Rights of Unitholders

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The rights of the unitholders will be largely governed by the terms of the trust instrument which will contain commercial terms that govern the GPUT, such as voting thresholds, rights on such matters as redemption, transfers and removal of a trustee.

The trustee is independent of the unitholders, however, unitholders are able to maintain a degree of control over the trustee by including limitations on the powers of the trustee under the terms of the trust instrument.

GPUT Trustee
It is typically recommended that a special purpose vehicle (SPV) is established to act as the japan mobile database trustee to a new GPUT which then allows for limited liability status for the trustee. Although the provision of trustee services is a regulated activity in Guernsey, an exemption from this requirement is available where the following criteria are met:

The SPV trustee is administered by a Guernsey regulated fiduciary service provider, and
The SPV trustee’s sole purpose and only activity is to act as the trustee to the NEW GPUT
A GPUT must have at least one trustee, however in practice a GPUT will often have two SPV trustees if the GPUT structure is to hold UK real estate in order to address overriding interests in English law.

A SPV trustee can be owned by a foundation or a charitable or non-charitable purpose trust.