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Board Of Trustees

Board of trustees

The word trustee is a legal term that refers to a holder of property on behalf of some other beneficiary. An express trust can be set up either to benefit particular persons, or for any charitable purposes (but not for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families), and a charity. In all cases, the trustee may be any person or persons, including companies, and whether or not a prospective beneficiary.

General duties of trustees

Trustees may be appointed by operation of law, when their powers will arise by common law or by statute. For example, a person who knowingly takes possession of trust funds will be liable as a trustee; and a joint holder of property may be a statutory trustee for sale. Trustees can only act jointly and unanimously, unless provision is made for voting, a quorum or delegation. Their powers to delegate their decisions are limited. In case of difficulty an application to the Court must be made. The trustee is entrusted with the administration of the trust property, and may be given additional discretionary powers to select beneficiaries. With respect to most private trusts, the trustee holds legal title to the trust property, is the representative of the trust, and has the capacity to sue and be sued on behalf of the trust.

Necessary traits of trustees

The responsibilities of a trustee can be onerous, although honest trustees are normally indemnified out of the trust assets. A trustee carries the fiduciary responsibility and liability to use the trust assets according to the rules of the trust instrument (and often regardless of his own or the beneficiaries' wishes). The trustee may find himself liable to claimants, prospective beneficiaries, or to third parties. In the event that a trustee incurs a liability (for example, in litigation, or for taxes, or under the terms of a lease) in excess of the trust property he holds, he may find himself personally liable for the excess. Thus, at least in theory, a member of a small charity committee could unwittingly risk his family assets. Trustees are generally held to a "prudent person" standard in regard to meeting their fiduciary responsibilities, though investment, legal, and other professionals can be held to a higher standard commensurate with their higher expertise. Trustees can be paid for their time and trouble in performing their duties only if the trust specificly provides for payment. It is common for lawyers to draft will trusts so as to permit such payment, and to take office accordingly: this may be unnecessarily expensive for small estates. In the case of charitable or other trust corporations, the company itself is a trustee and the term "Trustee Board" is frequently used of the board of directors. The company holds the trust property and liabilities separately from the individual trustee-directors, and confers limited liability on them. The members of the board are generally known as trustees, although they remain liable as directors under company law, and as directors are naturally responsible for their acts and omissions in directing the charity. For practical purposes, the members of the board perform the duties of trustees, but the powers of the charity are delegated and exercised subject to the charity's procedural articles or regulations.

Other uses

Many other corporations call their governing boards a board of trustees, though in those cases, they act as a board of directors. To some extent, the fiduciary duties of a director to the company are comparable with those of a trustee. In the case of UK charities, a trustee is an unpaid volunteer who undertakes fiduciary responsibilites on behalf of the charity, subject to the provisions of Charity Law, a branch of trust law, and the [http://www.hmso.gov.uk/acts/acts1993/Ukpga_19930010_en_1.htm Charities Act 1993]. For charity trustees, the Charity Commission often has concurrent jurisdiction with the Courts. Many UK charities are also limited liability companies registered with Companies House, in this case the trustees are also Directors of the company and their liability is limited. This is the prefered model if the charity owns property or employs people. Trustee is also a term used for a prison inmate who has special work-related privileges, usually as a result of good behavior.

UK Legislation

:[http://www.hmso.gov.uk/acts/acts1999/19990015.htm Trustee Delegation Act 1999] specifically covers matters to do with land. :Trustee Act 1925 :[http://www.hmso.gov.uk/acts/acts1996/1996047.htm#aofs Trusts of Land and Appointment of Trustees Act 1996] :[http://www.hmso.gov.uk/acts/acts2000/20000029.htm#aofs Trustee Act 2000] :[http://www.hmso.gov.uk/acts/acts1993/Ukpga_19930010_en_1.htm Charities Act 1993]

References

- Fontaine, C. JD, LLM, CLU, ChFC (2004) Fundamentals of Estate Planning. The American College Press Category:Management Category:Corporate governance

Legal term

This is a list of legal terms with short definitions. Items having a separate article of its own are marked as a link in the item's title listed in this article. Those that are in a foreign language are italicized in their title, and the italicized word or phrase is in Latin unless its definition indicates the italicized term is from some other language. There is also a much longer list of legal Latin terms consisting simply of a list of links in Wikipedia (without definitions) to legal terms in Latin.

A

A mensa et thoro

:from bed and board. A divorce a mensa et thoro, is rather a separation of the parties by act of law, than a dissolution of the marriage. It may be granted for the causes of extreme cruelty or desertion of the wife by the husband. 2 Eccl. Rep. 208. This kind of divorce does not affect the legitimacy of children, nor authorize a second marriage. V. A vinculo matrimonii; Cruelty Divorce.

A vinculo matrimonii

:from the bond of marriage. A marriage may be dissolved a vinculo, in many states, as in Pennsylvania, on the ground of canonical disabilities before marriage, as that one of the parties was legally married to a person who was then living; impotence, (q. v.,) and the like adultery cruelty and malicious desertion for two years or more. In New York a sentence of imprisonment for life is also a ground for a divorce a vinculo. When the marriage is dissolved a vinculo, the parties may marry again but when the cause is adultery, the guilty party cannot marry his or her paramour.

Ab initio

#Latin for "from the beginning." #When an agreement is for legal reasons void ab initio, it is void for all purposes throughout the period of its purported existence, and not merely from the moment that it is declared to have been void by the Court. #When a man enters upon lands or into the house of another by authority of law, and afterwards abuses that authority, he becomes a trespasser ab initio. Bac. Ab. Trespass, B.; 8 Coke, 146 2 Bl. Rep. 1218 Clayt. 44. And if an officer neglects to remove goods attached within a reasonable time and continue in possession, his entry becomes a trespass ab initio. 2 Bl. Rep. 1218. See also as to other cases, 2 Stra. 717 1 H. Bl. 13 11 East, 395 2 Camp. 115 2 Johns. 191; 10 Johns. 253; ibid. 369. # but in case of an authority in fact, to enter, an abuse of such authority will not, in general, subject the party to an action of trespass, Lane, 90 ; Bae. Ab. Trespass, B ; 2 T. It. 166. See generally 1 Chit. PI. 146. 169. 180.

Aberemurder

:obsolete: an apparent, plain, or downright murder. It was used to distinguish a wilful murder, from a chance-medley, or manslaughter. Spelman; Cowell; Blount.

Abet

:to encourage or set another on to commit a crime. This word is always taken in a bad sense. To abet another to commit a murder, is to command, procure, or counsel him to commit it. Old Nat. Brev 21; Col Litt. 475.

Abettor

:one who encourages or incites, persuades or sets another on to commit a crime. Such a person is either a principal or, an accessory to the crime. When present, aiding, where a felony is committed, he is guilty as principal in the second degree ; when absent, "he is merely an accessory." 1. Russell, 21; 1 Leach 66; Foster 428. Source: Bouvier's Law Dictionary, Sixth Edition, Revised, 1856.

Abscond

:to travel covertly out of the jurisdiction of the courts, or to conceal oneself in order to avoid their process.

Accessory

:an accessory is one who knows of, and assists in, the commission of a crime, but is not present when the crime is committed. In this an accessory is different from an accomplice. A person may be an accessory either before or after the fact; that is, before or after the crime is actually committed. A person cannot be an accessory unless a crime is eventually committed.

Amicus curiae

:a "friend of the court". When an important or difficult point is being argued in an adversarial system of law (such as the common law of England and the United States), but one part of the argument is inadequately represented (perhaps because a party is not interested in arguing it, or does not have the resources to argue it properly), the Court may appoint an Amicus curiae, to ensure that that part of the argument is sufficiently explored and is fully argued independently of the party upon whom the burden of that argument would ordinarily fall. One, who as a stander by, when a judge is doubtful or mistaken in a matter of law, may inform the court. 2 Inst. 178; 2 Vin. Abr. 475; and any one, as amicus curia, may make an application to the court in favor of an infant, though he be no relation. 1 Ves. Sen. 313. AMITA. A paternal aunt; the sister of one's father. Inst. 3, 6, 3.

Aquittal

:to be found not guilty of a violation of law.Dawsey

Arguendo

:"for purposes of argument", as in "assuming 'arguendo' that my opponent's contentions are correct." [In Latin, in this context, "arguendo" would mean "for the sake of arguing concerning another thing."] :The term is most often used in the following logical context: ::P1 argues "X is a result of Y" ::P2 responds "While you may or may not be correct that X is a result of Y, assuming 'arguendo,' that you are correct, you still fail to account for the existence of Z, which makes null your contention."

