Trust Law of The People’s Republic of China

　　中华人民共和国主席令第50号

　　Order of the President of the People’s Republic of China No.50

　　（《中华人民共和国信托法》已由中华人民共和国第九届全国人民代表大会常务委员会第二十一次会议于2001年4月28日通过，现予公布，自2001年10月1日起施行。）

　　The Trust Law of the People’s Republic of China which has been adopted at the 21st session of the Standing Committee of the Ninth National People’s Congress on April 28, 2001 hereby promulgated and shall enter into force as of October 1, 2001.

　　中华人民共和国主席江泽民

　　President of the People’s Republic of China: Jiang Zemin

　　二○○一年四月二十八日

　　April 28, 2001

　　中华人民共和国信托法

　　Trust Law of the People’s Republic of China

　　目录

　　Contents

　　第一章 总 则

　　Chapter 1 General provisions

　　第二章 信托的设立

　　Chapter 2 Establishment of a trust

　　第三章 信托财产

　　Chapter 3 Trust property

　　第四章 信托当事人

　　Chapter 4 Parties to a trust

　　第一节 委托人

　　Section 1 Trustor

　　第二节 受托人

　　Section 2 Trustee

　　第三节 受益人

　　Section 3 Beneficiary

　　第五章 信托的变更与终止

　　Chapter 5 Change and termination of trust

　　第六章 公益信托

　　Chapter 6 Public trust

　　第七章 附 则

　　Chapter 7 Supplementary provisions

　　第一章 总 则

　　Chapter 1 General Provisions

　　第一条  为了调整信托关系，规范信托行为，保护信托当事人的合法权益，促进信托事业的健康发展，制定本法。

　　Article 1 This Law is enacted in order to regulate trust relationship, to standardize trust acts, to protect the lawful rights and interests of the parties involved in a trust, and to promote the healthy development of trust undertakings.

　　第二条  本法所称信托，是指委托人基于对受托人的信任，将其财产权委托给受托人，由受托人按委托人的意愿以自己的名义，为受益人的利益或者特定目的，进行管理或者处分的行为。

　　Article 2 For purposes of this Law, trust refers to that the settler, based on his faith in trustee, entrusts his property rights to the trustee and allows the trustee to, according to the will of the settler and in the name of the trustee, administer or dispose of such property in the interest of a beneficiary or for any intended purposes.

　　第三条  委托人、受托人、受益人（以下统称信托当事人）在中华人民共和国境内进行民事、营业、公益信托活动，适用本法。

　　Article 3 This Law shall be applicable to the settlers, trustees, and beneficiaries (hereinafter collectively referred to as the “parties concerned”) that engage in civil, business or public welfare trust activities within the People’s Republic of China.

　　第四条  受托人采取信托机构形式从事信托活动，其组织和管理由国务院制定具体办法。

　　Article 4 With regard to trustees that engage in trust activities in the form of trustt institutions, the State Council shall formulate specific measures for the organization and administration of such institutions.

　　第五条  信托当事人进行信托活动，必须遵守法律、行政法规，遵循自愿、公平和诚实信用原则，不得损害国家利益和社会公共利益。

　　Article 5 When carrying out trust activities, the parties concerned must obey laws and administrative regulations and observe the principles of voluntariness, faimess and good faith, and they may not impair the interests of the State and the public.

　　第二章 信托的设立

　　Chapter 2 Creation of a Trust

　　第六条  设立信托，必须有合法的信托目的。

　　Article 6 A trust shall be created for lawful trust purposes.

　　第七条  设立信托，必须有确定的信托财产，并且该信托财产必须是委托人合法所有的财产。

　　Article 7 To create a trust, there must be definite property under the trust, and such property must be the property lawfully owned by the settler.

　　本法所称财产包括合法的财产权利。

　　For purposes of this Law, the property includes the lawful property right.

　　第八条  设立信托，应当采取书面形式。

　　Article 8 The creation of a trust shall be made in written.

　　书面形式包括信托合同、遗嘱或者法律、行政法规规定的其他书面文件等。

　　The form of writing shall consist of trust contracts, testament, or other documents specified by laws and administrative regulations.

　　采取信托合同形式设立信托的，信托合同签订时，信托成立。采取其他书面形式设立信托的，受托人承诺信托时，信托成立。

　　Where a trust is created in the form of trust contract, the trust shall be deemed created when the said contract is signed. Where a trust is created in any other form of writing, the trust is deemed created when the trustee accepts the trust.

　　第九条  设立信托，其书面文件应当载明下列事项：

　　Article 9 The following items shall be stated clearly in the written documents required for the creation of a trust:

　　（一）信托目的；

　　(1) purposes of the trust;

　　（二）委托人、受托人的姓名或者名称、住所；

　　(2) the names and addresses of the settler and trustee;

　　（三）受益人或者受益人范围；

　　(3) the beneficiary or beneficiaries;

　　（四）信托财产的范围、种类及状况；

　　(4) the scope, types and status of the assets under trust; and

　　（五）受益人取得信托利益的形式、方法。

　　(5) the form and means through which the beneficiary gains benefits from the trust.

