A trust under which the income or capital or the income and capital of the trust property is applied for a purpose regarded as charitable, is a charitable trust.

A trust under which the interest of a beneficiary is subject to restriction, diminution or termination, is a spendthrift or protective trust.

A trust established for the purpose, or having the effect, of providing, for persons having funds available for investment, facilities for the participation by them as beneficiaries under the trust, in any profits or income arising from the acquisition of any property whatsoever, is a unit trust.

A trust which is not a charitable trust; or a spendthrift or protective trust; or a unit trust, is a common trust.

A common trust may be created for a purpose which is not a charitable purpose, provided that the trust must vest in natural persons within the perpetuity period applying or expressed to apply to the trust. Any trust so created must be enforceable by the settlor or his personal representative or by a person named in the terms of the trust as the person appointed to enforce the trust and the trust must be enforceable at the instance of the person so named notwithstanding that such person may not be a beneficiary under the trust.