Trust Corporation (Probate and Administration) Act (Revised 2020)

Summary

This BVI Act defines what counts as a trust corporation for purposes of being appointed executor or administrator of a deceased person's estate, and empowers the High Court to grant probate or letters of administration to such corporations. It is a short, largely unchanged 1947 statute (last substantively amended in 2013) rather than a licensing or reporting regime.

• Who qualifies: A trust corporation is either a company incorporated by special enactment or Royal Charter, a BVI Business Companies Act company with a place of business in the Territory that meets a minimum authorised/paid up capital test or holds a Class I trust licence under the Banks and Trust Companies Act, or an unlimited liability company with a member falling into one of those categories.
• Capital threshold: Where capital is the qualifying route, the company must have authorised capital of at least $1,000,000 with at least $500,000 paid up, unless it already satisfied the pre 15 May 2013 capital requirement.
• Court powers: The Court may grant probate or letters of administration to a qualifying trust corporation, solely or jointly, but not to a syndic or nominee acting on its behalf.
• Authorised officers: An officer authorised by the trust corporation, its directors or governing body may swear affidavits, give security and act on the corporation's behalf in obtaining a grant of probate or administration, and such acts bind the corporation.
• Transitional vesting: Interests in an estate held by a syndic on behalf of a trust corporation at the Act's commencement vest automatically in the corporation, subject to exceptions for certain registered securities, land and encumbrances, which must instead be transferred by the syndic to the corporation.

The Act does not impose ongoing filing, reporting or licensing obligations; it operates as enabling legislation setting eligibility criteria and court procedure for trust corporations acting as personal representatives.

Key obligations

• A company relying on the capital route to qualify as a trust corporation must maintain authorised capital of not less than $1,000,000, with at least $500,000 paid up (unless grandfathered under the pre 15 May 2013 requirement).
• A trust corporation must have a place of business in the Territory from which it carries out its main activities to qualify under the Act.
• Officers acting for a trust corporation in seeking a grant of probate or administration must be duly authorised by the corporation, its directors or governing body.
• A syndic holding certain securities, land or encumbrances on behalf of a trust corporation must transfer them to the corporation or as it directs.

Applies to

trust corporations, companies incorporated under the BVI Business Companies Act seeking trust corporation status, holders of a Class I trust licence under the Banks and Trust Companies Act, syndics acting on behalf of trust corporations