Private Trust Companies - Bermuda - Conyers Dill & Pearman

The International Offshore Law Firm
Private Trust Companies
Bermuda
BERMUDA ANGUILLA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS HONG KONG LONDON SINGAPORE

Foreword
The Trust and Private Client practice at Conyers Dill & Pearman has been structuring
Private Trust Companies ("PTCs") in Bermuda for over 25 years and is internationally
recognised as a leader in the field. We are also experienced in establishing PTCs under
the laws of the British Virgin Islands and Cayman Islands where we have fully serviced
legal offices and affiliated service companies.
Comprising one of the largest and most experienced offshore trust and private client
practices in the world, we advise individuals, families and corporate clients on a broad
range of issues concerning estate planning and private investment structures, and on
regulatory laws affecting business transactions and personal assets.
This booklet contains a general discussion and commentary on various issues pertinent
to PTCs, and we have included some supporting materials. We hope that this booklet
will be of assistance to our clients and their advisors who are considering establishing a
PTC in Bermuda. The materials deal in broad terms with the requirements of Bermuda
law and are not intended to be exhaustive in scope. We have also included some background
information on Conyers Dill & Pearman and its affiliated trust company, Codan Trust
Company Limited.
Conyers Dill & Pearman
Hamilton, Bermuda
October 2005

Contents
1. Introduction 1
1.1 Bermuda definition of a PTC 1
1.2 A popular solution for International Clients 1
1.3 Examples of typical PTC structures 1
2. Rationales for establishing a PTC 2
2.1 Control 2
2.2 Familiarity and continuity 2
2.3 Control of Confidential Information 2
2.4 Administrative Flexibility 3
2.5 Cost 3
2.6 Family Education and Governance 3
2.7 Trustee liability 3
3. Setting up a private trust company 4
4. Ownership of the PTC 5
5. Due Diligence on the Principals 5
6. Timescale for incorporation 6
7. Capital and funding 6
8. Directors, officers and agents 6
9. Registered office 7
10. Meetings 7
11. Confidentiality of Trust Records 7
12. Company's and directors' liability 8
12.1 Liability of company 8
12.2 Liability of directors and officers 8
13. Taxation 9
Schematic of a PTC Structure 10
Schedule 1 11
Schedule 2 12
Schedule 3 13, 14
Schedule 4 15
Conyers Dill & Pearman 16
Codan Trust 17
Contacts 18

1. Private Trust Companies
in Bermuda
1.1 Bermuda definition of a PTC
In Bermuda, a Private Trust Company ("PTC") is a company whose sole purpose is
to act as a trustee for a specific trust or a related group of trusts. Typically, the PTC
will act as trustee for one or more trusts which relate to a particularly family and
their relatives.
A Bermuda PTC is exempt from the licensing requirements under the Trusts
(Regulation of Trusts Business) Act 2001 (the "2001 Act") so long as it only
provides trustee services to those trusts specified in its memorandum of association
and by implication, does not offer such services to the public as a business or
vocation. The exemption is provided for under section 3 of the Trusts (Regulation
of Trust Business) Exemption Order 2002 (the “Exemption Order”).
1.2 A popular solution for International Clients
Although Bermuda has been incorporating PTCs for over 40 years (initially by
Private Act of the Legislature), in recent years there has been a very considerable
growth in interest and use of the PTC in Bermuda by international advisers due, in
part, to the favourable regulatory environment.
For the reasons outlined in paragraph 2 below, the PTC provides a flexible structure
for substantially wealthy families in the international context. Very often the
involvement of a PTC may resolve issues or concerns pertaining to the professional
trustee or the settlor, such that it will facilitate the creation of a trust, whereas,
without the PTC, the trust may not be feasible for one of the parties.
1.3 Examples of PTCs structures
Typically PTCs are used in the following examples:
(i) a particular family discretionary trust or trusts owning separate proportions of
shares of a private family business
(ii) a family trust owning real estate, yachts or aircraft
(iii) a trust owning commercial airline assets or operating in shipping businesses
(iv) corporate pension trusts or executive or employee compensation benefit trusts
(v) private charitable trusts
(vi) a trust to own founder voting shares of a hedge fund or other investment fund
(vii) a private unit trust or a unit trust which acts as an investment fund for
numerous investors
P A G E 1