C

Conviction

:to be found by a judge or jury to have violated a law. Note that a conviction does not necessarily mean the person has committed a crime. A person who receives a parking ticket or a traffic ticket only punishable by a fine and is found guilty stands convicted of the charge even though traffic and parking offenses are not crimes.

Crime

:a violation of law which is an offense against the state and generally punishable by some form of penalty which could include prison or jail time. Crimes are defined as serious felonies or less serious misdemeanors. A violation of law which only has a monetary penalty is not a crime per se., but an infraction.

Change of venue

:a change of venue is a legal term that means that a case before a court will be heard in another jurisdiction versus the one where the said crime took place. This is done when there is a reason to think that a defendant will not receive a fair trial, for whatever the reason.

D

Dismissal

:termination of a legal proceeding prior to finding. A dismissal can be with or without prejudice.

E

Error coram nobis

:a writ claiming previously unknown facts amounting to extraordinary error.
Estoppel
:A principle of equity whereby a person is not allowed (is, therefore, estopped) from maintaining or relying upon the existence of a certain state of affairs. It is often said to be a shield not a sword, i.e., to afford a defence to a claim rather than the basis for a claim, but in certain cases the effect of an estoppel is to confer actionable legal rights. If, for example, a promise is made which is not legally enforceable because there has been no consideration provided for it, and it would be inequitable for the promise to be broken, the promisor may be estopped from reneging on the promise.

Ex parte

:by or for one party without notification of nor representation on behalf of other parties. A variant is ex parte on notice where the other party has received informal or short notice, but not formal or full notice. When an application is made ex parte the other side is not heard, and there is therefore an obligation of full and frank disclosure on the part of the applicant in order to present a fair picture to the Court being asked to make any decision.
F

Felony
:a serious crime, which is punishable by imprisonment of at least one year and one day, or by execution, or by fine or both fine and imprisonment or execution. It is distinguished from a misdemeanor as the maximum imprisonment for a misdemeanor is one year.
G

Grantee
:A grantee is a person to whom something is granted. In a franchise agreement, for example, the party buying the franchise is the grantee.
Grantor
:A grantor is a person who grants something (typically, rights or real property). In a franchise agreement, for example, the party selling the franchise is the grantor.
I

Implied Authority of Contract
:The implied ability of a person to make a legally binding contract on the behalf of a business or organization, by way of uniform or interaction with the public on behalf of said business/organization.
Infraction
:an essentially minor violation of law where the penalty upon conviction only consists of monetary forfeiture. A violation of law which could include imprisonment is a crime. It is distinguished from a misdemeanor or a felony in that the penalty for an infraction cannot include any imprisonment.

In loco parentis

:a person who has custodial/parental responsibility and authority although not actually being a parent (literally: "in place of the parents"). Although this can be established by written contract it is often assumed in common situations; thus a sibling or babysitter may have limited rights to act in loco parentis until the legal custodial parties (parents etc.) can be contacted.

In medias res

:Literally, "in the midst of things".
Injunction
:any court order prohibiting some parties from specific actions and/or activities (for example, working for a competitor in breach of duty to an existing employer) on penalty of contempt of court. It is, in exceptional cases, possible to obtain a mandatory injunction, which is a court order compelling a certain course of action (for example, demolition of an illegal structure) on penalty of contempt of court.

Inter Alia

:"among other things." Used in pleadings before a court or opinons of a court. ie. "The defendant claims, inter alia, that the plaintiff fails to establish . . ."
J

Jus tertii

:Literally meaning "rights of a third [person]", is a defense in tort law against claims of possession such as detinue, or conversion. It is the acknowledgement of a third party who has better possession than the claimant seeking the action.
M

Misdemeanor
:a less serious crime which is punishable by a fine, by imprisonment of one year or less, or by both. Some jurisdictions classify all violations of law which are less than felonies as misdemeanors, however generally a violation of law which is only punishable by a fine, and which cannot be punished by imprisonment, is considered an infraction (and not a crime), rather than a misdemeanor.
N

Non est factum

:"it is not (his) deed". A plea that a person who has signed up to a deed or a contract lacked the necessary understanding or intent, and is therefore not bound by the document. A successful plea would void the contract.
O

Offense
:any accusation of violation of law, whether it is a criminal violation (such as murder) or a non-criminal infraction (such as a parking ticket).
P

Prima facie

:Latin for "At first sight." Self-evident; obvious. A prima facie case is where the plaintiff presents enough evidence to win outright barring any defenses or additional evidence presented by the defendant.
Prejudice
:the ability of a party whose case has been dismissed to refile it with the court, usually after overcoming the issue that led to its dismissal. If a case is dismissed with prejudice it may not be refiled; if it is dismissed without prejudice, the plaintiff (civil) or prosecutor (criminal) is permitted to refile if they so wish.

Pro hac vice

:"for this occasion", application by an out-of-state lawyer to represent his or her client. Since lawyers are licensed by each state independently they must ask for permission of the court to appear in matters before any other state courts. Permission is generally granted though the details can vary from one jurisdiction to another.
R

Rule Nisi

:an order from a superior court to show cause. That is, the rule is absolute unless one can "show cause" to otherwise. Same as Decree nisi
S

Scenes à faire

:(French) a doctrine in copyright law which excludes some elements from copyright protection on the basis of their being necessitated by external factors or being customary to a given genre.

Sine die

:indefinitely; literally, "without a day". Use in relation to adjournments of the Court or of a particular case for an indefinite period.

Sine qua non

:also meaning "But for", generally refers to the test used to establish causation in fact. If the result would not have occurred 'but for' the actions taken by the defendant, then there exist causation.

Sua Sponte

:literally: "of its own accord" indicates that the court is addressing an issue that was not raised by any litigants; most often to defer to another jurisdiction regardless of the litigants' choice. (Also the motto of the U.S. Army Rangers)
Subpoena
:Coming from the Latin for "under penalty" (sub poena), a subpoena is a court process used to cause a witness to appear and give testimony, commanding him or her to appear before the court or magistrate therein named, at a time therein mentioned, to testify for the party named, under a penalty therein mentioned. This is formally called a subpoena ad testificandum, to differentiate it from a subpoena duces tecum, which refers to documents. :On proof of service of a subpoena upon the witness, and that he is material, a citation may be issued against him or her for contempt, or (conceivably) a bench warrant for his or her arrest may be issued, if he or she neglects to attend as commanded. The equivalent command to a defendant is a summons.

Subpoena Duces Tecum

:a court order specifying items that a witness or other party is to bring (duces) in hand (tecum) or suffer penalty (sub poena)
T

Tort
:A civil wrong (as opposed to a criminal wrong), which may be either intentional or accidental. If someone is driving and hits an unoccupied parked car, they commit a tort in that they have caused a wrong to another party which does not rise to the level of a crime. If they fail to stop at the scene of the accident, they also commit a crime, which is a criminal wrong in addition to, and separate from the tort.
Tortfeasor
:a person who commits a tort.
U

Under Seal
:A procedure allowing sensitive or confidential information to be filed with a court without becoming a matter of public record. The court generally must give permission for the material to remain under seal. ---- This article incorporates in part, text from [http://www.constitution.org/bouv/bouvier.htm Bouvier's Law Dictionary, 1856 Edition], which is now in the public domain. Category:Law lists
- Legal Legal

Trust (property)

