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TRUSTS & TRUSTEES<br />
Volume 12, Issue 5<br />
April 2006
Editor<br />
John Goldsworth<br />
Advertising and<br />
Marketing Manager<br />
Richard East<br />
Commercial Manager<br />
Jennifer Crook<br />
Design and<br />
Production Manager<br />
Daniel East<br />
Subscriptions<br />
trusts@dial.pipex.com<br />
Specialist Editors<br />
Helen Bright<br />
Ralph Ray<br />
Gostick Hall Publications<br />
(Elmscroft Limited)<br />
The Mill Office<br />
Wendens Ambo<br />
Saffron Walden, Essex<br />
Nr Cambridge CB11 4JX<br />
Registered in England<br />
No: 2166080<br />
ISSN 1363-1780<br />
Contact Information:<br />
Editorial<br />
+44 (0) 1799 541152<br />
Advertising & Marketing<br />
+44 (0) 1799 542292<br />
Facsimile Number:<br />
+44 (0) 1799 541972<br />
E-mail:<br />
trusts@dial.pipex.com<br />
Internet:<br />
www.trusts-and-trustees.com<br />
www.gostickhall.com<br />
Contents<br />
Volume 12, Issue 5, April 2006<br />
Item Page<br />
Introductory articles<br />
Reflections on the versatility of the international private foundation 4<br />
by Dr. Johanna Niegel, LL.M.<br />
Discovering the world of international foundations 6<br />
by John Goldsworth, LL.B., LL.M.<br />
Articles<br />
The proposed Anguilla Foundation Act 2006 8<br />
by John D.K. Lawrence and Dr.Tom Haeusler<br />
The Austrian private foundation as an important means for international investors 10<br />
by Dr. Friedrich Schwank<br />
Drafting the charter of a Bahamian foundation 12<br />
by Heather L.Thompson<br />
Companies in Gibraltar limited by guarantee acting as private foundations 14<br />
by Clotilde Briquet and Chris White<br />
Foundations (“Yayasan”) under Indonesian law revisited 16<br />
by Theodoor Bakker<br />
Managing a foundation in the IoM - thinking of the future 20<br />
by Charles Cain<br />
Italian foundations and charitable trusts compared and contrasted 22<br />
by Salvatore di Salvatore, LL.M., and Anna Zappia<br />
Cultural and artistic foundations in Italy 24<br />
by Dott. ssa Giulia Baldi<br />
The expanding foundation culture? 26<br />
by Nick Poole and Andrzej Radomski<br />
Liechtenstein private foundations: a synopsis 30<br />
by Oliver Schmidt lic. iur, LL.M.<br />
The information rights of beneficiaries of a Liechtenstein foundation – 37<br />
an overview of recent court rulings<br />
by Dr. Markus Summer, LL.M.<br />
The foundation and the private foundation under Netherlands Antilles law 41<br />
by Aede Gerbranda<br />
Two practical uses for Dutch foundations 44<br />
by Roy van den Munckhof, LL.M.<br />
The Nevis multiform foundation: 47<br />
a versatile instrument for use in international estate planning and asset management<br />
by Robin H. Cotterell FCA<br />
Advantages of the Panamanian private interest foundation for the offshore investor 50<br />
by Randall S.Webster<br />
The liability of the members of the foundation council in the 53<br />
Panamanian private interest foundation<br />
by Dayra Berbey de Rojas<br />
Frequently asked questions about St. Kitts foundations 56<br />
by Shawna Lake<br />
Swiss code on foundations revised after nearly 100 years 59<br />
by Dr. Edgar H. Paltzer, LL.M. and Daniel Schmid, LL.M.<br />
Trust Register 64<br />
Copyright: prior written consent is required before reproduction<br />
Every care has been taken over the accuracy of the contents of this publication but liability is not accepted by the publisher, editor, editorial advisors,<br />
