Settlor creates a trust by transferring $10 million to Corporate Trustee, to hold the same and its income upon trust for such of the defined Class of Beneficiaries as Corporate Trustee shall from time to time determine.

3.1 Discuss the merits of appointing a professional corporate trustee rather than an individual.

3.2 Describe the broad regulatory requirements that must be complied with in the jurisdiction where you currently work before a corporate entity is permitted to carry out trust business.

3.3 When defining the extent of the Class of Beneficiaries of this type of trust, state the rules that must be observed to ensure that the trust is valid.

3.4 What are the advantages of this type of trust when compared with a fixed interest trust (for instance, a trust in favour of Settlor's Daughter upon her marriage or attaining the age of 30 years, whichever is sooner)? Are there any disadvantages?

3.5 For the purpose of this part of the question, assume that the relevant provisions of the trust instrument state that Corporate Trustee shall exercise its dispositive powers only in accordance with the instructions given to it in writing by Settlor.

3.5.1 How, if at all, does this provision affect the validity of the trust?

3.5.2 State whether, and if so how, the issue of validity is affected by the governing law.