　　除前款所列事项外，可以载明信托期限、信托财产的管理方法、受托人的报酬、新受托人的选任方式、信托终止事由等事项。

　　In addition to the items mentioned above, the period of the trust, the methods for the administration of the property under trust, remuneration payable to the trustee, manner for appointing another trustee, the cause for termination of the trust, etc. may be stated clearly.

　　第十条  设立信托，对于信托财产，有关法律、行政法规规定应当办理登记手续的，应当依法办理信托登记。

　　Article 10 Where laws or administrative regulations stipulate that registration formalities shall be gone through for the creation of a trust, such formalities shall be gone through accordingly.

　　未依照前款规定办理信托登记的，应当补办登记手续；不补办的，该信托不产生效力。

　　Anyone who fails to go through the registration formalities prescribed in the preceding paragraph shall go through the formalities as required; otherwise, the trust shall have no effect.

　　第十一条  有下列情形之一的，信托无效：

　　Article 11 Under any one of the following circumstances the trust shall be invalid:

　　（一）信托目的违反法律、行政法规或者损害社会公共利益；

　　(1) The purposes of the trust constitute a violation of laws or administrative regulations, or impair public interest;

　　（二）信托财产不能确定；

　　(2) The property under trust cannot be fixed;

　　（三）委托人以非法财产或者本法规定不得设立信托的财产设立信托；

　　(3) The settler creates the trust with unlawful property or with property, according to this law, may not be used for creating a trust;

　　（四）专以诉讼或者讨债为目的设立信托；

　　(4) The trust is created specially for the purpose of taking legal actions or for ring debts;

　　（五）受益人或者受益人范围不能确定；

　　(5) The beneficiary or beneficiaries cannot be determined; and

　　（六）法律、行政法规规定的其他情形。

　　(6) Other circumstances stipulated in laws or administrative regulations.

　　第十二条  委托人设立信托损害其债权人利益的，债权人有权申请人民法院撤销该信托。

　　Article 12 Where a settler creates a trust to the detriment of the interest his creditors, the creditors shall have the right to apply to the People’s Court for revoking the trust.

　　人民法院依照前款规定撤销信托的，不影响善意受益人已经取得的信托利益。

　　Where the People’s Court revokes the trust according to the provisions of the preceding paragraph, the benefits already derived from the trust by the bona tide trustee shall not be affected.

　　本条第一款规定的申请权，自债权人知道或者应当知道撤销原因之日起一年内不行使的，归于消灭。

　　The right of application prescribed in the first paragraph of this Article shall be terminated if it is not exercised within one year beginning from the date the creditor knows of or should know of the reasons for the revocation of the trust.

　　第十三条  设立遗嘱信托，应当遵守继承法关于遗嘱的规定。

　　Article 13 For the creation of a testamentary trust, the provisions in the Law of Succession concerning testamentary succession shall be observed.

　　遗嘱指定的人拒绝或者无能力担任受托人的，由受益人另行选任受托人；受益人为无民事行为能力人或者限制民事行为能力人的，依法由其监护人代行选任。遗嘱对选任受托人另有规定的，从其规定。

　　Where the person designated in a testament refuses or is unable to act as a trustee, the beneficiary shall appoint another person as the trustee; where the beneficiary is a person who has no civil capacity or limited capacity for civil conduct, his guardian shall appoint the trustee on his behalf. If there are other provisions in the testamentary instrument for governing the appointment of a trustee such provisions shall prevail.

　　第三章 信托财产

　　Chapter 3 Trust Property

　　第十四条  受托人因承诺信托而取得的财产是信托财产。

　　Article 14 The property obtained by the trustee due to a trust accepted is trust property.

　　受托人因信托财产的管理运用、处分或者其他情形而取得的财产，也归入信托财产。

　　The property obtained by the trustee through administering, using or disposing of the trust property or by other means falls within trust assets.

　　法律、行政法规禁止流通的财产，不得作为信托财产。

　　No property the circulation of which is prohibited by laws and administrative regulations may be deemed trust property.

　　法律、行政法规限制流通的财产，依法经有关主管部门批准后，可以作为信托财产。

　　The property the circulation of which is prohibited by laws and administrative regulations may be deemed trust property upon approval given, in accordance with law, by the competent department concerned.

　　第十五条  信托财产与委托人未设立信托的其他财产相区别。设立信托后，委托人死亡或者依法解散、被依法撤销、被宣告破产时，委托人是唯一受益人的，信托终止，信托财产作为其遗产或者清算财产；委托人不是唯一受益人的，信托存续，信托财产不作为其遗产或者清算财产；但作为共同受益人的委托人死亡或者依法解散、被依法撤销、被宣告破产时，其信托受益权作为其遗产或者清算财产。

　　Article 15 The trust shall be differentiated from other property that is not put under trust by the settler. Where, after a trust is created, the settler dies or is dissolved or cancelled according to law, or is declared bankrupt, and the settler is the sole beneficiary, the trust shall be terminated, and the trust property shall be his legacy liquidation property; where the settler is not the sole beneficiary, the trust shall subsist, and the trust property shall not be his legacy or liquidation property; but if the settler is one of the co?beneficiaries and dies or is dissolved, or cancelled according to law, or is declared bankrupt, his right to benefit from the trust shall be deemed his legacy or liquidation property.