contributors: their firms, partners, employees or colleagues, for any errors or omissions. Appropriate professional advice should be taken before<br />
embarking upon any transaction in connection with any matters contained in this journal.<br />
TRUSTS & TRUSTEES | Private Foundations: a world review 2006 | April 2006<br />
Contents<br />
1
Editorial Contributors<br />
TRUSTS & TRUSTEES acknowledges the contributions of articles, news, case notes and book reviews that have been published over<br />
the past 12 months.<br />
March 2006 ~ Volume 12 Issue 4<br />
✑ Managing trustee conflicts of interest<br />
St John A Robilliard, Ozannes, stjohn.robilliard@ozannes.com<br />
✑ Protecting family wealth from divorce: Part 1<br />
Christopher Butler,Alison Meek and Charles Gothard,<br />
Speechly Bircham christopher.butler@speechlys.com,<br />
alison.meek@speechlys.com and<br />
charles.gothard@speechlys.com<br />
✑ Trust in arbitration<br />
Charles Lloyd and Jonathan Pratt, Macfarlanes,<br />
charles.lloyd@macfarlanes.com and<br />
jonathan.pratt@macfarlanes.com<br />
February 2006 ~ Volume 12 Issue 3<br />
✑ The Hastings-Bass Principle in the Cayman Islands<br />
J Ross McDonough and Melanie Crinis, Campbells Attorneys,<br />
rmcdonough@campbells.com.ky and mcrinis@campbells.com.ky<br />
✑ Corporate trustees: a fresh look at the value-added for<br />
generational transitions<br />
Barbara R. Hauser, Cadwalader,Wickersham & Taft LLP<br />
Barbara.Hauser@cwt.com<br />
December/January 2006 ~ Volume 12 Issue 2<br />
✑ Risk and protection strategies for trustees<br />
Charles Gothard, Speechly Bircham,<br />
charles.gothard@speechlys.com<br />
✑ Using Total Return <strong>Trusts</strong><br />
Laurence J. Kline and Karl R. Anderson, Hoogendoorn & Talbot<br />
LLP lkline@hoogendoorntalbot.com and<br />
kanderson@hoogendoorntalbot.com<br />
November 2005 ~ Volume 12 Issue 1<br />
✑ Risk management for trusts and trustees<br />
Charles Gothard, Speechly Bircham,<br />
charles.gothard@speechlys.com<br />
✑ Swiss annuities and life insurance versus asset protection trusts<br />
Marco Gantenbein, SIP Swiss Insurance Partners<br />
info@swissinsurancepartners.com<br />
October 2005 ~ Volume 11 Issue 10<br />
✑ Constructive trusts, tracing and the requirement of a fiduciary<br />
obligation<br />
Mark Pawlowski, University of Greenwich,<br />
M.Pawlowski@gre.ac.uk<br />
✑ Render unto Caesar<br />
<strong>Trusts</strong> and tax: a tale of everyday tensions in investment life<br />
Guy Paterson, Unigestion (UK) Ltd gpaterson@unigestion.com<br />
September 2005 ~ Volume 11 Issue 9<br />
✑ English and offshore purpose trusts: a comparative study<br />
Jo Goldby, Howard Kennedy Solicitors,<br />
J.Goldby@howardkennedy.com and Mark Pawlowski, Professor<br />
of Property Law University of Greenwich, M.Pawlowski@gre.ac.uk<br />
July/August 2005 - Volume 11 Issue 8<br />
✑ <strong>Trusts</strong> for Anglo American families: the problems of dual citizen<br />
beneficiaries<br />
Andrew Penney Speechly Bircham andrew.penney@speechlys.com<br />
and Suzanne M Reisman Law Offices of Suzanne M Reisman<br />
suzanne@suzannereisman.com<br />
✑ Sham trusts: attack and defence<br />
John Fordham, Stephenson Harwood<br />
john.fordham@shlegal.com<br />
✑ Constructive trusts and business assets: Lloyd v Pickering<br />
Nicholas Collins University of East London n.j.collins@uel.ac.uk<br />
2<br />
Editorial<br />
Contributors<br />
✑ Singapore Budget 2006: implications for the wealth management<br />