2. Rationales for establishing a PTC
Outlined in brief form below follows a description of some of the more common reasons
why a PTC may be incorporated as part of an international trust structure.
2.1 Control
Settlors of trusts are sometimes reluctant to relinquish total control over and
involvement with the assets settled into trust. Where tax and other considerations
permit, and provided the PTC is administered properly by observing all correct
formalities, a settlor and his family may retain a certain degree of control and
involvement without prejudicing the legal validity of the trust structure.
Where a settlor is not comfortable with a trust structure because of minimal
experience, the corporate form of a PTC may be more familiar and easier for settlor
to understand conceptually. Particularly where the client or his attorneys are based
in civil law jurisdictions (in which there is often no legal concept of a "trust"), the
PTC acts as a confidence "bridge" due to its familiar corporate form.
2.2 Familiarity and continuity
Settlors expect the trustee to be knowledgeable of and sensitive to their family's
circumstances and to administer the trust accordingly. Through the involvement of
family members and/or close family advisers on the board of directors, a PTC will
tend to be more familiar with the settlor's family than an institutional trustee.
Furthermore, the management personnel (i.e. directors and administrators) of a PTC
is less likely to experience the disruption caused by the potential turnover of staff
often seen in institutional trustees as employees are re-assigned or promoted.
2.3 Control of Confidential Information
Where the board of directors consists of family members and/or close personal
advisers, the circulation and disclosure of information regarding the trust and the
family's affairs may be more restricted than would be the case with an institutional
trustee. For example, as PTCs are not regulated, their files are not subject to the
potential inspection of the Bermuda Monetary Authority (the “BMA”) absent some
unusual investigation.
2.4 Administrative Flexibility
A PTC is a tailor-made structure which is structured to best serve the settlor's
intentions and the scope of its role and powers as trustee can be fine-tuned
accordingly. A PTC will act as trustee only for the settlor's trust or group of trusts,
and accordingly its trusteeship name will not be "shared" with other clients. This
avoids any possibility of claims of an unrelated trust client from interfering or
otherwise affecting the trusts of the PTC client. As a single purpose entity, a PTC
will be designed to co-ordinate the trust administration with the family's independent
investment, legal or tax advisers and (if applicable) a family office without
the bureaucratic burden of complying with institutional trust regulation.
This streamlines and simplifies administration.
P A G E 2

2.5 Cost
The annual fees of institutional trustees are usually calculated on an ad valorem
basis and can be considerable where assets of significant value are placed in trust.
By comparison, the costs of incorporating and running a PTC can be subject to
client control and should be significantly less expensive for large trusts.
2.6 Family Education and Governance
A PTC provides a structured forum which can enhance the involvement of and
education process of beneficiaries who will inherit large fortunes. At the level of
the board of directors or sub-committees there will be opportunity to explain to
beneficiaries how the family's financial assets are managed and where appropriate
a mechanism to enable them to contribute to the decision-making process of the
trustee. This creates a practical way of introducing adult beneficiaries to the
principles of corporate governance and trustee duties, thereby overcoming some of
the "unknown" and potential mistrust of the trustee's position.
2.7 Trustee liability
Institutional trustees and individual professional trustees, increasingly concerned
about their potential liability and the risk of being sued, can be reluctant to take on
ownership of assets with perceived higher risks (e.g. high-risk capital investments,
companies operating business assets such as ships or aircraft and commercial real
estate). In light of the increasing risk of litigation from beneficiaries and tax
liability for trustees, a professional or bank trustee will often be more agreeable to
administering a trust through a PTC and providing directors rather than acting as
trustee itself.
If given a choice of acting as a trustee directly or as a director of a PTC, an
individual would be well advised to choose the latter since this will enable him to
minimize the risk of personal unlimited liability which flows from individual
trusteeship. It is interesting to note that, due to the liability risks, many
professional firms will not allow their principals to act as trustee of any client trust.
The option of acting as a director of a PTC will encourage qualified professionals
to accede to the client's request for him to act and at the same time serves to
minimize litigation. If the PTC option were not offered, many quality trustees will
prudently turn down their appointment.
P A G E 3