　　第十六条  信托财产与属于受托人所有的财产（以下简称固有财产）相区别，不得归入受托人的固有财产或者成为固有财产的一部分。

　　Article 16 The trust property shall be segregated from the property owned by the trustee (hereinafter referred to as his “own properly”, in short), and may not included in, or made part of his own property of the trustee.

　　受托人死亡或者依法解散、被依法撤销、被宣告破产而终止，信托财产不属于其遗产或者清算财产。

　　Where the trustee dies or the trustee as a body corporate is dissolved, removed or is declared bankrupt according to the law, and the trusteeship is thus terminated, the trust property shall not be deemed his legacy or liquidation property.

　　第十七条  除因下列情形之一外，对信托财产不得强制执行：

　　Article 17 No compulsory measures may be taken against the trust property unless one the following circumstances arises:

　　（一）设立信托前债权人已对该信托财产享有优先受偿的权利，并依法行使该权利的；

　　(1) where, before the creation of the trust, the creditors enjoyed the priority right to be paid with the trust property and may exercise this right according to law;

　　（二）受托人处理信托事务所产生债务，债权人要求清偿该债务的；

　　(2) where the creditors demand repayment of the debts incurred by the trustee in the course of handling trust business;

　　（三）信托财产本身应担负的税款；

　　(3) where taxes are levied on the trust property itself; and

　　（四）法律规定的其他情形。

　　(4) other circumstances prescribed by law.

　　对于违反前款规定而强制执行信托财产，委托人、受托人或者受益人有权向人民法院提出异议。

　　Where compulsory measures are taken against the trust property in violation of provisions in the preceding paragraph, the settler, trustee and beneficiary shall have the right to raise their objections to the People’s Court.

　　第十八条  受托人管理运用、处分信托财产所产生的债权，不得与其固有财产产生的债务相抵销。

　　Article 18 The claims arising from the administration or disposition of trust sets by the trustee may not be used to offset the liabilities incurred by the trustee’s own property.

　　受托人管理运用、处分不同委托人的信托财产所产生的债权债务，不得相互抵销。

　　The claims arising from the administration and disposition of the mist assets of different settlers may not be used to offset the liabilities incurred by the trustee likewise.

　　第四章 信托当事人

　　Chapter 4 The Parties Concerned in a Trust

　　第一节 委托人

　　Section 1 The Settler

　　第十九条  委托人应当是具有完全民事行为能力的自然人、法人或者依法成立的其他组织。

　　Article 19 The settler shall be a natural person, a legal person, or an organization established in accordance with law, that has full capability for civil conduct.

　　第二十条  委托人有权了解其信托财产的管理运用、处分及收支情况，并有权要求受托人作出说明。

　　Article 20 The settler shall have the right to know the administration, use and disposition of, and the income and expenses relating to, his trust property, and the right to request the trustee to give explanations in this regard.

　　委托人有权查阅、抄录或者复制与其信托财产有关的信托帐目以及处理信托事务的其他文件。

　　The settler shall have the right to check, transcribe or duplicate the trust ounts related to his trust property and other documents drawn up in the course of cling with trust business.

　　第二十一条  因设立信托时未能预见的特别事由，致使信托财产的管理方法不利于实现信托目的或者不符合受益人的利益时，委托人有权要求受托人调整该信托财产的管理方法。

　　Article 21 If, due to special reasons unexpected at the time the trust is created, the methods for administrating the trust property are not favorable to the realization of trust purposes or do not conform to the interests of the beneficiary, settler shall have the right to ask the trustee to modify such methods.

　　第二十二条  受托人违反信托目的处分信托财产或者因违背管理职责、处理信托事务不当致使信托财产受到损失的，委托人有权申请人民法院撤销该处分行为，并有权要求受托人恢复信托财产的原状或者予以赔偿；该信托财产的受让人明知是违反信托目的而接受该财产的，应当予以返还或者予以赔偿。

　　Article 22 Where die trustee disposes of the trust property in breach of the purposes of the trust, or causes losses to the trust property due to his departure from his administrative duties or improper handling of trust business, the settler shall have the right to apply to the People’s Court for annulling such disposition and the right to ask the trustee to restore the property to its former state or make compensation. Where a transferee of the said trust property accepts the property while knowing the lation of the purposes of the trust, lie shall return the property or make npensation

　　前款规定的申请权，自委托人知道或者应当知道撤销原因之日起一年内不行使的，归于消灭。

　　Where the settler does not exercise the right of application prescribed in the preceding paragraph within one year beginning from the date he comes to know or should have known the reason for annulling the disposition, such right shall cease to exist.