industry<br />
Kenny Foo,Withers,<br />
kenny.foo@withersworldwide.com<br />
✑ Rectification of a trust to provide accumulation of income<br />
St John A Robilliard, Ozannes, stjohn.robilliard@ozannes.com<br />
✑ ‘Judicious breaches of trust’: where now for the trustee<br />
exemption clause?<br />
William Richmond-Coggan, Fladgate Fielder,<br />
wr_coggan@fladgate.com<br />
✑ A new star is born: the Israeli Underlying Company<br />
Alon Kaplan, Lyat Eyal and Shai Dover, Alon Kaplan Law Firm<br />
and Shai Dover Accounting Firm,<br />
alon@kaplex.com,lyat@kaplex.com and dovers@walla.com<br />
✑ <strong>Trusts</strong> in a civil law environment: the new laws of San Marino<br />
Paolo Panico, Private <strong>Trustees</strong> S.A.,<br />
ppanico@unimore.it<br />
✑ Swiss annuities as secure trust investments<br />
Marco Gantenbein, SIP Swiss Insurance Partners,<br />
info@swissinsurancepartners.com<br />
✑ Sham trusts<br />
Michael Preston,Voisin & Co., michaelpreston@voisinlaw.com<br />
✑ France might adopt a law on fiducie<br />
Dominique Troy, Baker & McKenzie SCP,<br />
dominique.troy@bakernet.com<br />
✑ New Dubai Trust Law<br />
Robert Brodrick,Trowers & Hamlins,<br />
✑ Swiss companies in international tax planning<br />
Christian H. Kälin, Henley & Partners AG,<br />
christian.kalin@henleyglobal.com<br />
✑ The problems and promise of perpetual trust laws<br />
Daniel G.Worthington,Wealth Management Group,<br />
dan.worthington@flhosp.org<br />
✑ The growing use of trust protectors: are we over-protected?<br />
Alexander A Bove, Jr,<br />
The Law Firm of Bove & Langa, P.C. bove@bovelaw.com<br />
✑ <strong>Trustees</strong>, investment fiduciaries and prudent standards<br />
Liz L. Flores,The Oversight Group LLC,<br />
Liz@oversight-group.com and Kristina Phelan, Stephen Bullock<br />
& Co kristinaphelan@yahoo.co.uk<br />
✑ A United States’ judge tackles the “Now you see it - now you<br />
don’t” strategy of offshore trusts<br />
Alexander A Bove, Jr. and Melissa Langa The Law Firm of Bove<br />
& Langa, P.C. bove@bovelaw.com and langa@bovelaw.com<br />
✑ Civil Partnerships and the Finance Act(s): tax planning<br />
opportunities?<br />
Christopher Butler and Richard Hogwood Speechly Bircham<br />
christopher.butler@speechlys.com and<br />
richard.hogwood@speechlys.com<br />
TRUSTS & TRUSTEES | Private Foundations: a world review 2006 | April 2006<br />
✑ Use of trusts in Spain<br />
David Franks, Blevins Franks, david.franks@blevinsfranks.com<br />
✑ Trends and Developments<br />
Information provided by:<br />
Jersey - Charles Gothard Speechly Bircham<br />
✑ Singapore Trust Companies Act<br />
Edmund Leow and Dharshi Wijetunga<br />
Baker & McKenzie.Wong & Leow Limited<br />
✑ Trends and Developments<br />
Information provided by:<br />
Hong Kong - Lea & White<br />
United Kingdom - Mariota Kinross and George Francis,<br />
Payne Hicks Beach<br />
Vanuatu - PITCO<br />
✑ Commercial trust development and securitisation of trust assets<br />
in the British Virgin Islands<br />
Mathew James Davies, Mercator Trust Company Limited,<br />
mathew.davies@mercatortrust.com<br />
✑ Barlow Clowes: clear vision on blind-eye dishonesty?<br />
Anthony Poulton and Tricia Wolford, Baker & McKenzie,<br />
anthony.poulton@bakernet.com tricia.wolford@bakernet.com<br />
✑ Reform of trust legislation in Guernsey<br />
Rupert Evans, Ozannes, rupert.evans@ozannes.com<br />
✑ <strong>Trustees</strong> everywhere - be afraid<br />