:This page deals with the law of trusts in the USA. For discussion of other jurisdictions, see Trust (Law) non-USA. In common law legal systems, a trust is a contractual relationship in which a person or entity (the trustee) has legal title to certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of one or more individuals or organization (the beneficiary), who retain beneficial title, according to the terms of the trust and local law. This dual title is frequently called "split title." Most trust law in the United States is now statutory at the state level. Fiduciary tax law is both federal (see the Internal Revenue Code) and state. Trustees may be competent individuals and/or state or federally chartered corporate, i.e. professional, trustees, typically that have integrated their trust company into their investment management or private banking groups. It is not unusual for an individual to serve as trustee alongside a bank trustee: they are typically called "co-trustees." Both individual and corporate trustees may charge fees for their services, although individual trustees may serve gratis when part of the settlor's family or the settlor him/herself. Ever fewer American banks serve as trustee, as litigation costs rise. For most banks trust services are not profitable. For large and effective trust organizations a trust organization properly integrated into private banking and investment division can be quite profitable. The fifty states harbor rich differences in fiduciary law despite on-going efforts to reduce disparities through the Uniform Principal and Income Act and other "uniform code" efforts. Nevertheless, unless the terms of the trust document are incompatible with public policy (creating a trust to advance a criminal enterprise, for example), a trust document will trump local law. For example, some states require all trustee fees to be charged equally to principal cash and income cash. If the trust document directs otherwise, document language will prevail. Where a document contains obnoxious, unworkable, impractical, or outdated language, the beneficiaries and trustees have recourse to local probate courts: most commonly for judicial construction or to deal with circumstances not imaginable by the settlor at the time the trust was created. The entity (one or more individuals, a partnership, or a corporation) that creates the trust is called variously the settlor, grantor, donor, or creator. Practitioners typically distinguish personal trusts from institutional trusts: the former being established as a part of one or more individuals' estate and personal financial planning and/or investment needs, and the latter typically by or on behalf of foundations, endowments, and defined benefit and other qualifed pension plans. Most fiduciaries manage these two types of business separately, although it is not uncommon for small institutional accounts to be handled by the personal trust group. Typically a trust is created by (1) written instrument (the trust document) signed by both the settlor (who may be the only beneficiary) and the trustee or (2)the last will and testament of the settlor. While there are other ways to create a trust, they are atypical and of little practical interest to trust practitioners: true desert islands cases for the most part. While practitioners (bank trustees and fellow traveler trust and estate attorneys) persist in titling trustd as "Tr. u/a" (trusts under agreement a/k/a inter vivos trusts) or "Tr. u/w" (trusts under will), there is little practical difference between the two: it matters little whether a trust was created while the settlor is alive or following his death per terms of his will. Industry convention is for the settlor's name to appear in the title after shorthand naming the type of instrument. Consider "Tr. u/a John Smith" ("Tr. u/a" stands for "trustee under agreement"). This title indicates that during his lifetime John Smith created a trust. This title conveys no information about revocability and might better be titled "Tr. u/a John Smith Revocable" or "Tr. u/a John Smith Irrevocable". Conventional titles may further indicate the names of one or more beneficiaries in cases where the beneficiary is not the same as the settlor. Hence: "Tr. u/a John Smith FBO Alma Smith" or, if appropriate, "Tr. u/a John Smith FBO Alma Smith irrevocable". Titles also frequently include more information such as the existence of more than one trustee ("Co-tr. u/a John Smith": "co-tr" means co-trustee) or that one or more of the trustees are not the original trustee (Successor Co-Tr. u/a John Smith). As a practical matter the typical corporate trustee's computer system will have room for a short title (with a limited number of characters: 32 in this writer's experience)and a long title with an unlimited character field. Typically, compromises are made in the short title and serve primarily as a reminder the trust advisor which account he/she is viewing on the computer screen. Thus a complicated situation might be resolved as follows: SHORT TITLE: John Smith IRREV for Alma LONG TITLE: Successor Co-trustee under the will of John Q. Smith for the benefit of Alma Smith et alia irrevocable dated 5/1/1982 restated 4/11/2003. In this example the bank trustee is the successor trustee, i.e. not the original, John Q. Smith is the settlor, Alma Smith and others are the beneficiaries, the original document was written 5/1/1982 and that document was completely rewritten, i.e. a new document was substituted for the original. Since each trust document is potentially different from every other, no seasoned and capable practitioner will every assume much at all from the title and will carefully consult actual document language before making any important decisions. And to make matters worse some settlors insist on names that defy industry convention. Thus, aggrieved parents who create a schorship trust for a deceased daughter may put the following language in their document: This trust shall be called the Sally Sue Smith Education Trust. Most bank trustees would likely ignore this and name the trust the John & Jill Education trust. In general, a trust is not established until the document is (1) signed AND (2) money or something of value is transferred from the settlor to the trustee. Thus, the signing of trust documents does not in itself create a trust. The trust is only truly established when money or something of value, i.e. farm land or a home, for example, is transferred to the trustee. This situation gives rise then to "one-dollar trusts" -- trusts held on the books of bank trust organizations holding one dollar awaiting funding at a later date by life insurance proceeds or the settlor's decision to fund the trust during his lifetime. The bank normally will charge nothing to hold the document and the one dollar until the trust is funding with more than the de minimus amount required to establish the trust. These one-dollar or "life insurance trusts" must be distinguised from irrevocable life insurance trusts with Crummey powers, which are a different kettle of fish altogether. Most trusts specifically allow for additional asset transfers at the direction of the settlor or others provided the trustee is willing to accept those assets. This can be problemmatical in the case of real estate, where mere entry into the chain of title makes the trustee liable for the acts of all others in the change of title. Corporate trustees will often not accept certain real assets -- particularly where the real property is compromised by unremediated environmental issues or where the trustee is unable to make a thorough inspection. Corporate trustee without real property expertize will typically avoid taking any real assets. The various names listed above for individual or corporate entity that establishes a trust are interchangeable -- with "settlor" preferred by the legal community and "grantor" by trust officers and related practitioners. Typically, a trust created by a single individual, in which the settlor retains the ability to remove funds at any time, is called a grantor trust. Such trusts are often created mostly as an investment management vehicle -- at least during the life of the settlor. The term "grantor trust" also has a special meaning in fiduciary tax law: a trust in which the tax consequences of the trust's investment activities are entirely the responsibility of the settlor or another individual who has unfettered power to take out all the assets. Therefore anyone hearing the expression "grantor trust" is advised to inquire whether the context is tax or not. There are three types of trust for fiduciary tax purposes: grantor trusts whose tax consequences flow directly to the settlor's 1040 and state return, simple trusts in which all the income created must be distributed to one of more beneficiaries and is therefore taxed to the non-settlor beneficiary (e.g. the widow of a trust created by the late husband), whether or not the income is actually distributed (it happens), and complex trusts, which are all trusts that aren't grantor trusts or simple trusts. Some trusts may alternate between simple and complex under certain conditions. Many but not all trust organizations do their own tax work. This can be highly specialized work. All simple and complex trusts are irrevocable and in both cases any capital gains realized in the portfolios are taxed to the trust corpus or principal. Practitioners commonly distinguish between inter vivos and testamentary trusts. These terms refer only to the status (living or dead) of the settlor. Thus a settlor who is living at the time the trust is established creates a contract between living persons, i.e. an inter vivos trust. A trust created in an individuals' will is called a testamentary trust and is thus created following the settlor's death. Practitioners and the public alike frequently erroneously assume all inter vivors trusts are revocable and all testamentary trusts are not. It is not at all infrequent to see irrevocable inter vivos trusts and testamentary trusts that can be revoked. The trustee is said to hold legal title to the corpus, while the beneficiary holds equitable or beneficial title. If the legal and equitable title merge in the same person, the trust is considered nonexistent. This can happen when the trustee becomes the sole beneficiary.

In general

The trustee can be either a natural or a legal entity. There can be multiple trustees, in which case the trust should provide a mechanism for the trustees to make decisions. A trust will not fail solely for want of a trustee; if there is no trustee, whoever has title to the trust property will be considered the trustee. If the interests of the trust require it, a court of competent jurisdiction may appoint a trustee to ensure the continuing viability of the trust. The trust property can be any form of property, be it real or personal, tangible or intangible. The beneficiary can be a single person, multiple persons, or a defined class or group of persons, including people not yet born at the time of the trust's creation. The trustee can be one of the beneficiaries, so long as the trustee is not the only beneficiary. A trust can also be created with some charitable purpose, as opposed to having a particular person or persons as its beneficiary. The trust has been called the most innovative contribution of English legal thinking to the law. It plays an important role in all common law legal systems. Trusts developed out of the English law of equity which has no direct equivalent in civil law jurisdictions. However, since the use of the trust is so widespread, some civil law jurisdictions have incorporated trusts into their civil codes. Civil law systems also have analogous concepts like patrimony of affectation and the foundation that have similar independent patrimonies from their donors that trusts can have from their grantor. Trusts are used for a number of purposes, including to plan one's estate and as a form of investment. They are also frequently used to reduce the amount of tax payable, since they often receive special tax treatment. Pension schemes are often set up as trusts.

