Bahamian Attorney-General Alfred Sears has called for the jurisdiction to catch up with many of its peers by enacting the Purpose Trust Bill
Addressing the House of Assembly, Mr Sears explained that these types of purpose trusts have become an increasingly popular way to hold shares in a special purpose vehicle often utilised in off-balance sheet transactions and securitisations.
"This type of trust can be utilised as an appropriate vehicle through which to promote the interests of an association or a club or a similar unincorporated body," stated the Attorney General.
He added that around twenty jurisdictions have similar legislation, including Bermuda, Barbados and the British Virgin Islands.
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