Cap. 331 Art. 29Duty of trustee to provide information.

(1) A trustee shall, so far as is reasonable and within a reasonable time of receiving a request in writing to that effect, provide full and accurate information as to the state and amount of the trust property, including the accounts of the trust, and subject to subarticle (2), the conduct of the trust administration to:

(a) the Court;

(b) subject to the terms of the trust, the settlor;

(c) the protector of the trust;

(d) without prejudice to sub-article (4) and sub-article (5), any beneficiary of the trust who is of full age and capacity, or if a minor, to his lawful guardian or representative;

(e) subject to the terms of the trust, any charity referred to by name for the benefit of which the trust was established; and

(f) in case of a trust established for a charitable purpose, the Attorney General, the enforcer or the relevant authority under applicable law.

(2) Subject to the terms of the trust and to any order of the court given for special reasons, a trustee or any other person shall not be required to disclose to any person any document or information which -

(a) discloses the trustee’s deliberations as to the manner in which a power or discretion was exercised, or a duty conferred or imposed by law or by the terms of the trust was performed;

(b) discloses the reason for any particular exercise of such power or discretion or performance of duty or the material upon which such reason will be or might have been based;

(c) relates to the exercise or proposed exercise of such power or discretion or the performance or proposed performance of such duty.

(3) Unless the terms of the trusts expressly determine the time when and the method how beneficiaries are to be informed of their entitlement under a trust, the trustee shall be obliged to inform any beneficiary of his entitlement, in writing, within a reasonable time of his accepting to act.

(4) When the terms of the trust grant a discretion in terms of article 9(10), the terms of the trust may suspend until such time as a discretion is exercised in their favour the duty of the trustee to inform such beneficiaries that they may benefit under the trust or that they form part of a class of beneficiaries which may so benefit. The terms of the trust may also indicate the time when and the method of how such beneficiaries are to be informed.

(5) If the trust instrument expressly prohibits notification of information to beneficiaries or to those persons that form part of a class from among which beneficiaries may be appointed, without reference to any point in time, ascertained or ascertainable, such term shall be construed as implying a duty of the trustee to inform such beneficiaries within a reasonable time after the death of the settlor.

(6) Should the trustee consider providing information as required by the preceding subarticles to be prejudicial to the beneficiaries of the trust or any of them, the trustee may apply to the Court and the Court may release the trustee from the obligation to inform under such conditions as it may consider appropriate.

(7) The duty to inform as above provided shall not arise if the trustee is in possession of information which reasonably demonstrates that those entitled to such information have already been informed or are already aware of such information.

(8) In the case of a trust established for charitable purposes, the duty to inform either unnamed beneficiaries forming part of a class or persons forming part of a class of persons who may be appointed as beneficiaries in terms of a power of the trustee, shall not arise notwithstanding the terms of the trust unless, in case of the unnamed beneficiaries the trustee establishes that there exist less than ten beneficiaries appertaining to such class of beneficiaries. Furthermore, in the absence of any indication to the contrary, the unnamed beneficiaries or persons who may be added as beneficiaries in terms of a power shall be assumed to be persons who carry on relevant charitable activities principally in Malta.

(9) The trustee shall carry out the duty to inform to the best of his abilities and at the expense of the trust and in the event it appears to the trustee that such exercise will be too costly or burdensome, the trustee may apply to the Court for directions and the Court shall be empowered to release the trustee from such duty under such conditions as it considers appropriate.

(10) The suspension of the duty of a trustee to inform beneficiaries as provided in this article shall not reduce the rights of beneficiaries or the duties and liability of the trustee towards such beneficiaries in terms of this Act.

(11) Persons who may be added as beneficiaries in terms of a power referred to in article 9(7) shall have no right of information until such time as they are appointed beneficiaries by the trustee pursuant to such power.

(12) In the case of a trust to hold property in relation to a commercial transaction, the duties of the trustee relating to the provision of information and the rights of beneficiaries to such information may be determined by the terms of trust, in which case the preceding subarticles of this article shall not apply.