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Remedies available to beneficiary
1) Injunction - to prevent unauthorised action by trustees;
2) Personal action - a trustee is only liable for his own acts and defaults, and not for those of an agent or co-trustee unless these take place with his knowledge or by reason of his own "wilful defaults" (re Munton).
If a trustee commits a breach of trust he must -
3) Criminal liability for fraudulently converting trust property.
Illustration-statement of Changes in Net Assets-pension fund (a) What meetings of creditors must be held and for what purpose in the course of a creditors’ voluntary winding up
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Form No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved b
Extent of Tests of Control -Every year AUDITOR should obtain sufficient evidence about whether company's internal control over financial reporting, including controls for all inter
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