Express, implied, and constructive trusts

Trusts can be classified in a number of ways. One of these ways is by how the trust was created. Most commonly, a classification of trusts as express trusts, implied trusts (resulting trust) and constructive trusts is used. Note however that this terminology is not accepted by all authors. An express trust is created where one person (the settlor) conveys property to another (the trustee) on the condition that the property will be used for the benefit of a third party or parties (the beneficiaries). The intention of the parties to create the trust must be shown clearly by their language or conduct. For an express trust to exist, there must be certainty to the objects of the trust and the trust property. Statute of Frauds provisions require express trusts to be evidenced in writing if the trust property is above a certain value, or is real estate. An implied trust (also called a resulting trust) is created where some of the legal requirements for an express trust are not met, but an intention on behalf of the parties to create a trust can be presumed to exist. Unlike an express or implied trust, a constructive trust is not created by an agreement between a settlor and the trustee; rather a constructive trust is imposed on the trustee by the law. This generally arises due to some wrongdoing on behalf of the trustee, where the trustee has acquired legal title to some property but cannot in good conscience be allowed to benefit from it. For example, the Privy Council has held that if a fiduciary accepts bribes or makes an improper profit, a constructive trust is thereby created, by which the fiduciary holds the bribes or improper profit as trustee of a constructive trust for the benefit of the principal.

Simple or bare trusts versus special trusts

In a simple trust (also called a bare trust) the trustee has no active duty beyond conveying the property to the beneficiary at some future time determined by the trust. In a special trust, however, the trustee has active duties beyond this.

Private trusts versus public or charitable trusts

A private trust has one or more particular individuals as its beneficiary. By contrast, a public trust (also called a charitable trust) has some charitable end as its beneficiary. In order to qualify as a charitable trust, the trust must have as its object certain purposes such as alleviating poverty, providing education, carrying out some religious purpose, etc. The permissible objects are generally set out in legislation, but objects not explicitly set out may also be an object of a charitable trust, by analogy. Charitable trusts are entitled to special treatment under the law of trusts and also the law of taxation.

Fixed, discretionary and hybrid trusts

In a fixed trust, the amount of money or other goods or services to be paid to the beneficiaries is fixed by the settlor. An express fixed trust requires a certain degree of certainty regarding who are the beneficiaries and the amounts to be paid to them, so that the trustee has little or no discretion. If this degree of certainty is not met, an implied trust exists instead. In a discretionary trust, the amount of money or other goods or services to be paid to the beneficiaries is up to the trustee, so long as the decision is made based on the beneficiaries best interests. A hybrid trust combines elements of both fixed and discretionary trusts. In a hybrid trust, the trustee must pay a certain amount of the trust property to each beneficiary fixed by the settlor. But the trustee has discretion as to how any remaining trust property, once these fixed amounts have been paid out, is to be paid to the beneficiaries.

Specific types of trust: unit trusts, protective trusts

A unit trust is a trust where the beneficiaries (called unitholders) each possess a certain share (called a unitholding) and can direct the trustee to pay money to them out of the trust property according to the number of unitholdings they possess. Unit trusts are primarily used for investment purposes. A protective trust is a type of trust that was devised for use in estate planning. Often a person, A, wishes to leave property to another person B. A however fears that the property might be claimed by creditors before A dies, and that therefore B would receive none of it. A could establish a trust with B as the beneficiary, but then A would not be entitled to use of the property before they died. Protective trusts were developed as a solution to this situation. A would establish a trust with both A and B as beneficiaries, with the trustee instructed to allow A use of the property until they died, and thereafter to allow its use to B. The property is then safe from being claimed by As creditors, at least so long as the debt was entered into after the trust's establishment. This use of trusts is similar to life estates and remainders, and are frequently used as alternatives to them.
See also

- Trusts and estates
- Charitable trust
- Foundation (charity)
- Trust (disambiguation)
- Blind trust
External links

- [http://www.howtolaw.co.nz/html/ml025.asp Basic info from the legal perspective of New Zealand] Category:Common law Category:Wills and trusts Category:Equity

Fiduciary

In many common law jurisdictions, fiduciary is a legal term used to describe a relationship between a person who occupies a particular position of trust, power or responsibility with respect to the rights, property or interests of another. Common relationships with this character are those of a guardian and a ward, an attorney and a client, and a trustee and a beneficiary. In general, a fiduciary must act for the benefit of the person to whom he or she owes fiduciary duties, to the exclusion of any contrary interest. In business or law, a fiduciary relationship generally arises as a result of the specific duties that attend a particular profession or role (for example, an investment advisor, trustee or lawyer), or by virtue of a particular business relationship (for example, partners in a partnership). A fiduciary relationship can have a dramatic difference in power, knowledge or expertise between the two parties, especially where the fiduciary is hired with the expectation that he or she will exercise independent professional judgment on behalf of another. A fiduciary will often be entrusted with broad power over the property of another. Different jurisdictions may define the duties of a fiduciary differently, and may also adopt different views as to when a fiduciary relationship arises, and the scope of that relationship. Because of the degree of trust reposed in a fiduciary, a fiduciary is generally held to a very high standard of honesty and integrity within the scope of the relationship. Among the legal duties commonly imposed on fiduciaries are duties of good faith and candor (a duty to voluntarily disclose all material information). For example, a fiduciary may not personally profit from a business opportunity the fiduciary should have disclosed. A breach of these duties can give rise to a lawsuit in which the fiduciary can be required to account for improperly-gained profits and disgorge them.

Creation and Scope of the Relationship

A fiduciary relationship does not arise simply because someone places their trust in another person, nor does it extend to every possible sphere of action. One court has noted that "[m]ere respect for the judgment of another or trust in his character is not enough to constitute such a relationship. There must be such circumstances as indicate a just foundation for a belief that in giving advice or presenting arguments one is acting not in his own behalf, but in the interests of another party." (Cranwell v. Oglesby, 12 N.E. 2d 81, 299 Mass. 148, 1937). Certain relationships (noted above) have historically been regarded as fiduciary at common law, and others have been created by statute.

Professionals as Fiduciaries

Members of various professions such as physicians, architects and lawyers, have highly specialized training and possess credentials and expertise in a particular field. In many cases (incuding these) they may have a license to practice a profession from which laypersons are barred. These professionals are often placed in positions of trust with respect to those who avail themselves of their services, and are often deemed to owe fiduciary duties to their clients within the scope of their engagement. Most professions are subject to specific codes of conduct prescribed by law or independent credentialing authorities such as bar associations, and may be subject to additional penalties (such as a lawyer being disbarred)

Corporate Officers as Fiduciaries

The nature of fiduciary duties is especially relevant in the field of corporate governance. Members of the board of directors or the officers of a corporation may owe fiduciary duties to its shareholders, as defined by the law of the state of incorporation. However, the business judgment rule may limit the ability of shareholders to sue for breaches of fiduciary duty.

Specific Duties of a Fiduciary

Benjamin Cardozo, while sitting on the Court of Appeals of New York offered an influential description of fiduciary duties in Meinhard v. Salmon, 249 N.Y. 458, 464 (1928), which has been widely used in the United States: ::Many forms of conduct permissible in a workaday world for those acting at arm's length, are forbidden to those bound by fiduciary ties. A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is then the standard of behavior. Different jurisdictions define fiduciary duties differently, but four duties are very common: #Duty of Loyalty, i.e. a fiduciary must disregard his own self-interest and act for the benefit of the beneficiary; #Duty to Act Prudently, i.e. the Prudent Man Rule. #Duty of Care, i.e. a fiduciary must exercise the highest standard of care in managing the beneficiary's interests; and #Duty of Candor or Disclosure, i.e. a fiduciary must disclose all information material to the relationship to the beneficiary. Fiduciary law is particularly relevant to the law of trusts, partnerships, agency, and corporate officers and directors (corporate governance). Fiduciary duties are always particular to the context in which they arise, and can often be created, modified, or even waived by private agreement.

Liability

In the most general sense, a liability is anything that is a hindrance, or puts one at a disadvantage.

