Daughter company

A company with some of its shares being owned by a parent company.

Debenture

An unsecured bond backed only by the general credit of the issuing corporation.

Declaration of Trust

A document creating a trust; a trust deed.

Discretionary Trust

Flexible form of trust in which the beneficiary has no fixed interest, except in case of trust termination. The trustees usually hold the property and income for a broad class of beneficiaries to whom they distribute the assets at their discretion. Sometimes the trustees may be guided by an informal memorandum written by the settlor which although has no legal status.

The advantages of this type of the trust are as follows: benefits can be easily varied according to the change of circumstances, and it is more difficult for creditors to find an interest to which a liability may be attached (as nowhere it is strictly said that the beneficiary would receive anything).

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30/09/2006
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