Ian Marsh,Withers LLP, ian.marsh@withersworldwide.com and<br />
Michael Ben Jacob,Withers Bergman LLP,<br />
michael.benjacob@withers.us.com<br />
✑ Gender Recognition Act: all change<br />
Jo Goldby and Charlie Klendjian, Howard Kennedy,<br />
J.Goldby@howardkennedy.com<br />
✑ The new Israeli Tax Law applicable to trusts: an overview<br />
Alon Kaplan, Alon Kaplan Law Firm, alon@kaplex.com and<br />
Shai Dover, CPA(il), Shai Dover Accounting Firm,<br />
dovers@walla.com<br />
✑ Problems with company residence<br />
Robin Vos Macfarlanes<br />
robin.vos@macfarlanes.com<br />
✑ Inland Revenue loses deeming case<br />
Jonathan Conder Macfarlanes<br />
john.conder@macfarlanes.com<br />
✑ Trends and Developments<br />
Information provided by:<br />
Canada - Ian Worland, Legacy Tax & Trust Lawyers
June 2005 ~ Volume 11 Issue 7<br />
World Trust Survey 2005<br />
✑ Anguilla<br />
John O. Dyrud,Webster Dyrud Mitchell<br />
jdyrud@websterdyrud.com<br />
✑ Antigua and Barbuda<br />
Alice N. Roberts, CMT Corporate Services Limited,<br />
cmt@candw.ag and Clare K. Roberts, Roberts & Co,<br />
robertslaw@candw.ag<br />
✑ Bahamas<br />
Heather L.Thompson and Shira Mackenzie, Higgs &<br />
Johnson, hthompson@higgsjohnson.com and<br />
smackenzie@higgsjohnson.com<br />
✑ Barbados<br />
Compass International, LLP, London,<br />
info@compassgroupintl.com<br />
✑ Belize<br />
Stella Rudon, Compass Trust Corporation,<br />
rudon@compassgroupintl.com<br />
✑ Bermuda<br />
Michelle St Jane and Tammy Clarke-Richardson, Kairos<br />
Philanthropy, mstjane@myoffice.bm<br />
✑ British Virgin Islands<br />
Jennifer P.Webster, Coverdale Trust Services Ltd,<br />
JWebster@coverdalebvi.com and Vanessa King, O’Neal<br />
Webster, vking@onealwebster.com<br />
✑ Brunei Darussalam<br />
Khairul A. Khairuddin LL.B(Hons), MOI, HMR Trust Ltd,<br />
info@hmrtrust.com.bn<br />
✑ Canada (Ontario)<br />
Margaret R. O’Sullivan, Margaret O’Sullivan & Associates,<br />
mosullivan@osullivanlaw.com<br />
✑ Cayman Islands<br />
Tony Pursall, Maples & Calder,<br />
tony.pursall@maplesandcalder.com<br />
✑ China<br />
Steven Sieker and John Gu, Baker & McKenzie,<br />
steven.sieker@bakernet.com;<br />
john.gu@bakernet.com<br />
✑ Cook Islands<br />
Ronnie Summers, Portcullis TrustNet (Cook Islands) Limited,<br />
invest@trustnet.co.ck<br />
May 2005 ~ Volume 11 Issue 6<br />
✑ The Revision of the Law of <strong>Trusts</strong> in Malta<br />
Dr. Max Ganado, Institute of Financial Services Practitioners<br />
✑ Flexibility key to building Malta’s trusts sector New legislation<br />
brings international opportunities<br />
Joe Bannister, Malta Financial Services Authority<br />
chairman@mfsa.com.mt<br />
✑ Regulatory overview of the <strong>Trusts</strong> and <strong>Trustees</strong> Act<br />
Dr. Michelle Buontempo, Malta Financial Services Authority<br />
mbuontempo@mfsa.com.mt<br />
✑ Code of Conduct for trustees<br />
Dr. Paula Vella Sciriha, Malta Financial Services Authority<br />
psvella@mfsa.com.mt<br />
April 2005 ~ Volume 11 Issue 5<br />
✑ A trust lawyer looks at foundations<br />
John Goldsworth Editor of <strong>Trusts</strong> & <strong>Trustees</strong> trusts@dial.pipex.com<br />
✑ Introductory note from the editor<br />
Dr. Johanna Niegel Allgemeines Treuunternehmen sf1@atu.li<br />
✑ Foundation or trust? The practitioners dilemma<br />
by Nick Poole Mossack Fonseca & Co. (Jersey) Limited<br />
jersey@mossfon.com<br />
✑ UK Taxation of Foundations<br />
Paul Stibbard Baker & McKenzie paul.stibbard@bakernet.com<br />