　　第二十三条  受托人违反信托目的处分信托财产或者管理运用、处分信托财产有重大过失的，委托人有权依照信托文件的规定解任受托人，或者申请人民法院解任受托人。

　　Article 23 Where the trustee disposes of the trust property against the purposes of the trust or commits gross negligence in administering, using or disposing of the trust property, the settler shall have the right to dismiss the trustee according to the provisions in the oust documents or apply to the People’s Court for dismissing him.

　　第二节 受托人

　　Section 2 The Trustee

　　第二十四条  受托人应当是具有完全民事行为能力的自然人、法人。

　　Article 24 The trustee shall be a natural peon or legal person who has full capability for civil conduct.

　　法律、行政法规对受托人的条件另有规定的，从其规定。

　　Where there are other provisions governing qualifications of a trustee laid down in laws or administrative regulations, those provisions shall prevail.

　　第二十五条  受托人应当遵守信托文件的规定，为受益人的最大利益处理信托事务。

　　Article 25 The trustee shall abide by the provisions in the trust documents and handle trust business for the best interests of the beneficiary.

　　受托人管理信托财产，必须恪尽职守，履行诚实、信用、谨慎、有效管理的义务。

　　In administering the trust property, the trustee shall be careful in performing his duties and fulfill his obligations with honesty, good faith, prudence and efficiency .

　　第二十六条  受托人除依照本法规定取得报酬外，不得利用信托财产为自己谋取利益。

　　Article 26 Except obtaining remuneration according to the provisions of this Law, the trustee may not seek interests for himself by using the trust property.

　　受托人违反前款规定，利用信托财产为自己谋取利益的，所得利益归入信托财产。

　　Where the trustee, in violation of the provisions of the preceding paragraph, seeks interests for himself by using the trust property, the interests gained therefrom shall be integrated into the trust property.

　　第二十七条  受托人不得将信托财产转为其固有财产。受托人将信托财产转为其固有财产的，必须恢复该信托财产的原状；造成信托财产损失的，应当承担赔偿责任。

　　Article 27 The trustee may not convert the trust property into his own property. Where the trustee converts the trust property into his own property, he shall restore the trust property into its former state; where losses are caused to the trust property, he shall bear the responsibility to pay compensation.

　　第二十八条  受托人不得将其固有财产与信托财产进行交易或者将不同委托人的信托财产进行相互交易，但信托文件另有规定或者经委托人或者受益人同意，并以公平的市场价格进行交易的除外。

　　Article 28 The trustee may not conduct inter transaction between his own property rty and trust assets or between the trust assets of different settlers, unless it is otherwise stipulated in the trust documents or is consented by the settlers or beneficiary and the inter transaction is conducted at fair market price.

　　受托人违反前款规定，造成信托财产损失的，应当承担赔偿责任。

　　Where the trustee, in violation of the provisions in the preceding paragraph, causes losses to the trust property, he shall bear the responsibility to pay compensation.

　　第二十九条  受托人必须将信托财产与其固有财产分别管理、分别记帐，并将不同委托人的信托财产分别管理、分别记帐。

　　Article 29 The trustee shall administer the trust property separately from his property and keep separate accounting books, and he shall do the same with regard to the trust property of different settlers.

　　第三十条  受托人应当自己处理信托事务，但信托文件另有规定或者有不得已事由的，可以委托他人代为处理。

　　Article 30 The trustee shall handle trust business himself, but may entrust another person to handle such affairs on his behalf where the trust documents provide otherwise or he has to do so for reasons beyond his control.

　　受托人依法将信托事务委托他人代理的，应当对他人处理信托事务的行为承担责任。

　　Where the trustee, in accordance with law, entrusts another person to handle trust business on his behalf, he shall bear the responsibility for the acts committed by person in handling such affairs.

　　第三十一条  同一信托的受托人有两个以上的，为共同受托人。

　　Article 31 Where there are two or more trustees in the same trust, they are co-trustees.

　　共同受托人应当共同处理信托事务，但信托文件规定对某些具体事务由受托人分别处理的，从其规定。

　　The co?trustees shall handle trust business jointly, but where the trust documents stipulate that the trustees may separately handle certain specified affairs, such stipulations shall prevail.

　　共同受托人共同处理信托事务，意见不一致时，按信托文件规定处理；信托文件未规定的，由委托人、受益人或者其利害关系人决定。

　　If the co?trustees disagree with each other when handling trust business jointly, the matter shall be dealt with in accordance with the provisions in the mist documents; where there are no provisions in this regard in the documents, the settler, beneficiary or the party interested shall make a decision.

　　第三十二条  共同受托人处理信托事务对第三人所负债务，应当承担连带清偿责任。第三人对共同受托人之一所作的意思表示，对其他受托人同样有效。

　　Article 32 The co?trustees who incur debts to a third party in the course of handling mist business shall bear joint and several responsibilities for clearing the debts. The intention expressed by the third party to any one of the co?trustees shall be equally effective to the other co?trustees.

　　共同受托人之一违反信托目的处分信托财产或者因违背管理职责、处理信托事务不当致使信托财产受到损失的，其他受托人应当承担连带赔偿责任。

　　Where one of the co?trustees disposes of the trust property against the purposes of the trust or causes losses to the trust property due to his departure from his administrative duties or his improper handling of trust business, the other co?trustees shall bear joint and several responsibility for compensation.

