Foreign trust Clause Samples

A foreign trust clause defines the treatment and recognition of trusts that are established under the laws of a jurisdiction outside the country in which the agreement is governed. This clause typically outlines the criteria for a trust to be considered 'foreign,' such as the location of its administration, the nationality of its trustees, or the situs of its assets. It may also specify reporting requirements, tax obligations, or restrictions on transactions involving foreign trusts. The core function of this clause is to clarify the legal and tax implications of dealing with foreign trusts, thereby reducing uncertainty and ensuring compliance with relevant laws.
Foreign trust. For purposes of para- graph (h)(1) of this section, in any case where stock is held by a foreign trust as defined in section 7701(a)(31), the trust is considered to be the share- holder and is an ineligible shareholder. Thus, even if a foreign trust qualifies as a subpart E trust (e.g., a qualified voting trust), any corporation in which the trust holds stock does not qualify as a small business corporation.
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  • Currency and Foreign Transactions Reporting Act The operations of the Company are and have been conducted at all times in compliance with (i) the requirements of the U.S. Treasury Department Office of Foreign Asset Control and (ii) applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transaction Reporting Act of 1970, as amended, including the Money Laundering Control Act of 1986, as amended, the rules and regulations thereunder and any related or similar money laundering statutes, rules, regulations or guidelines, issued, administered or enforced by any Federal governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, assuming reasonable inquiry, threatened.

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