✑ The use of foundations in international real estate structuring<br />
Christian H Kälin Henley & Partners<br />
christian.kalin@henleyglobal.com<br />
March 2005 ~ Volume 11 Issue 4<br />
✑ Securitisation in China<br />
Maria Xuereb Deloitte Touche Tohmatsu<br />
marxuereb@deloitte.com.hk<br />
✑ New Zealand <strong>Trusts</strong>: Charities Bill 2004<br />
Andrew Clements and Arran Boote,Trust & Leadership Coaching<br />
Limited and Staples Rodway andrew@trustleadership.com and<br />
arran.boote@staplesham.co.nz<br />
✑ <strong>Trustees</strong>’ reactions to beneficiaries rights to information<br />
Clare Maurice Allen & Overy LLP clare.maurice@allenovery.com<br />
✑ Cyprus<br />
Elias A. Neocleous,Andreas Neocleous & Co,<br />
eliasn@neocleous.com<br />
✑ England (& Wales)<br />
John G. Goldsworth,The Mill Office, trusts@dial.pipex.com<br />
✑ Gibraltar<br />
Christopher White and Raquel Moss, Hassans,<br />
info@hassans.gi<br />
✑ Guernsey<br />
Advocate Peter Atkinson, Collas Day, inbox@collasday.com<br />
✑ Hong Kong<br />
William Ahern,Wealth and Tax Advisory Services (Asia) Limited -<br />
an HSBC Private Bank company, william.a.ahern@hsbcpb.com<br />
✑ India<br />
Mr Mrugen Trivedi, RSM & Co<br />
✑ Isle of Man<br />
Advocate Ben Hughes and Advocate Robert Colquitt, Cains<br />
Advocate Limited, bpfh@cains.co.im and ric@cains.co.im<br />
✑ Jersey<br />
Giles Corbin, Edward Devenport and Simon Gould, Mourant<br />
du Feu & Jeune, giles.corbin@mourant.com<br />
edward.devenport@mourant.com and<br />
simon.gould@mourant.com<br />
✑ Labuan<br />
Robert Liew and Chua Wei Min, Zaid Ibrahim & Co,<br />
robert.liew@zaidibrahim.com.sg and<br />
wei.min.chua@zaidibrahim.com.my<br />
✑ Latvia<br />
Mag.iur. Janis Grasis, University of Latvia, Janis.Grasis@one.lv<br />
✑ Liechtenstein<br />
Dr iur.Thomas Wilhelm, Heeb & Wilhelm,<br />
office.advo@zentauros.li<br />
✑ Mauritius<br />
KC Li,TEP, Mauritius International Trust Co. Ltd, info@mitco.mu<br />
✑ Nauru<br />
Peter H. MacSporran, macsporran@norfolk.nf<br />
✑ Nevis<br />
Robin H. Cotterell FCA, Hanver Corporate Services Limited,<br />
rcotterell@stealthpost.com<br />
✑ Locating a trust business in Malta<br />
Dr. Max Ganado, Ganado & Associates<br />
mganado@jmganado.com<br />
✑ Operating a trust company in Malta<br />
Malcolm Becker, Bentley Trust Limited<br />
admin@bentleytrust.com.mt<br />
✑ The taxation of trusts in Malta from an international perspective<br />
Conrad Cassar Torregiani, Deloitte & Touche<br />
ctorregiani@deloitte.com.mt and Anthony Cremona, Ganado &<br />
Associates acremona@jmganado.com<br />
✑ Duty of trustees to disclose information to beneficiaries under<br />
Maltese Law Dr. Rachael Cassar Torreggiani,ThakeDesira<br />
Advocates rct@thakedesira.com<br />
✑ Foundations in Austria<br />
Dr. Friedrich Schwank Law Offices Dr. F. Schwank<br />
offices@schwank.com<br />
✑ Foundations in The Bahamas<br />
Heather L Thompson and David F Allen Higgs & Johnson<br />
hthompson@higgsjohnson.com and dallen@higgsjohnson.com<br />
✑ Foundations in Jersey<br />
Paul A Jackson H&P Trust Company<br />
paul.jackson@henleyglobal.com<br />
✑ Foundations in St. Kitts<br />
Shawna Lake Ministry of Finance directormd@caribsurf.com<br />
✑ The Nevis Multiform Foundation<br />
Robin Cotterell Hanver Corporate Services Limited<br />
rcotterell@stealthpost.com<br />
✑ Chameleon trusts in offshore structures<br />
Sylvia V Froud Vicena International Ltd consult@vicena.co.uk<br />