　　第三十三条  受托人必须保存处理信托事务的完整记录。

　　Article 33 The trustee shall keep complete records of the trust business handled.

　　受托人应当每年定期将信托财产的管理运用、处分及收支情况，报告委托人和受益人。

　　The trustee shall, at regular intervals every year, report to the settler and beneficiary on the administration and disposition of the trust property and the income and expenses relating to the property.

　　受托人对委托人、受益人以及处理信托事务的情况和资料负有依法保密的义务。

　　The trustee shall, in accordance with law, have the obligation to keep confidential minutes relating to the settler, the beneficiary and mist business handled.

　　第三十四条  受托人以信托财产为限向受益人承担支付信托利益的义务。

　　Article 34 The trustee shall have the obligation to pay the beneficiary benefits from the trust with the limits of the mast property.

　　第三十五条  受托人有权依照信托文件的约定取得报酬。信托文件未作事先约定的，经信托当事人协商同意，可以作出补充约定；未作事先约定和补充约定的，不得收取报酬。

　　Arfide 35 The trustee shall have the right to obtain remuneration as agreed in the trust documents. Where there is no such agreement in the documents, a supplementary agreement may be made with the consent given by the parties concerned after consultation; in the absence of a prior or supplementary agreement, no remuneration may be asked for.

　　约定的报酬经信托当事人协商同意，可以增减其数额。

　　The agreed remuneration may, with the consent given by the parties concerned after consultation, be increased or decreased.

　　第三十六条  受托人违反信托目的处分信托财产或者因违背管理职责、处理信托事务不当致使信托财产受到损失的，在未恢复信托财产的原状或者未予赔偿前，不得请求给付报酬。

　　Article 36 Where the trustee disposes of the trust property against the purposes of the mist or causes losses to the trust property due to his departure from his administrative duties or his improper handling of trust business, he may not ask to be paid before he restores the property to its former state or makes compensation.

　　第三十七条  受托人因处理信托事务所支出的费用、对第三人所负债务，以信托财产承担。受托人以其固有财产先行支付的，对信托财产享有优先受偿的权利。

　　Article 37 The charges paid and the debts owed to a third party by the trustee in the course of handling trust business shall be bome by the trust property. Where the trustee effects such payment in advance with his own property, he shall have the priority right to be paid with the trust property.

　　受托人违背管理职责或者处理信托事务不当对第三人所负债务或者自己所受到的损失，以其固有财产承担。

　　The debts owed to a third party or the losses suffered by himself as a result of his departure from his administrative duties or his improper handling of trust business shall be borne by him with his own property.

　　第三十八条  设立信托后，经委托人和受益人同意，受托人可以辞任。本法对公益信托的受托人辞任另有规定的，从其规定。

　　Article 38 After the creation of a trust, with the consent of the settler and beneficiary, the trustee may resign. Where there are other provisions in this Law governing the resignation of the trustee of a public welfare trust, those provisions shall prevail.

　　受托人辞任的，在新受托人选出前仍应履行管理信托事务的职责。

　　Where the trustee resigns, he shall, before another trustee is appointed, u nue to perform the duties of administering the trust business.

　　第三十九条  受托人有下列情形之一的，其职责终止：

　　Article 39 Under one of the following circumstances, the trustee’s appointment shall be terminated:

　　（一）死亡或者被依法宣告死亡；

　　(1) he dies or is declared dead according to law;

　　（二）被依法宣告为无民事行为能力人或者限制民事行为能力人；

　　(2) he is declared to be a person with no or restricted capability for civil conduct;

　　（三）被依法撤销或者被宣告破产；

　　(3) his trusteeship is removed or he is declared bankrupt;

　　（四）依法解散或者法定资格丧失；

　　(4) his trusteeship is dissolved in accordance with law or he forfeits his legal qualifications;

　　（五）辞任或者被解任；

　　(5) he resigns or is dismissed; or

　　（六）法律、行政法规规定的其他情形。

　　(6) other circumstances stipulated in laws or administrative regulations.

　　受托人职责终止时，其继承人或者遗产管理人、监护人、清算人应当妥善保管信托财产，协助新受托人接管信托事务。

　　When the trustee’s appointment is terminated his successor, or the supervisor of heritage, guardian or liquidator shall keep the trust property, and help the new trustee to take over the trust business.

　　第四十条  受托人职责终止的，依照信托文件规定选任新受托人；信托文件未规定的，由委托人选任；委托人不指定或者无能力指定的，由受益人选任；受益人为无民事行为能力人或者限制民事行为能力人的，依法由其监护人代行选任。

　　Article 40 Where the trustee’s appointment is tenninated, a new trustee shall be appointed according to the provisions in the trust documents; where there are no such provisions in the documents, the settler shall make the appointment; where the settler does not make the appointment or is incapable of doing so, the beneficiary shall designate one; where the beneficiary is a person with no or restricted capacity for civil conduct, his guardian shall, in accordance with law, make the appointment on his behalf.