In accounting

In accounting, a financial liability is something that is owed to another party. This is typically contrasted with an asset which is something of value that you own. It is said, "assets put cash in your pocket, liabilities take cash out of your pocket." The basic accounting equation relates assets, liability, and capital (or equity) thus: liabilities + equity = assets where assets are what you own, liabilities are what you owe to others, and equity is what you have contributed to the venture. In technical terms, liabilities are: The future sacrifice of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions and other past events. (Statements of Accounting Concepts, AARF, 1997). Regulations as to the recognition of liabilities are different all over the world, but are roughly similar to those of the International Accounting Standards Board ([http://www.iasb.org IASB]). Examples of types of liabilities include: money owing on a loan, money owing on a mortgage, or an IOU.

Clasification of liabilities

Liabilities are reported on a balance sheet and are usually divided into 2 categories:
- Current liabilities - these liabilities are reasonably expected to be liquidated within a year. They usually include payables (wages, accounts, taxes, etc, payables), unearned revenue (see adjusting entries), portions of long-term bonds to be paid this year, short-term obligations (e.g. from purchase of equipment), and others.
- Long-term liabilities - these liabilities are reasonably expected not to be liquidated within a year. They usually include issued long-term bonds, notes payables, long-term leases, pension obligations, long-term product warranties, etc.

In law

- In law a legal liability is a term used to describe situations in which a person is liable, for, say, damage to property or reputation and is therefore responsible to pay compensation for any damage incurred; liability may be civil or criminal.
- In commercial law, limited liability is a form of business ownership in which business owners are legally responsible for no more than the amount that they have contributed to a venture. If for example, a business goes bankrupt an owner with limited liability will not lose unrelated assets such as a personal residence (assuming they do not give personal guarantees). This is the standard model for larger businesses, in which a shareholder will only lose the amount invested (in the form of stock value decreasing). For an explanation see business entity.
- Manufacturer's liability is a legal concept in most countries that reflects the fact that producers have a responsibility not to sell a defective product

An example (from both accounting and law)

Money that you have accumulated is an asset to you. It is something of value that you own. If you take your money to a bank and deposit it there, it becomes a liability to the bank (the bank owes you the money). The money is both an asset to you and a liability to the bank.

Board of directors

A board of directors, also called board of trustees, board of governors, board of managers, or board of curators, is a group of individuals who govern the affairs of a corporation. Board members in most legal jurisdictions have specific fiduciary duties whereby they must act for the benefit of the corporation. A board is either self-perpetuating or elected by the members of the corporation. In the case of an incorporated joint-stock company, the board is almost always elected by the members (shareholders) of the company. Individuals can be members of the board of directors of multiple corporations at one time. The main duties of the board are to choose the chief executive officer and other officers to run the day-to-day operations of the corporation and to exercise high-level oversight. Typically corporate boards are involved in issues of ownership, strategy, financing, and mergers and acquisitions. The actual power held by the board of directors varies widely from corporation to corporation. In some, the board of directors form a powerful body to which senior management is subservient. Other times, the board is a formality which merely rubber stamps decisions of the CEO and senior management. The board is run by the chairman of the board. Often the CEO serves concurrently as the chairman. Some hold that this is inappropriate in a publicly-traded joint-stock company, for, they contend, it gives management too much power over the board, which is supposed to provide oversight of management. Larger boards are partitioned into several committees with specific tasks. For example, a compensation committee is commonly formed to make decisions regarding salary and stock allocations for top management (and sometimes for the entire employee pool). Others might include an audit committee, a legal affairs committee, and a mergers and acquisitions committee. A board will often consist of executive and non-executive directors. Executive directors play an active part in running the company, while non-executive directors are only there to offer advice. It is widely considered good management practice to create a board of directors with persons with expertise from diverse backgrounds and to have outside directors or non-executive directors who can provide a perspective on a situation which is independent from management. For example it is extremely common for a good percentage of the boards of most large corporations to be from academia, especially business schools. Sometimes relatives of powerful politicians are selected to serve on boards, such as when Hillary Clinton served on the board at Arkansas-based Wal-Mart while her husband, Bill, was Governor of Arkansas.

Failures

While the primary responsibility of boards is to ensure that the corporation's management is performing its job correctly, actually achieving this in practice can be difficult. In a number of "corporate scandals" of the 1990s, one notable feature revealed in subsequent investigations is that boards were not aware of the activities of the managers that they hired, and the true financial state of the corporation. A number of factors may be involved in this tendency:
- Most boards largely rely on management to report information to them, thus allowing management to place the desired 'spin' on information, or even conceal or lie about the true state of a company.
- Boards of directors are part-time bodies, whose members meet only occasionally and may not know each other particularly well. This unfamiliarity can make it difficult for board members to question management.
- CEOs tend to be rather forceful personalities. In some cases, CEOs are accused of exercising too much influence over the company's board.
- Directors may not have the time or the skills required to understand the details of corporate business, allowing management to obscure problems.
- The same directors who appointed the present CEO oversee their performance. This makes it difficult for some directors to dispassionately evaluate the CEO's performance.
- Directors often feel that a judgement of a manager, particularly one who has performed well in the past, should be respected. This can be quite legitimate, but poses problems if the manager's judgement is indeed flawed.
- All of the above may contribute to a culture of "not rocking the boat" at board meetings. Because of this, the role of boards in corporate governance, and how to improve their oversight capability, has been examined carefully in recent years, and new legislation in a number of jurisdictions, and an increased focus on the topic by boards themselves, has seen changes implemented to try and improve their performance.

Sarbanes-Oxley Act

The Sarbanes-Oxley Act (SOX) has introduced new standards of accountability on the board of directors. Members now risk large fines and prison sentences in the case of accounting crimes. Internal controls are now the direct responsibility of directors. This means that the vast majority of public companies now have hired internal auditors to ensure that the company adheres to the highest standards of internal controls. Additionally, these internal auditors are required by law to report directly to the audit board. This group consists of board of directors members where more than half of the members are outside the company and one of those members outside the company is an accounting expert.

Charitable trust

A charitable trust (or charity) is a trust organized to serve private or public charitable purposes.

Legal distinctions

A legal definition of a charitable purpose includes the relief of poverty, the advancement of education, the advancement of religion, or other purposes considered beneficial to the community. Because of the benefits provided by charitable trusts, they are subject to certain benefits under the law. For example, transfers of property to a charitable trust are usually exempt from the rule against perpetuities, which would otherwise operate to void a transfer made after a certain period. Furthermore, charitable trusts come under the doctrine of cy pres, which holds that if the charity designated in the trust ceases to exist or otherwise becomes unable to carry out the purpose of the trust, then the trust property can be transferred to another charity with a similar purpose.

Oversight

Some charities are referred to as foundations. Charitable trusts are usually non-profit organisations or registered with the government of a country. The charity is then required to report its activities (especially financial ones) to the government, usually on an annual basis. There is normally an obligation to register a non-profitable charitable organisation, as the public is entitled to some oversight of organisations that wish to act for the public good. In the United States, because of the principle of separation of church and state, churches and other religious organisations are often exempt from this legal requirement, although they are often overseen by a church hierarchy. In the United States, there are complex tax law differences between private and public charities. The use of the word "foundation" in an organization's name does not impart any legal benefit, generally speaking. In many countries the charity sector is fast growing. Charities often take over services that used to be provided by the state, such as health, old age and unemployment, as the state finds it increasingly difficult to fulfill its traditional social responsibility.

Charities in different countries

Australia

In Australia, non-profit organisations and charities are registered with the Australian Taxation Office as deductible gift recipients (DGR).

Canada

Canada has over 75,000 registered charities, of which more than 40% are places or worship such as churches and mosques. Other registered charities include institutions such as universities and libraries. About 23% of registered charities exist to help the disadvantaged. Annual giving in Canada is over $90 billion CDN, if one puts a dollar figure on volunteer time. The most charitable province is Newfoundland, which has the highest rate of individual donations per capita. Canadians give, on average, $239 dollars per year to charity. About one third of Canadians volunteer annually and 5% of corporations make donations. In Canada, approximately two-thirds of the funding for charitable foundations comes from the government. The level of government funding has recently caused controversy as cutbacks have led to problems with such programmes as food banks. Another controversy is the denial of charitable status to environmental and political groups. There have also been calls for greater regulation of the charitable sector. Recent years have seen a new breed of charities that pour most of their donations into marketing. These groups grow quickly and attract many donors but a far smaller fraction of each donation goes to help the needy.
- Charities in Canada are registered with the Canada Revenue Agency (CRA).