3. Setting up a Private
Trust Company
The BMA must approve the incorporation of all PTCs.
In Bermuda, a PTC can be incorporated either as a company limited by shares or as a
company limited by guarantee pursuant to the provisions of the Companies Act 1981.
Bermuda law distinguishes between "local" companies (those which are owned
predominantly by Bermudians) and "exempted" companies (those which are owned
predominantly by non-Bermudians). Generally, with some exceptions, exempted
companies may only carry on business from Bermuda in connection with transactions
and activities which are external to Bermuda.
The incorporation process does not require an application for a licence nor for a special
exemption from licensing. Section 3(1) of the Exemption Order provides that “a trust
company is exempted from the requirements of section 9 of the [2001] Act [to obtain a
licence] if it is authorised to provide the services of a trustee only to the trusts
specified… in its memorandum of association, or, in the case of a permit company, in
its permit, or such other trusts as the Minister may approve from time to time”. A copy
of the standard objects clause for the Memorandum of Association of a PTC is included
at Schedule 1.
Section 3(2) of the Exemption Order continues that within three months of its
incorporation, a PTC must file (on a one time basis) a letter with the BMA certifying it
qualifies for exemption and giving particulars of the nature and scope of its trust
business. An example of this letter is included at Schedule 2
The incorporation application is submitted to the BMA and is initially dealt with by the
authorisation and compliance department of the BMA. This department handles the due
diligence aspects of the incorporation process. They are interested to know of the
suitability of the background of the principals involved. Particularly in the case of a PTC
they will be concerned that only the relevant family or limited class of related
persons are connected to the PTC so that its activities will not amount to doing business
with the public generally. The BMA's compliance department will also send the
application to the Banks and Trust division within the BMA to review the application to
check that the application to incorporate the PTC complies with the Exemption Order.
A PTC may use the word "trust" or "trustee" in its name but is not required to do so. If
a PTC is incorporated as a company limited by guarantee, the word "Limited" or its
abbreviation may be omitted.
P A G E 4

4. Ownership of the PTC
A key question to be considered will be the ownership structure of the PTC. In either
case of a PTC established as a company with liability limited by shares or by guarantee,
the client and his advisers will need to determine who will be the member or members
of the PTC. In the case of a PTC established with share capital, the client will need to
consider the succession of those shares, and whether different classes of shares should
be created, for example for different branches of a family. Where a PTC is established
as a company limited by guarantee the rights of members are personal rights and will not
as a matter of Bermuda law form part of a member’s estate on death. Very often the
identity and type of ownership of the PTC will be determined by tax or company law
considerations in the client’s home jurisdiction as well as the client’s wishes.
In our experience a Bermuda law trust for non-charitable purposes is a popular structure
for owning a PTC. This form of trust does not have beneficiaries, and so overcomes any
succession issues for shares in the PTC. Furthermore, if the trustee of the purpose trust
is a Bermuda licensed trust company, then there will be no question of ownership of the
PTC by a person outside of Bermuda.
5. Due Diligence on the Principals
It is a requirement that the identity of the ultimate beneficial owners must always be
disclosed and all ultimate beneficial owners holding 5% or more of the shares of the
proposed PTC must sign a personal declaration attesting to his or her good standing in
any other Bermuda entities and generally and confirm that they have not been involved
in serious investigations or other legal sanctions. Where, as is common, the company is
owned by a purpose trust, the settlor of the underlying trusts should make the declaration.
It is possible but not usual that the BMA may request to see a certified copy of a passport
of those individual owners. With respect to the principal beneficiary or settlor, the same
information may be required by the BMA. However, this information will be required
by Conyers Dill & Pearman as lawyers on the matter in any event to comply with
internal “know your client” policies and anti-money laundering laws.
P A G E 5

6. Timescale for incorporation
A PTC can usually be incorporated within 5 business days of submission to the BMA of
the completed application together with the supporting information on the ultimate
beneficial owners and any required personal declarations.
7. Capital and Funding
The minimum share capital for all Bermuda exempted companies is US$12,000 or
equivalent. The minimum number of shareholders in a Bermuda exempted company is
one. Shares may be registered in the name of a nominee. Shares of no par value and
bearer shares are not permitted.
8. Directors, Officers and Agents
A Bermuda exempted company must have at least two individual directors (corporate
directors are not presently permitted) who must be individuals and satisfy certain
Bermuda residency requirements, namely it must have either:
(a) two Bermuda resident directors, or
(b) a Bermuda resident secretary and a Bermuda resident director, or
(c) a Bermuda resident secretary and a Bermuda resident representative,
each of whom must be an individual.
Accordingly, under option (c) above, it is permissible to appoint all directors who are not
resident in Bermuda. However, it is often advisable to consider Bermuda resident directors
to serve in order to demonstrate that the mind and management of the PTC, and thus the
underlying trust, is in Bermuda, thereby bolstering the jurisdictional nexus to the Courts
of Bermuda.
Alternate directors may be appointed with power to act in the place of an absent director.
An alternate director has the full authority of a director and is entitled to exercise the full
powers of such office at any time when the director for whom he is alternate is not present.
It is usual to provide for alternate directors in respect of, at least, the Bermuda directors.
Neither directors nor alternate directors need hold any shares in the company in order
to act.
A Bermuda exempted company must have a president and a vice-president (or a chairman
and a deputy chairman) who must be directors of the company. Further offices may be
created and the persons filling those offices need not be directors.
All Bermuda exempted companies must have a secretary, who holds office in accordance
with the byelaws and is required to keep the records of the company. There is no
requirement to have a registered agent.
P A G E 6

