that the settler enjoys us as stipulated in Article 20 through 23 of this Law. If the beneficiary. While exercising the said rights, holds views differing from those of the settler, he may apply to the People's Count for decision.

  Where the trustee commits the act listed in the first paragraph of Article 22 of this Law and one of the co-beneficiaries applies to the People's Count for annulling the disposition of the trust property, the decision made by the People's Count to such an effect shall be effective to all the co-beneficiaries.

  Chapter V

  Modification in and Termination of a Trust

  Article 50 Where the settler is the only beneficiary, he or his successor may revoke the trust. Where it is otherwise provided for in the trust document, the provisions there shall prevail.

  Article 51 After a trust is created, the settler may replace the beneficiary or dispose of his right to benefit from the trust under one of the following circumstances:

  (1)the beneficiary commits a major tort against the settler;

  (2)the beneficiary commits a major tort against the other co-beneficiaries;

  (3)the change or disposition wins the consent of the beneficiary; and

  (4)other circumstances stipulated in the trust documents.

  Under one of the circumstances listed in subparagraphs(1),(3)and (4)in the preceding paragraph, the settler may revoke the trust.

  Article 52 A trust will not be terminated due to the facts that the settler or trustee dies, loses his capacity for civil conduct, the trusteeship is dissolved or canceled according to law or he is declared bankrupt, neither will it be terminated due to the fact that the trustee resigns, except it is otherwise stipulated in this Law or the documents.

  Article 53 Under one the following circumstances, a trust shall be terminated:

  (1)the cause for its termination specified in the trust documents arises;

  (2)the continuance of the trust goes against the purposes of the trust;

  (3)the purposes of the trust have been realized or cannot be realized;

  (4)the parties concerned, through consultation to terminate it;

  (5)the trust is cancelled;

  (6)the trust is revoked.

  Article 54 Where a trust is terminated, the trust property shall be owned by the person specified in the trust documents; where there are no such specifications in the documents, the following order of precedence shall be applied for determining the ownership:

  (1)the beneficiary or his successor; and

  (2)the settler or his successor.

  Article 55 After the ownership of the trust property is determined according to the provisions in the preceding Article, the trust shall be deemed subsisting while the trust assets are being transferred to the owner and the owner shall be deemed the beneficiary.

  Article 56 Where a trust is determined, the People's Count takes compulsory measures with regard to the original trust property according to the provisions of Article 17 of this Law, the owner shall be deemed the person against whom the measures are taken.

  Article 57 When, after a trust is terminated, the trustee, in accordance with the provisions of this Law, exercises the right to request for remuneration or to obtain compensation from the trust property, he may have a lien on the property or raise the request to the owner of the property.

  Article 58 Where a trust is terminated, the trustee shall make a liquidation report on the trust business handled. Where the beneficiary or the owner of the property has objections to the report, the trustee shall be exempted from the liability for issues listed in the report, except for the illegitimate acts committed by him.

  Chapter VI

  The Charitable Trust

  Article 59 The provisions in this Chapter are applicable to public welfare trusts where there are no provisions in this Chapter with regard to some matters, the provisions in this Law or other related laws shall be apply.

 
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