United Kingdom

There were over 200,000 registered charities in the UK at the start of 2005.
- The 180,000+ charities in England and Wales are registered with the Charity Commission for England and Wales. The Charity Commission has an online register listing them all. Many charities are also limited liability companies registered with Companies House. Using this latter model limits the liability of the Trustees and is the recomended model in the charity owns property, or employs people.
- The 20,000 or so charities in the Scotland are registered with the Inland Revenue. However, in 2006 a bill will be passed, registering charities with The Office of the Scottish Charity Regulator (OSCR).
- The 5,000 or so charities in Northern Ireland are registered with the Inland Revenue. There is no central register of these charities.

United States

In the United States of America, the Attorney General of each state maintains a registry of charitable organizations. Donations to charities in the United States are deductible for income tax purposes if the organization has exempt status from the Internal Revenue Service, usually under non-profit organization sec. 501(c)(3) of the tax code. Any organization meeting the rules of that section can be classified a charity in the US, including trusts, foundations, and corporations. US tax law also allows trusts that do not qualify as exempt under 501(c)(3) to get significant tax advantages if they are set up with specific provisions.([http://www.irs.gov/irm/part4/ch52s05.html]). These are called Charitable Remainder Trusts (CRT) and Charitable Lead Trusts (CLT). Charitable Remainder Trusts are so named because the remainder of the assets in the trust passes to a designated charity at the death of the grantor or one or more beneficiaries. A current tax deduction is given for the portion that is determined to be the expected amount the charity will receive in the future, which is called the remainder. During the lifetime of the primary beneficiary, a percentage of assets or a fixed dollar amount are paid to the primary beneficiary. There are two primary types of CRTs: Charitable Remainder Unitrusts (CRUT), where a percentage of assets is received by the lifetime beneficiary, and Charitable Remainder Annuity Trusts (CRAT), where a fixed dollar amount is received every year. Charities or other trustees are also allowed to set up pooled trusts that operate similarly to individual CRTs except that they receive contributions from multiple donors. This allows each donor similar benefits as an individual CRT without the expense of creating the trust themselves.[http://cobrands.public.findlaw.com/estate_planning/nolo/ency/3045416C-EDC6-48F2-A310DAF212E2361D.html] The Charitable Lead Trust is essentially the reverse of a Charitable Remainder Trust ([http://www.michiganestateplan.com/CM/ResourceLinks/Glossary.asp]). In this form, the lifetime payments go to the charity and the remainder returns to the donor or to the donor's estate or other beneficiaries. Thus the two types of CLTs are CLUTs and CLATs, which are analogous to CRUTs and CRATs. Similarly named and often confused with CRUTs and CRATs are Grantor Retained Unitrusts (GRUT) and Grantor Retained Annuity Trusts (GRAT) ([http://www.irs.gov/irb/2005-11_IRB/ar10.html]). The difference is that GRUTs and GRATs do not involve charitable beneficiaries and therefore are not given the charitable deduction.

List of charities

See: List of charities

External links

Charity regulating bodies

- [http://www.charity-commission.gov.uk/ Charity Commission for England and Wales]
- [http://www.oscr.org.uk/ The Office of the Scottish Charity Regulator (OSCR)]
- [http://www.ccra-adrc.gc.ca/tax/charities/menu-e.html Canadian Revenue Agency]
- [http://www.ato.gov.au/nonprofit/ Australian Taxation Office]

News, information and services in the charity sector

- [http://www.patplanner.com/ Charitable Remainder Trust] alternative tax deferral strategies with a private annuity trust.

International

- [http://www.cafonline.org/ Charities Aid Foundation]

United Kingdom

- [http://www.charityfacts.org/index.html Charity Facts]
- [http://www.charitychoice.co.uk/ Charity Choice]
- [http://www.philanthropycapital.org/ New Philanthropy Capital]
- [http://www.nfpsynergy.net/ nfpSynergy]
- [http://www.institute-of-fundraising.org.uk/ The Institute of Fundraising]
- [http://www.intelligentgiving.info/ Intelligent Giving]
- [http://society.guardian.co.uk/voluntary/ Society Guardian Voluntary Sector]
- [http://www.ncvo-vol.org.uk National Council for Voluntary Organisations]
- [http://society.guardian.co.uk/voluntary/ Society Guardian]

Evaluations of charities

United States

- [http://www.charitynavigator.org The Charity Navigator]
- [http://www.charitywatch.org The American Institute for Philanthropy]
- [http://www.guidestar.org/ Guide Star] Category:Organizations
- Category:Wills and trusts

Limited company

A limited company in the United Kingdom is a company whose liability is limited by English law or Scots law. There are three main types of limited companies which are set up by the Memorandum of Association & Articles of Association:
- private limited company by shares (Ltd.)
- : Analogous to GmbH, S.A. and Pty. Ltd.)
- private limited company by guarantee
- : These companies do not have share capital but are guaranteed by its "members", who agree to pay a fixed amount in the event of the company's liquidation. Frequently charities incorporate using this form of limited liability. Another interesting example is the Financial Services Authority.
- public limited company (PLC).
- : Public limited companies by shares (plc) (analogous to the U.S. Corporation and the German AG) offer several advantages over trading as sole trader (e.g. limited liability). As a shareholder in a limited company, if it were to go bankrupt, you would only be liable to contribute the amount remaining unpaid on the shares (usually zero, as most shares are issued fully paid). 'Paid' here relates to the amount paid to the company for the shares on first issue, and shouldn't be confused with amounts paid by one shareholder to another to transfer ownership of shares between them. Being a shareholder means you have limited liability. A limited company can be registered in London, England, England and Wales, Northern Ireland, Scotland or Wales. The registration is done through Companies House.

Links

- [http://www.company-formation-glossary.co.uk Company Formation Glossary] -- Company Formation Glossary
- [http://www.businesslink.gov.uk/bdotg/action/detail?r.l3=1073865730&r.l2=1073859215&r.l1=1073858808&r.s=sc&type=RESOURCES&itemId=1073789612 Limited liability company]
- [http://www.firmreg.ru Limited liability company registration] Category:Legal entities Category:Types of companies

Companies House

Companies House is an Executive Agency of the Department of Trade and Industry. All limited companies in Great Britain are registered with Companies House and file specific details as required by the 1985 Companies Act. The United Kingdom has enjoyed a system of company registration since 1844. Today, company registration matters are dealt with in law, by the Companies Act 1985 and the updating legislation contained in the Companies Act 1989 There are three offices of Companies House:
- Cardiff: The main office handles companies registered in England and Wales
- Edinburgh: The Scottish office handles registrations for companies in Scotland.
- London: The London office deals mainly with document orders and collections and can only provide same day incorporations for Companies in England and Wales.
- Nantgarw: This is another office that contains the Compliance Unit, Prosecuting Solicitors, Late Filing Penalties and the E-Filing Team. This office does not accept postal deliveries. Registrar Of Companies The Cardiff and Edinburgh offices are headed by a Registrar of Companies. The Cardiff-based Registrar is also the Chief Executive of Companies House. Overseas companies that establish offices in Great Britain must also register. There are many different types of company:
- Public Limited Company (PLC)
- Private limited company by shares (Ltd, Limited)
- Company Limited by Guarantee
- Unlimited Company
- Limited Liability Partnership (LLP)
- Limited Partnerships (LP)
- Societas Europa (SE) - A European PLC
- Royal Charter (RC)

External links

- [http://www.companieshouse.gov.uk/index.shtml Companies House Official Website] Category:Economy of the United Kingdom Category:Executive agencies of the United Kingdom government

Directors

director

Trustee model of representation

The trustee model of representation is a model of a representative democracy. Constituents elect their representatives as 'trustees' (or 'entrust' them) for their constituency. These 'trustees' have sufficient autonomy to deliberate and act in favor of the greater common good and national interest, even if it means going against the short-term interests of his or her own constituency. The model provides a solution to the problem uninformed constituents that do not have the necessary knowledge on issues to take an educated position. This model was formulated by Edmund Burke (1729-1797), a British philosopher, who also created the Delegate model of representation. In the trustee model, Burke argued that his behavior in Parliament should be informed by his knowledge and experience, allowing him to serve the public interest. Indeed, as he put it "his unbiased opinion, his mature judgment, his enlightened conscience, he ought not to sacrifice to you, to any man, or to any set of men living. ... Your representative owes you, not his industry only, but his judgment; and he betrays, instead of serving you, if he sacrifices it to your opinion". Essentially, a trustee considers an issue and, after hearing all sides of the debate, exercises their own judgement in making decisions about what should be done. "You choose a member, indeed; but when you have chosen him, he is not member of Bristol, but he is a member of Parliament". (Burke, 1774). J.S. Mill also championed this model. He stated that while all individuals have a right to be repesented, not all political opinions are of equal value. He suggested a model where constituents would receive votes according to their level of education (i.e people with degrees receiving the most votes, and working class people receiving the least).