9. Registered office
A Bermuda exempted company must have a registered office in Bermuda and this must
be advised to the Registrar of Companies. A post office box cannot be used as a
registered office.
10. Meetings
A Bermuda exempted company must hold an annual general meeting once in every
calendar year. The directors may convene a special general meeting at any time by giving
5 days' notice, as may any shareholder(s) holding not less than one-tenth of the issued
share capital.
There are no statutory notice requirements in relation to directors' meetings and, subject
to the terms of the company's bye-laws, the directors may regulate their proceedings as
they think fit.
An action that may be taken by the directors or shareholders at a meeting may also be
taken by a unanimous resolution of the directors or shareholders in writing.
11. Confidentiality of
Trust Records
Trust documents and internal correspondence and records held by a PTC are confidential
and neither available to the public nor generally to any third party.
The following records of a Bermuda exempted company are available for public inspection
at the Registrar of Companies in Bermuda:
(a) the memorandum of association;
(b) certificate of incorporation;
(c) the notice stating the registered address of the company; and
(d) the register of charges of the company.
In addition, the register of directors and officers and, upon payment of a nominal fee, the
register of shareholders is available for inspection by the public during specified business
hours at the registered office of the company. Bye laws are not available to
the public.
A Bermuda PTC is not generally required to file accounts with the Registrar of
Companies in Bermuda, nor with any other regulatory body.
P A G E 7

12. Company's and
Directors' Liability
12.1 Liability of company
A Bermuda PTC owes the same fiduciary and statutory duties to act in the best
interests of beneficiaries as any other trustee (subject to any exclusions in the trust
instrument). The directors of the PTC must act in the best interests of the
company and are subject to certain statutory duties as well as fiduciary duties and
duties of skill and care at common law.
12.2 Liability of directors and officers
The duties and responsibilities of directors derive from the company's memorandum
and bye-laws, common law and statute. There are two main categories of
directors' duties:
• fiduciary duties, imposed by common law, which include the obligation to act
honestly and in good faith in the best interests of the company; and
• duties of skill and care which impose an obligation to ensure that the director's
actions are performed with the degree of skill and care which would reasonably
be expected from a person of similar knowledge and experience.
Directors' duties are owed by each director individually and are generally owed to the
company and not to individual shareholders, although directors of a PTC may, in some
circumstances, have an indirect duty to the beneficiaries of any trust of which the
company may be acting as trustee.
P A G E 8

13. Taxation
There is no Bermuda income or profits tax, withholding tax, capital gains tax, capital
transfer tax, estate duty or inheritance tax payable by a Bermuda exempted company or
its shareholders, other than by shareholders who are ordinarily resident in Bermuda.
A Bermuda exempted company may apply for, and is likely to receive, from the Minister
of Finance (under the Exempted Undertakings Tax Protection Act 1966) an assurance
that if the Bermuda legislature adopts any legislation imposing tax computed on profits
or income, or computed on any capital assets, gain or appreciation, or any tax in the
nature of estate duty or inheritance tax, then such taxes shall not apply to the company
until at least March 2016.
No stamp duty is payable in respect of any instrument executed by a Bermuda exempted
company or in respect of an instrument relating to an interest in a Bermuda exempted
company. Stamp duty may, however, be payable in respect of transactions involving
Bermuda property.
P A G E 9

Schematic of a PTC Structure
Purpose
Trust
Trustee/Licenced Trust
Company
Protector/Protector
Committee
Shares of PTC
Private Trust
Company
Directors and
Officers
Beneficiaries
Main Trust
Protector
(if appropriate)
Quoted
Investments
Family
Business
P A G E 1 0

