so if you go by that basic statement
""1. There must be a separation of legal ownership (vested in the trustee)
from equitable ownership (vested in the beneficiary)11"
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and then look at your link Duped....
"The Fund’s constitution contained auniversal powers clause, clause 13.1, in the
following terms:
The Responsible Entity shall have all the powers in respect of the Scheme that is legally
possible for a natural person or corporation to have and as though it were the absolute
owner of the Scheme Property and acting in its personal capacity.
The constitution also contained in clause 13.2 the usual follow-on provision setting out
certain express powers, which are stated not to limit the plenary power. These did not
include an express power to make distributions in specie but, in clause 13.2.5, did
include the power to:
dispose of … or otherwise deal with Scheme Property as if the Responsible Entity were
the absolute and beneficial owner."
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That doesnt seem like a separation of the two forms of ownership to me.
OR does Universal powers or plenary powers gazump the basic first statement re separation of ownership required?
I know plenty of experts are working on this but good for the public to TRY and follow,imo.
am I following it and how many thousands of pages would I need to read to get it right?
as you say Duped..."better get a lawyer son and make it a good one...
OCV
octaviar limited