✑ Forced Heirship in Israel: is a choice of law provision in a last will<br />
and testament enforceable?<br />
Alon Kaplan and Ms Lyat Eyal, Esq. Alon Kaplan Law Firm<br />
kaplex@netvision.net.il and lyat@kaplex.com<br />
✑ Proposed changes to trusts legislation in Jersey Carey Olsen<br />
Editorial Contributors<br />
✑ New Zealand<br />
Mike Reynolds,Anchor <strong>Trustees</strong> International Limited,<br />
trustee@anchortrustees.co.nz<br />
✑ Panama<br />
Ramses Owens, Mossack Fonseca & Co,<br />
mftrust@mossfon.com<br />
✑ Russia<br />
Andrey Zhdanov, Baker & McKenzie,<br />
andrey.zhdanov@bakernet.com<br />
✑ Samoa<br />
Angela Nicolson, M Tax CA (Aust),Asiaciti Trust Samoa Limited,<br />
anicolson@asiaciti.com<br />
✑ Scotland<br />
Andrew M. C. Dalgleish, Brodies LL.P,<br />
andrew.dalgleish@brodies.co.uk<br />
✑ Seychelles<br />
Simon Mitchell LL.B., Mayfair Trust Group Limited,<br />
info@mayfair-offshore.com<br />
✑ Singapore<br />
Graeme W. Briggs,Asiaciti Trust Group, gwbriggs@asiaciti.com<br />
✑ South Africa<br />
Andre Visser, Deneys Reitz Attorneys, anv@deneysreitz.co.za<br />
✑ St Kitts<br />
Compass International LLP, info@compassgroupintl.com<br />
✑ St Lucia<br />
Najhdla Dilsuk and Nicholas John., Hewanorra Fiduciary<br />
Services Group, njandco-compliance@candw.lc and<br />
john.nic@candw.lc<br />
✑ St.Vincent and the Grenadines<br />
Kristina Phelan, P.R. Campbell & Co,<br />
kristinaphelan@prcampbell.com<br />
✑ Turks and Caicos Islands<br />
Adrian G. Corr and Steve Ross, M & S Trust Company Limited,<br />
mslaw@tciway.tc<br />
✑ United States Virgin Islands<br />
Marjorie Rawls Roberts, Esq and Harris Angell, Esq, Law<br />
Offices of Marjorie Rawls Roberts, P.C.,<br />
Jorie@MarjorieRobertsPC.com<br />
✑ Vanuatu<br />
Thomas M. Bayer, PITCO (Pacific International Trust Company<br />
Limited), security@vila.net<br />
✑ The Maltese Law applicable to trusts: balancing the application of<br />
mandatory rules with freedom of disposition<br />
Dr.Tonio Fenech, Fenech & Fenech Advocates<br />
tonio.fenech@fenlex.com<br />
✑ Discussing the statutory obligations of trustees in particular<br />
those relating to their duties to maintain accounting records of<br />
their stewardship<br />
George M. Mangion, PKF Malta, gmm@pkfmalta.com<br />
✑ Trends and Developments<br />
Information provided by:<br />
Malta - Dr Max Ganado, Ganado & Associates<br />
United States of America - Mary Simon,Vigal & Simon Inc.<br />
✑ Foundations (“Yayasan”) in Indonesian Law<br />
Theodoor Bakker Ali Budiardjo, Nugroho, Reksodiputro<br />
tbakker@abnrlaw.com<br />
✑ Foundations in Italy<br />
Dott. Andrea Sacchi and Dott. ssa Giulia Baldi Ministry of<br />
Finance directormd@caribsurf.com<br />
✑ Questionnaire information provided by:<br />
Gibraltar - Clotilde Briquet and Chris White<br />
Isle of Man - Charles Cain<br />
Liechtenstein - Roger Frick<br />
The Netherlands - Roy van den Munckhof and Marco Visser<br />
Netherlands Antilles - Wouter H. Muller and Aede Gerbranda<br />
Panama - Dayra Berbey de Rojas<br />
Switzerland - Dr. Edgar H. Paltzer<br />
✑ South African settlers and estimated assessments<br />
Julian Ware and Paul Roper Trust & Tax Management CC and<br />
Grant Thornton Stonehage jware@iafrica.com and<br />
paul.roper@stonehage.com<br />
✑ Across your desk<br />
Ralph Ray Wilsons ph@wilsonslaw.com<br />
TRUSTS & TRUSTEES | Private Foundations: a world review 2006 | April 2006<br />
Editorial<br />
Contributors<br />
3