Regulatory AlertsTrust Corporation (Probate and Administration) Act
The Government of the Virgin Islands enacted this revised legislation to authorize the High Court to grant probate and administration directly to qualifying trust corporations. The Act defines a trust corporation as a locally incorporated or UK-constituted entity meeting specific capital, licensing, and place-of-business requirements, allowing authorized officers to execute affidavits and security on the corporation’s behalf. It establishes that representation vests directly in the corporation rather than a syndic or nominee, ensuring seamless transfer of estate interests and continuous fiduciary operations without breaching existing covenants.
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