　　原受托人处理信托事务的权利和义务，由新受托人承继。

　　The new trustee shall take up the rights and obligations of the former trustee in the handling of trust business.

　　第四十一条  受托人有本法第三十九条第一款第（三）项至第（六）项所列情形之一，职责终止的，应当作出处理信托事务的报告，并向新受托人办理信托财产和信托事务的移交手续。

　　Article 41 Where the trustee is found to be under one of the circumstances listed in subparagraphs 3 to 6 of the first paragraph Article 39 of this law and his appointment is thus terminated, he shall produce a report on the trust business handled and go through the formalities for the handing over of the trust property and affairs to the new trustee.

　　前款报告经委托人或者受益人认可，原受托人就报告中所列事项解除责任。但原受托人有不正当行为的除外。

　　Upon acceptance of the report, mentioned in the preceding paragraph, by the settler or beneficiary, the original trustee shall be exempled from the liability’ for issues listed in the report, except for the illegitimate acts committed by him.

　　第四十二条  共同受托人之一职责终止的，信托财产由其他受托人管理和处分。

　　Article 42 Where the appointment of one of the co?trustees is terminated, the trust property shall be administered and disposed of by the rest of the trustees.

　　第三节 受益人

　　Section 3 The Beneficiary

　　第四十三条  受益人是在信托中享有信托受益权的人。受益人可以是自然人、法人或者依法成立的其他组织。

　　Article 43 The beneficiary is the person that enjoys the right to benefit from a trust. He may be a natural person, legal person or an organization established according to law.

　　委托人可以是受益人，也可以是同一信托的唯一受益人。

　　The settler may be a beneficiary and may also be the only beneficiary under the same trust.

　　受托人可以是受益人，但不得是同一信托的唯一受益人。

　　The trustee may be a beneficiary but may not be the only beneficiary under the same trust.

　　第四十四条  受益人自信托生效之日起享有信托受益权。信托文件另有规定的，从其规定。

　　Article 44 The beneficiary shall enjoy the right to benefit from a trust beginning from the date the trust becomes effective, unless otherwise stipulated in the trust documents.

　　第四十五条  共同受益人按照信托文件的规定享受信托利益。信托文件对信托利益的分配比例或者分配方法未作规定的，各受益人按照均等的比例享受信托利益。

　　Article 45 The co?beneficiaries shall enjoy the benefits from a trust according to the provisions in the trust documents. Where no percentage or methods for distribution of the benefits from the trust are specified in the documents, all the beneficiaries shall enjoy the benefits equally.

　　第四十六条  受益人可以放弃信托受益权。

　　Article 46 The beneficiary may give up the right to benefit from a trust.

　　全体受益人放弃信托受益权的，信托终止。

　　Where all the beneficiaries give up the right to benefit from a trust, the trust dl be terminated.

　　部分受益人放弃信托受益权的，被放弃的信托受益权按下列顺序确定归属：

　　Where some of the beneficiaries give up the right to benefit from a trust, the right given up shall go to the person in following order of precedence:

　　（一）信托文件规定的人；

　　(1) the persons specified in the trust documents;

　　（二）其他受益人；

　　(2) the other beneficiaries; and

　　（三）委托人或者其继承人。

　　(3) the settler or his successor.

　　第四十七条  受益人不能清偿到期债务的，其信托受益权可以用于清偿债务，但法律、行政法规以及信托文件有限制性规定的除外。

　　Article 47 Where the beneficiary cannot repay the matured debts, his right benefit from a trust may be used to repay the debts, except this is restricted by ,visions in laws, administrative regulations and trust documents.

　　第四十八条  受益人的信托受益权可以依法转让和继承，但信托文件有限制性规定的除外。

　　Article 48 The beneficiary may, in accordance with law, transfer his right benefit from a trust or have the right succeeded to, except this is restricted by visions in the trust documents.

　　第四十九条  受益人可以行使本法第二十条至第二十三条规定的委托人享有的权利。受益人行使上述权利，与委托人意见不一致时，可以申请人民法院作出裁定。

　　Article 49 The beneficiary may exercise the rights that the settler enjoys us as stipulated in Article 20 through 23 of this Law. If the beneficiary, while excersing the said rights, holds views differing from those of the settler, he may apply to the People’s Court for decision.

　　受托人有本法第二十二条第一款所列行为，共同受益人之一申请人民法院撤销该处分行为的，人民法院所作出的撤销裁定，对全体共同受益人有效。

　　Where the trustee commits the act listed in the first paragraph of Article 22 of this Law and one of the co?beneficiaries applies to the People’s Court for annulling the disposition of the trust property, the decision made by the People’s Court to such an effect shall be effective to all the co?beneficiaries.

　　第五章 信托的变更与终止

　　Chapter 5 Modification in and Termination of a Trust

　　第五十条  委托人是唯一受益人的，委托人或者其继承人可以解除信托。信托文件另有规定的，从其规定。

　　Article 50 Where the settler is the only beneficiary, he or his successor may revoke the trust. Where it is otherwise provided for in the trust documents, the provisions there shall prevail.

