Law of Association

QUESTION 1 [50 MARKS] 1.1. What is the operative source of a business trust? /2 marks 1.2. What are the essential elements of the 'source' identified in 2.1. above and how can it be varied? /10 marks 1.3. Discuss in full the process of registration of a trust. /10 marks 1.4. Identify and state the role and functions of the various parties to a business trust. /10 marks 1.5. Discuss the advantages and disadvantages of a business trust as a business enterprise. /8 marks

1.6. Discuss general the tax obligations emanating from a trust, including a discussion of the distinction drawn between a vested trust and discretionary trust for purposes of taxation. /10 marks