Singapore legislation
Section 31
Section 31
Settlements
(1)
Except with the permission of the Authority, no person resident in the scheduled territories shall in Singapore —
settle any property, otherwise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is resident outside the scheduled territories; or
exercise, otherwise than by will, any power of appointment, whether created by will or otherwise, in favour of a person who, at the time of the exercise of the power, is resident outside the scheduled territories.
(2)
A settlement or exercise of a power of appointment shall not be invalid by reason that it is prohibited by this section, except so far as it purports to confer any interest on any person who, at the time of the settlement or the exercise of the power, is resident outside the scheduled territories.
(3)
Section 20(2) and (3) shall apply in relation to a settlement or the exercise of a power of appointment prohibited by this section as it applies in relation to a transfer prohibited by this Act of a security.
(4)
For the purpose of this section —
any reference to settling property includes a reference to the making of any disposition, covenant, agreement or arrangement whereby the property becomes subject to a trust, or (in the case of a resettlement) to a different trust;
a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future, and whether vested or contingent, or falls within a limited class of persons in whose favour a discretion or power in respect of the property is exercisable; and
the expression “will” includes any testamentary disposition.
(5)
No person resident in the scheduled territories shall in Singapore do any act which involves, is in association with or is preparatory to any such transaction outside Singapore as is referred to in this section.