　　第五十一条  设立信托后，有下列情形之一的，委托人可以变更受益人或者处分受益人的信托受益权：

　　Article 51 After a trust is created, the settler may replace the beneficiary or dispose of his right to benefit from the trust under one of the following circumstances:

　　（一）受益人对委托人有重大侵权行为；

　　(1) the beneficiary commits a major tort against the settler;

　　（二）受益人对其他共同受益人有重大侵权行为；

　　(2) the beneficiary commits a major tort against the other co?beneficianes;

　　（三）经受益人同意；

　　(3) the change or disposition wins the consent of the beneficiary; and

　　（四）信托文件规定的其他情形。

　　(4) other circumstances stipulated in the trust documents.

　　有前款第（一）项、第（三）项、第（四）项所列情形之一的，委托人可以解除信托。

　　Under one of the circumstances listed in subparagraphs (1) , (3) and (4) in the preceding paragraph, the settler may revoke the trust.

　　第五十二条  信托不因委托人或者受托人的死亡、丧失民事行为能力、依法解散、被依法撤销或者被宣告破产而终止，也不因受托人的辞任而终止。但本法或者信托文件另有规定的除外。

　　Article 52 A trust will not be terminated due to the facts that the settler or trustee dies, loses his capacity for civil conduct, the trusteeship is dissolved or canceled according to law or he is declared bankrupt, neither will it be terminated due to the fact that the trustee resigns, except it is otherwise stipulated in this Law or the trust documents.

　　第五十三条  有下列情形之一的，信托终止：

　　Article 53 Under one the following circumstances, a trust shall be terminated:

　　（一）信托文件规定的终止事由发生；

　　(1) the cause for its termination specified in the trust documents arises;

　　（二）信托的存续违反信托目的；

　　(2) the continuance of the trust goes against the purposes of the trust;

　　（三）信托目的已经实现或者不能实现；

　　(3) the purposes of the trust have been realized or cannot be realized;

　　（四）信托当事人协商同意；

　　(4) the parties concerned, through consultation to terminate it;

　　（五）信托被撤销；

　　（5）the trust is cancelled;

　　（六）信托被解除。

　　（6）the trust is revoked.

　　第五十四条  信托终止的，信托财产归属于信托文件规定的人；信托文件未规定的，按下列顺序确定归属：

　　Article 54 Where a trust is terminated, the trust property shall be owned by the person specified in the trust documents; where there are no such specifications in the documents, the following order of precedence shall be applied for determining the ownership:

　　（一）受益人或者其继承人；

　　(1) the beneficiary or his successor; and

　　（二）委托人或者其继承人。

　　(2) the settler or his successor.

　　第五十五条  依照前条规定，信托财产的归属确定后，在该信托财产转移给权利归属人的过程中，信托视为存续，权利归属人视为受益人。

　　Article 55 After the ownership of the trust property is determined according to the provisions in the preceding Article, the trust shall be deemed subsisting while the trust assets are being transferred to the owner, and the owner shall be deemed the beneficiary.

　　第五十六条  信托终止后，人民法院依据本法第十七条的规定对原信托财产进行强制执行的，以权利归属人为被执行人。

　　Article 56 Where a trust is determined, the People’s Court takes compulsory measures with regard to the original trust properly according to the provisions of Article 17 of this Law, the owner shall be deemed the person against whom the measures are taken.

　　第五十七条  信托终止后，受托人依照本法规定行使请求给付报酬、从信托财产中获得补偿的权利时，可以留置信托财产或者对信托财产的权利归属人提出请求。

　　Article 57 When, after a trust is terminated, the trustee, in accordance with the provisions of this Law, exercises the right to request for remuneration or to obtain compensation from the mist property, he may have a lien on the property or raise the request to the owner of the property.

　　第五十八条  信托终止的，受托人应当作出处理信托事务的清算报告。受益人或者信托财产的权利归属人对清算报告无异议的，受托人就清算报告所列事项解除责任。但受托人有不正当行为的除外。

　　Article 58 Where a trust is terminated, the trustee shall make a liquidation report on the trust business handled. Where the beneficiary or the owner of the property has objections to the report, the trustee shall be exempted from the liability for issues listed in the report, except for the illegitimate acts committed by him.

　　第六章 公益信托

　　Chapter 6 The Charitable Trust

　　第五十九条  公益信托适用本章规定。本章未规定的，适用本法及其他相关法律的规定。

　　Article 59 The provisions in this Chapter are applicable to public welfare trusts where there are no provisions in this Chapter with regard to some matters, provisions in this Law or other related laws shall be apply.

　　第六十条  为了下列公共利益目的之一而设立的信托，属于公益信托：

　　Article 60 A trust created for one of the following purposes in the interest of welfare is a public welfare trust:

　　（一）救济贫困；

　　(1) relief for the poor;

　　（二）救助灾民；

　　(2) relief assistance to people suffering from disasters;

　　（三）扶助残疾人；

　　(3) helping the disabled;

　　（四）发展教育、科技、文化、艺术、体育事业；

　　(4) developing education, science, technology, culture, art and sports;

　　（五）发展医疗卫生事业；

　　(5) developing medical and public health undertakings;

　　（六）发展环境保护事业，维护生态环境；

　　(6) developing undertakings for the protection of the environment and maintaining ecological environment; and

　　（七）发展其他社会公益事业。

　　(7) developing other public welfare undertakings.

