Equity and Trusts- Charities Flashcards
(146 cards)
Charitible trust Intro- what is the law of charitble trusts about?
Chairty= chairbitle purpose= cpt status - need sole purpose of charity
Charitible trust Intro- what is cpt an effective device?
Cpt is quite effective device which person itnervvios or will give money to trustess hold money legal or fidicuary duty to aplly for charitable purpose.
Charitible trust Intro- what is cp set out in and what is accepted?
Cp set out chairty act 2001– poverty, education, religion saving lives, human rights, these are accepted legal charitable purpose= 13 heads of charity used to accepted legal charity purposes.Purpose has to be 1 or more 13 heads of chatiry to be cpt
Charitible trust Intro- what did cp used to be?
Used to be 4 heads but have been out by updating of ca.
Charitible trust Intro- cpt is a good device to achieve what?
cpt is good device to achieve give money to trustees and ask to apply for designated cp.
Charitible trust Intro- what is the 2nd and 3rd purpose?
2nd the purpose must be suff public benefit for any cp to be accepted as charibtle by chairtble comm3rd any chairtble prupsoe to be accepted cp has to eb exclusively for cp .
Charitible trust Intro- what must not be mixed?
Not for chairbtle and other non charitable purpose musnt be mixed.
Charitable Giving- what do philanthropic minded persons often seek?
Philanthropic minded persons often seek to contribute to the well-being of society by either:-Donating money/property to voluntary established bodies, set-up for charitable purposes (e.g RSPCA, Oxfam etc);-By giving money/property to trustees of their own choice to be held on trust for purposes which are charitable in law.
Charitable Giving- or what do people also do?
Or do it pon individual basis- often people hink about doig in wills when die or giving money to trusteespeople are to hold money on trusts FOR PURPOSES DEEMD CHARITABLE IN LAW
Legal Vehicles of Charity -what has charity always been in the governments eyes?
Charity is an interesting legal concept –something british gov – have always been ahppy to support and encourage
Legal Vehicles of Charity -what is charity essentially?
Charity essentially is a body/individ/sole trader/partnership.club a trust- some sort of legal institution which has been accepted as a charity and reistered as such by charity commission-
Legal Vehicles of Charity -how are they accepted?
cos commis satisfied and given charity numbe that the objects of trust or company or corp or partnership or sole trader are exlusively charitable objects-
Legal Vehicles of Charity -what happens to the purpose?
prupsoes carries on, falls within atleast1 or more of heads of charity-accepted charitable purposes as listed in s.3 of charites act 2011 and well llook at list in due course,
Legal Vehicles of Charity -what is charitble prupose for trust simply?
chairble purpso 4trust are simply 1 vehicle through which the object f chartable giving can be achieved ansd secured= 1 device.
Legal Vehicles of Charity -so charity set out in what?
So charity set s.3 listed
Legal Vehicles of Charity -what happens if commision accepts you?
if u can get commission to accept purpose of ur behaviour conduct as charitable=reg charity get loads fo tax exemption etc-
Legal Vehicles of Charity -to achieve a cp you have to be a what?
toa chieve Cp U CAN BE AN INDIIVDUAL , trading, corp , UA –
Legal Vehicles of Charity -what are there diff bicycles?
these are the diff bicycles u can cycle to achieve goal of charitable purpose/-chartable purpose trust is just 1 such legal vehicle to achieve, the objects and prupsoe of charitable behaviour. Because the trustd evice, purpose trust device is a evry useful 1 to secure a chairtble purpose to make sure fulfil- giving money to trustees to achieve that purpose- forms a subject of CPT – that’s why include in
Legal Vehicles of Charity -so what are the legal vehicles of charity?
Legal Vehicles of Charity : Charities can be either: Charitable Purpose Trusts (subject of this lecture/topic) Charitable Organisations: Corporations – E.g Certain Universities. Certain Unincorporated Associations carrying on charitable objectives, e.g Abused Women’s Support Club, certain religious orders, Miners Welfare Society etc.
Charitable Purpose Trusts-what is the 1st legal vehicle?
Charitable Purpose Trusts
Charitable Purpose Trusts- what about this device to achieve charitble giving?
So cpt-this device to achieve charitable giving is very pop one, an often used by testaotrs trixs when make wills, to apply that moneyf or fulfil of cpt – in accepted list. So moneyw ehre we used trust device –
Charitable Purpose Trusts- how does this work?
Money/Property is given to trustees who hold the money on a purpose trust, tom apply the money for the fulfilment of a charitable purpose.
Charitable Purpose Trusts- how can cpt be policed and enforced??
Charitable Purpose Trusts, can be ‘policed and enforced’ by Charity Commission/Attorney General and may on on in perpetuity.
Charitable Purpose Trusts- what is it not subject all against?
not subject all against peprtual trust U DON’T NEED A SHELF LIFE. CHARIBLE PURPOSE CAN GO FOREVER- U CAN HAVE MONEY TIED UP WITH TRUSTEES SOMETIEMS BACK TO 2 -400 YRS BC IN PUBLIC INTEREST UNLIKE PERP