Any person may create a trust, but a trust must have at least one trustee who ordinarily resides within the Federation or carries on business from an office or other fixed place within the Federation.

A body corporate may be the settlor or a trustee or a beneficiary of a trust and the settlor or a trustee of a trust may be a beneficiary at the same time of the same trust.

Any of the trustees of a trust or a person acting on their behalf may on delivering to the Registrar of Trusts an attestation of the existence of the trust and on payment of the prescribed registration fee apply for the registration of the attestation.

No trust will be recognized under the laws of the Federation as valid and enforceable until the Registrar of Trusts has issued a certificate in respect of the above mentioned attestation.