　　第六十一条  国家鼓励发展公益信托。

　　Article 61 The State encourages the development of public welfare trusts.

　　第六十二条  公益信托的设立和确定其受托人，应当经有关公益事业的管理机构（以下简称公益事业管理机构）批准。

　　Article 62 A public welfare trust shall be created and its trustee shall be appointed with approval by relevant public welfare undertaking administration authority (“public welfare administration authority, in short”).

　　未经公益事业管理机构的批准，不得以公益信托的名义进行活动。

　　Without approval by the public welfare administration authority, no one may carry out activities in the name of a public welfare trust.

　　公益事业管理机构对于公益信托活动应当给予支持。

　　The public welfare administration authority shall support activities conducted welfare trusts.

　　第六十三条  公益信托的信托财产及其收益，不得用于非公益目的。

　　Article 63 No property under a public welfare trust or the income from it may be used for non?public welfare purposes.

　　第六十四条  公益信托应当设置信托监察人。

　　Article 64 Trust supervisors shall be appointed for public welfare trusts.

　　信托监察人由信托文件规定。信托文件未规定的，由公益事业管理机构指定。

　　Trust supervisors shall be specified in the trust documents. Where there are no such specifications, they shall be designated by the public welfare administration authority.

　　第六十五条  信托监察人有权以自己的名义，为维护受益人的利益，提起诉讼或者实施其他法律行为。

　　Article 65 The trust supervisor shall have the right, in his own name, to file a lawsuit or the other legal acts in the interests of the beneficiary.

　　第六十六条  公益信托的受托人未经公益事业管理机构批准，不得辞任。

　　Article 66 No trustee of a public welfare trust may resign without the approval of the public welfare administration authority.

　　第六十七条  公益事业管理机构应当检查受托人处理公益信托事务的情况及财产状况。

　　Article 67 The public welfare administration authority shall inspect the trustee as to how he handles the public welfare affairs and disposes of the property.

　　受托人应当至少每年一次作出信托事务处理情况及财产状况报告，经信托监察人认可后，报公益事业管理机构核准，并由受托人予以公告。

　　The trustee shall, at least once a year, makes a report on the trust business handled and the status of assets disposed of, and upon acceptance by the trust supervisor, the report shall be submitted to the public welfare administration authority for examination and approval, and the trustee shall announce the report.

　　第六十八条  公益信托的受托人违反信托义务或者无能力履行其职责的，由公益事业管理机构变更受托人。

　　Article 68 Where the trustee for a public welfare trust goes against his obligations under the trust, or is unable to perform his duties, the public welfare administration authority shall replace the trustee.

　　第六十九条  公益信托成立后，发生设立信托时不能预见的情形，公益事业管理机构可以根据信托目的，变更信托文件中的有关条款。

　　Article 69 If, after a public welfare trust is created, an event unforeseeable at the time of the creation of the trust occurs, the public welfare administration authority may, on the basis of the purposes of the trust, revise the related articles in the trust document.

　　第七十条  公益信托终止的，受托人应当于终止事由发生之日起十五日内，将终止事由和终止日期报告公益事业管理机构。

　　Article 70 Where a public welfare trust is terminated, the trustee shall, within 15 days from the date the cause for the termination arises, report to the public welfare administration authority the cause for its termination and the date the trust is terminated.

　　第七十一条  公益信托终止的，受托人作出的处理信托事务的清算报告，应当经信托监察人认可后，报公益事业管理机构核准，并由受托人予以公告。

　　Article 71 Where a public welfare trust is terminated, the trustee shall make a liquidation report on the trust business handled and, upon acceptance by the trust supervisor, submitted it to the public welfare administration authority for examination and approval, and the report shall be announced by the trustee.

　　第七十二条  公益信托终止，没有信托财产权利归属人或者信托财产权利归属人是不特定的社会公众的，经公益事业管理机构批准，受托人应当将信托财产用于与原公益目的相近似的目的，或者将信托财产转移给具有近似目的的公益组织或者其他公益信托。

　　Article 72 Where, upon termination of a public welfare trust, there is no owner of the trust property, or such owner is not a specified member of the general public, the trustee shall, upon approval by the public welfare administration authority, use the trust property for purposes similar to the original ones, or transfer it to public welfare organizations or other public welfare trusts having similar purposes.

　　第七十三条  公益事业管理机构违反本法规定的，委托人、受托人或者受益人有权向人民法院起诉。

　　Article 73 Where the public welfare administration authority violates the provisions of this Law, the settler, trustee and beneficiary shall have the right to file a lawsuit at the People’s Court.

　　第七章 附 则

　　Chapter 7 Supplementary Provisions

　　第七十四条  本法自2001年10月1日起施行。

　　Article 74 This Law shall go into effect as of October 1, 2001.

 www.attorney-china-sh.com