External links

- [http://oll.libertyfund.org/Texts/LFBooks/Burke0061/SelectWorks/HTMLs/0005-04_Pt02_Speeches.html Burke's speech to the electors of Bristol]
- [http://www.constitution.org/jsm/rep_gov.htm 'Representative Government' by J.S. Mill]
- [http://wikisource.org/wiki/On_Liberty 'On Liberty' by J.S Mill]

Master of Laws

The Master of Laws is an advanced law degree that allows someone to specialize in a particular area of law. It is commonly abbreviated LL.M. (also LLM or LL.M) from its Latin name, Legum Magister. (For female students, the less common variant Legum Magistra may also be used.)

Background on legal education in English-speaking countries

In order to become a lawyer and practice law, a person must first obtain the professional law degree. This degree, called a Juris Doctor in the United States and a Bachelor of Laws in other English-speaking countries, is a generalized course of study that exposes students to a wide range of topics. It is designed to provide the basic skills and knowledge needed to become a lawyer. As there are many required courses, it is difficult to focus on a particular area of law. If a person wishes to gain specialized knowledge in a particular area of law, they can continue their studies in an LL.M. program. The word legum is the possessive plural form of the Latin word lex, which means "specific laws". When used in the plural, it signifies a specific body of laws, as opposed to the general collective concept embodied in the word jus, from which the words "juris" and "justice" derive.

International situation

In most countries, lawyers are not required to hold an LL.M degree, and nearly all choose not to obtain one. In fact, the education systems of most countries did not traditionally include LL.M. programs. Historically, the LL.M. degree is an element particular to the education system of English speaking countries, which is based on a distinction between Bachelor's and Master's degrees. However, during the past years, specialized LL.M. programs have been introduced in many European countries, even where the Bologna process has not yet been fully implemented.

Types of LL.M. degrees

There are a wide range of programs available worldwide, allowing LL.M. students to focus on almost any area of law they choose. Most universities offer only a small number of LL.M. programs. One of the most popular LL.M. degrees in the United States is tax law. Other common programs include environmental law, human rights law, commercial law, intellectual property law and international law. Some LL.M. programs, particularly in the United States, focus on teaching foreign lawyers the basic legal principles of the host country (a "comparative law" degree). With regard to admitting foreign lawyers to the bar the United States is a mixed case. The two major states for legal practice, New York and California, take different paths. New York allows foreign lawyers to sit for the NY bar once they have completed their LL.M. if that LL.M. was awarded from an ABA approved law school, consisted of at least 20 credits and involves at least 2 basic subjects tested on the NY bar exam. In addition foreign lawyers from civil law countries have to present that they had at least 3 years of law studies in their home countries. Lawyers from common law countries face more lenient restrictions. California, on the other hand, allows students who have not completed a three-year legal degree program in American law (or, in very rare circumstances, an apprenticeship) to sit for its bar exam after completing an LL.M. in Comparative Law from an ABA approved law school. The culmination of the two must equal four years of legal study. Other states are similar to California in requiring an LL.M. to be taken by foreign lawyers in order to take the bar exam. Although some would doubtless explain the differential treatment between J.D. holders and LL.M. holders as xenophobia, since lawyers holding an LL.M. but not a J.D. generally are foreigners who received their first degree outside the United States, the more likely answer is less sinister. The state bars function not only as regulatory bodies, but also trade associations, and licensing is one form of market protectionism. By increasing the cost to become an attorney in the legal market by requiring three years' of legal study, many states effectively shield local attorneys from competition from foreign lawyers. However, in recent years, this notion has been challenged with American law schools dropping in international rankings and the superior law education offered at elite foreign law faculties (e.g. law programs offered at Oxford, Cambridge UCL and Durham.)

Requirements

LL.M. programs are usually only open to those students who have first obtained the professional law degree. Thus, it is an advanced degree for persons who are already lawyers, rather than for persons wishing to become lawyers. LL.M. programs usually last one year. LL.M. programs are varied in their graduation requirements. Some programs require students to write a thesis, others do not. Some programs are research oriented with little classroom time, while others require students to take a set number of classes. In the United States, the professional law degree discussed above is called the Juris Doctor (J.D.). Persons in the United States who obtain a LL.M. sometimes do so after they receive their Juris Doctor. Thus, they receive a "Doctorate" degree first and their Master's degree second, which is the reverse of how degrees are typically awarded. (The J.D. is not actually true doctorate, but rather a postgraduate degree. The professional law degree in the United States was originally called the Bachelor of Laws, abbreviated as LL.B. Though some U.S. law schools had granted the Juris Doctor to graduates holding a bachelor's degree, it wasn't until the late 1960's that the American Bar Association approved the change for all of its affiliated law schools. However, the LL.M. name was never changed, resulting in a situation where a Master of Laws degree is actually a more advanced degree than a J.D. for U.S.-educated lawyers.) LL.M. degrees in the United States are often earned by foreigners who have previously obtained a foreign law degree abroad. U.S.-educated lawyers, before proceeding to obtain an LL.M., generally have a total of seven years of education: four as an undergraduate and three to obtain a J.D. Foreign lawyers (who may have been trained in undergraduate institutions, giving the traditional name for the basic law degree, the LL.B.) generally have a total of five years of education: four in their home country, and one in the United States as an LL.M. Although foreigners may obtain an LL.M. after fewer total years of academic training than their U.S. colleagues, it represents a greater degree of achievement in legal education. Pursuing an LL.M., also allows first rate law students to build an international, sometimes rather exclusive, professional network. Some associations are providing LL.M. degree holders with a permanent structure to strenghten their connections among peers and to access an otherwise ultra-competitive business environment. An example of such kind of structure, determined to preserve the network potential of LL.M. holders, is ALMA a non-profit association of Italian and American LL.M. alumni at Top U.S. Law Schools. It was was founded some years ago and expanded quickly to gather around 700 international attorneys, businessmen and policy makers mainly operating in the U.S. and in Europe. Currently presided by Paolo Strino, a business attorney and a graduate from the University of Pennsylvania, the association holds events, conferences and symposia and provides some of its member with an annual scholarship.

LL.M. Related Links :

- [http://www.llm.it ALMA: Italian LLM students at top U.S. Law Schools]
- [http://www.llm-guide.com LLM-Guide: LLM Programs Worldwide]
- [http://www.worldwidellm.com LLM WorldWide: News and Programs]
- [http://www.abanet.org/legaled/postjdprograms/postjd.html American Bar Association (ABA): Overview of Post-J.D. Programs]
- [http://www.tcd.ie/Law/ Trinity College Dublin, Law School]
- [http://organizations.lawschool.cornell.edu/llm/ Cornell LL.M. Student Association]
- [http://law.duke.edu/internat/comparative.html Duke JD/LLM Program]
- [http://www.llm-guide.com/university/153 University of Ottawa Master of Laws (Law & Technology) Program] Laws, Master Category:Law degrees

CLU

The term CLU can refer to a number of things:
- The CLU programming language
- The financial professional designation Chartered Life Underwriter overseen by The American College.
- California Lutheran University

