Section 317: Details to be set out in memorandum of incorporation

The following matters shall be set out in the memorandum of incorporation of a trust:

(a) Names, surnames and addresses of the founders of the trust, and, if a body corporate is the founder, names, surnames and addresses of the directors of such body,

(b) Objects and nature of the trust,

(c) Names, surnames and addresses of the trustees, details of the business to be performed by them, and, if a body corporate is a trustee, name, surname and address of the person designated by the body to act as the trustee,

(d) Details of the beneficiaries,

(e) Method of use of the trust property,

(f) Details of the tenure of the trustee, if any, so specified,

(g) If the beneficiaries are entitled to remuneration or other facilities, details thereof and limitations,

(h) If the trust is intended to be established for a certain period, details of such period,

(i) In the event of termination of the trust, the consequences thereof,

(j) Provisions relating to the operation, management and monitoring of the trust property,

(k) Other necessary matters.