Cap. 331 Art. 16Termination of a trustduetolapseof interest or lack of beneficiary.

(1) Subject to the terms of a trust and to any order of the court, where a trust terminates due to -

(a) a lapse of an interest under a trust; or

(b) there being no beneficiary and no person who can become a beneficiary in accordance with the terms of the trust, the interest of the property affected by such lapse, or lack of beneficiary, shall be held by the trustee in trust for the settlor absolutely or, if he is deceased, for his heirs.

(2) Where an interest or property is held by a trustee for a charitable purpose which has ceased to exist or is no longer applicable, that interest or property shall be held for such charitable purposes as the court may declare to be consistent with the original intention of the settlor, or as the court may otherwise determine.

(3) In this article "settlor" means the particular person who provided the interest or property affected as mentioned in subarticle (1).

(4) An application to the court under this article may be made by any of the persons mentioned in article 37(3).