Category:Management

Category:Business Category:organizations ja:Category:経営 ko:분류:경영

Category:Corporate governance

Category:Corporations law Category:Management

List of famous South African people

Top 100 Great South Africans

In September 2004, thousands of South Africans took part in an informal nationwide poll to determine the "100 Greatest South Africans" of all time. Votes were cast by telephone, SMS, and the website of the state-run South African Broadcasting Corporation television channel, SABC 3, which aired a series of profiles and documentaries in the weeks leading up to the announcement of the top 100. The progamme was modelled on the BBC's "Greatest Britons" series, which saw World War 2 leader Winston Churchill lead the rankings as history's Greatest Briton. In South Africa, the list was headed by Nelson Mandela, a predictable and highly popular choice, given his global stature as a statesman and symbol of post-Apartheid liberation and reconciliation. Other popular choices ranged from Professor Christiaan Barnard, the pioneering heart surgeon, to General Jan Smuts, wartime Prime Minister and co-founder of the League of Nations, to Shaka Zulu, the 19th Century warrior leader of the Zulu Nation, to Internet entrepreneur and civilian space traveller Mark Shuttleworth. While the list was clearly intended as a touchstone for debate and a source of public entertainment, the SABC soon became embroiled in a national controversy over the high rankings accorded to some South Africans who were less widely regarded as "great". For example, Hendrik Verwoerd, the "Architect of Apartheid", ranked higher on the list than Albert Luthuli, South Africa's first Nobel Peace laureate, or Chris Hani, a famous anti-apartheid activist who died for the very abolishment of the system. Other controversial choices included an 11th placing for Hansie Cronje, the disgraced former Captain of the South African cricket squad, who admitted to taking bribes to influence the outcome of international test matches, and Jeremy Mansfield, a radio presenter best known for his prank telephone calls and sexually explicit anecdotes. Also, there was Eugene Terreblanche, the head of the Afrikaner Weerstandsbeweging. The national debate over the list reflected the deep divisions still inherent in South African society, even a decade after the nation's first democratic elections. On October 15, bowing to pressure from political commentators and sections of the media, the SABC announced that the show was being cancelled, leaving positions 2 to 10 still formally undecided. Some people have complained that Hendrik Verwoerd and Eugene Terreblanche were ranked so highly because most of the publicity came from TV and the votes were cast by phone, two media that white South Africans are more likely to have had access to. On the other hand, some people have criticised the decision to shelve the idea, as they view this as telling the South African public what they ought to think. This is the original list of "100 Greatest South Africans", with positions 2 to 10 still to be confirmed by public vote, before the show was taken off the air: 1. Nelson Mandela, first president of democratic South Africa and joint Nobel Peace Prize winner (1918 - )
2. Christiaan Barnard, pioneering heart surgeon (1922 - 2001)
3. F.W. de Klerk, former president and joint Nobel Peace Prize winner (1936 - )
4. Mahatma Gandhi, political activist (1869 - 1948)
5. Nkosi Johnson, child who died of AIDS (1989 - 2002)
6. Winnie Madikizela-Mandela, politician and 2nd wife of Nelson Mandela (1936 - )
7. Thabo Mbeki, current president (1942 - )
8. Gary Player, golfer (1936 - )
9. Jan Smuts, statesman (1870 - 1950)
10. Desmond Tutu, cleric and Nobel Peace Prize winner
11. Hansie Cronje, cricketer (1969 - 2002)
12. Charlize Theron, actress and Academy Award winner (1975 - )
13. Steve Biko, nonviolent political activist (1946 - 1977)
14. Shaka, founder of the Zulu nation (1787 - 1828)
15. Mangosuthu Buthelezi, politician and a Zulu prince
16. Tony Leon, politician (1956 - )
17. Brenda Fassie, singer (1964 - 2004)
18. Mark Shuttleworth, Web entrepreneur, founder of Thawte and Ubuntu Linux, astronaut (1973)
19. Hendrik Frensch Verwoerd, former prime minister and primary architect of Apartheid (1901 - 1966)
20. Chris Hani, political activist (1942 - 1993)
21. Bonginkosi Dlamini, also known as "Zola", poet, actor and musician
22. Patricia de Lille, politician
23. Johnny Clegg, also known as "The White Zulu", musician (1953 - )
24. Helen Suzman, stateswoman (1917 - )
25. Eugène Terre'Blanche, right wing activist
26. Pieter Dirk Uys political satirist and entertainer
27. Paul Kruger, four times president of South African Republic (1825 - 1904)
28. Anton Rupert, businessman and environmentalist
29. Jonty Rhodes, cricketer
30. Leon Schuster, filmmaker, comedian, actor and prankster
31. Oliver Tambo, political activist (1917 - 1993)
32. Steve Hofmeyr, musician and actor
33. Walter Sisulu, political activist (1912 - 2003)
34. Cyril Ramaphosa, politician and businessman
35. JRR Tolkien, author (1892 - 1973)
36. Beyers Naude, cleric and anti-apartheid activist (1915 - 2004)
37. Ernie Els, golfer (1969 - )
38. Miriam Makeba, musician
39. Patrice Motsepe, businessman
40. Trevor Manuel, politician
41. Albert Luthuli, cleric, politician and 1960 Nobel Peace Prize winner († 1967)
42. Robert Sobukwe, political activist (1924 - 1978)
43. Tokyo Sexwale, politician and businessman
44. Danny Jordaan, politician and soccer administrator
45. Fatima Meer, scientist and political activist
46. Ahmed Kathrada, political activist
47. Joe Slovo, politician (1926 - 1995)
48. Natalie du Toit, disabled swimmer
49. Jomo Sono, soccer coach
50. Francois Pienaar, former Springboks rugby captain (1967 - )
51. John Kani, actor, entertainer and writer
52. Penny Heyns, swimmer
53. Jeremy Mansfield, radio and TV personality
54. Lucas Radebe, former Bafana Bafana soccer captain
55. Mamphela Ramphele, political activist, academic, businesswoman and mother to the son of Steve Biko
56. Cecil Rhodes, businessman (1853 - 1902)
57. Albertina Sisulu, political activist and wife of Walter Sisulu (1919 - )
58. Aggrey Klaaste, journalist and editor
59. Alan Paton, author (1903 - 1988)
60. Harry Oppenheimer, businessman (1908 - 2000)
61. Zackie Achmat, AIDS activist
62. Doctor Khumalo, soccer player
63. Jan van Riebeeck, first colonial administrator (1619 - 1677)
64. Bruce Fordyce, ultra-marathon runner
65. Enoch Sontonga, teacher, lay-preacher and composer wrote "Nkosi Sikelel' iAfrika"
66. Zola Budd, athlete (1966 - )
67. Sol Plaatje, journalist and political activist (1877 - 1932)
68. Danie Craven, rugby player and administrator (1910 - 1994)
69. Alan Boesak, cleric and politician
70. Felicia Mabuza-Suttle, talk show host, public speaker and businesswoman
71. Yvonne Chaka Chaka, musician
72. "Baby" Jakes Matlala, boxer and junior flyweight champion
73. Kaizer Motaung, founder of Kaizer Chiefs Football Club
74. Basetsana Kumalo, former Miss South Africa, presenter and businesswoman
75. Antjie Krog, poet, novelist and playwright
76. Dullah Omar, politician
77. Mandoza, musician
78. Nkosazana Dlamini-Zuma, politician
79. Raymond Ackerman, businessman
80. Nadine Gordimer, 1991 Nobel Prize-winning author (1923 - )
81. Daniel François Malan, former Prime Minister responsible for laying the groundwork for Apartheid (1874 - 1959)
82. Frederik van Zyl Slabbert, politician
83. James Barry Munnik Hertzog, former Prime Minister (1866 - 1942)
84. Hector Pieterson, a young boy whose death has become the symbol of the Soweto uprisings of June 1976
85. Sewsunker "Papwa" Sewgolum, golfer
86. William Smith, TV teacher and presenter
87. Pieter Willem Botha, former prime minister and state president (1916 - )
88. Hugh Masekela, musician
89. Bulelani Ngcuka, politician
90. Jody Scheckter, Formula One world champion (1950 - )
91. George Bizos, lawyer
92. Mbongeni Ngema, playwright, actor, choreographer and director
93. PJ Powers, musician
94. Mimi Coertse, musician
95. Mrs Ples, the oldest hominid skull found at Sterkfontein cave
96. Abdullah Ibrahim, aka "Dollar Brand", musician
97. Govan Mbeki, political activist and father of Thabo Mbeki
98. Jamie Uys, Film Director (1921 - 1996)
99. Jacobus Hendrik Pierneef, artist
100. Athol Fugard, playwright (1932 - )

External links

- [http://greatsouthafricans.sabc3.co.za/ Great South Africans]
- [http://news.bbc.co.uk/2/hi/africa/3746400.stm Competition axed]

Other great people

100 Greatest Britons, Unsere Besten, The Greatest Canadian, De Grootste Nederlander, Suuret Suomalaiset, The Greatest American, and Le Plus Grand Français. South Africans ja:南アフリカ人の一覧

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