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A Study On The Supervisory System Over Public Welfare Trust

Posted on:2010-11-04Degree:MasterType:Thesis
Country:ChinaCandidate:J JiangFull Text:PDF
GTID:2166360275482493Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
At present, the public welfare undertaking of our country is mainly carried by various foundations. Foundations have many disadvantages in legislation and in practice, such as: the fund held by foundations is not inflation proof, and can hardly rise in value; the raise of fund is too dependent on administrative forces; the use of fund is not transparent; the management of fund is not scientific. Public welfare trust has many advantages over foundations, such as: the cost of management is much lower; the trusted fund can be invested and therefore may rise in value; the interest of the beneficiaries is guaranteed. Therefore, public welfare trust should replace foundations as the major force of public welfare undertaking in our country. However, the development of public welfare trust in our country is not satisfactory, though "the Law of Trust" has been implementation since 2001. One of the major reasons is that our supervisory system over public welfare trust has its defects. The defects are as follows: the starting of a public trust must be authorized, and the qualifications of starting is too rigid; the public welfare administrative institutions in our country are not unified and clear, which makes the authorizing procedures complicated and overloaded; lack of a supervision over the superintendents of public welfare trust; and lack of an explicit legal definition of the legal obligations of the trustees. The defects of the supervisory system are very harmful to the development of public welfare undertaking in our country. It is therefore very urgent to build a more proper supervisory system over public welfare trust. Having analyzed the necessity of supervising over public welfare trust, and having studied the general elements of supervising, and having compared the supervisory systems of common law countries (e.g. the USA and the UK) with those of continental law countries or regions (e.g. Japan, Korea, and Taiwan of P.R. China), we suggest that we should improve our supervisory system over public welfare trust as follows: build a three-level supervisory system, which consists of inner supervision—supervision from superintendents of public welfare trust; outer supervision—supervision from an unified public welfare supervisory institution; and lastly, self- discipline—supervision from the association of trustees.
Keywords/Search Tags:Supervision over public welfare trust, Trustee, Superintendent, Public welfare supervisory institution
PDF Full Text Request
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