Schedule 1
Standard Objects Clause for a PTC
The objects for which the Company is formed and incorporated are -
To act alone or with other persons as trustee, co-trustee, successor trustee, settlor
or protector of the [Name(s) of Trust] and to declare and to act with others or alone
as co-trustee or trustee of (i) such other trusts or settlements which are established
for any charitable purposes as determined under the laws of Bermuda; and (ii) of
any trusts or trust established for the benefit of all or any one or more of the
beneficiaries or discretionary objects at any time of the [Name(s) of Trust] and all
or any one or more of their relatives and descendants (whenever living) and any
spouses (whenever living) of any of the foregoing; and (iii) of such other trusts or
settlements as the Minister of Finance may from time to time permit;
P A G E 1 1

Schedule 2
Form Letter to BMA in accordance with Section 3(2) of the Exemption Order
[On PTC Letterhead]
, 200_
The Bermuda Monetary Authority
Banking & Trust Department
31 Reid Street
Hamilton HM 12
Bermuda
Dear Sirs
Trust (Regulation of Trust Business) Exemption Order 2002
I am a director of __ Private Trust Company Ltd. ("the Company"). I am pleased to
confirm that the Company is a private trust company which provides the services of a
trustee to trusts as specified in its memorandum of association and to no others.
Accordingly I hereby certify that, pursuant to section 3 of the Trust (Regulation of Trust
Business) Exemption Order 2002, the Company qualifies for an exemption from the
requirements of section 9 of the Trust (Regulation of Trust Business) Act 2001.
I further confirm that we will notify you of any changes in the scope and nature of the
trust business undertaken by the Company as soon as reasonably practicable after
approval from the Minister of Finance.
If you have any questions concerning this letter please contact __ at __.
Yours faithfully
__
Director
P A G E 1 2

Schedule 3
Form of Personal Declaration for BMA
PERSONAL DECLARATION
Jurisdiction in which the Entity is, or is
proposed to be, incorporated or formed:
Name of Entity in the above Jurisdiction:
Surname:
Complete forename(s):
Known by other name(s):
Any previous name(s):
Name of Spouse:
Residential Address (including postal code):
(P.O. Box not acceptable)
Residential Telephone No.:
Country of Citizenship:
Passport No:
Date & Place of issue:
Date of Birth: Day: Month: Year: Gender:
Place of Birth: City: Country:
Occupation:
Present Employer (name and address):
If no Present Employer, state Previous Employer's
name and address:
1) A separate declaration must be completed and signed by each individual (not
intermediary holding entities) proposing to have a beneficial interest of 5% or more
in a company or partnership. In respect of partnerships and trusts, a declaration must,
in any event, be completed by the general partner(s) or trustee(s) and settlor(s),
respectively, where such general partner, trustee or settlor is an individual.
2) Questions 1-6 must be completed in each case where a declaration is supplied.
P A G E 1 3

IF THE ANSWER TO ANY OF THE FOLLOWING QUESTIONS IS YES
PLEASE PROVIDE DETAILS IN WRITING IN RESPECT OF THAT ANSWER.
Yes
No
1. Do you have any interest in any company or partnership
registered or formed in the Jurisdiction indicated on the
previous page?
2. Have you ever been refused consent to register a company
or form a partnership in the Jurisdiction indicated on the
previous page?
3. Are you, or have you ever been, an undischarged bankrupt?
4. Have you ever been convicted of a criminal offence
involving fraud or dishonesty?
5. Has fraud or dishonesty been proven against you in any
civil proceedings?
6. Have you ever been the subject of a judicial or other
official enquiry?
I hereby certify that the information in this Declaration is true to the best of my
information, knowledge and belief.
Signed:
Dated:
P A G E 1 4

Schedule 4
Summary of Pre-Incorporation Issues
The following is a summary of documents and information that will be required before
an application can be submitted to the BMA for the incorporation of a PTC:
1. Due diligence on the principals including completed and signed PD
and certified copy(ies) of passport(s).
Regarding the PTC, details of its:
2. Proposed name.
3. Proposed activities, including details of trust(s) of which it is proposed
that the PTC will act as trustee.
4. Ownership.
5. Ultimate beneficial ownership.
6. Authorised and issued capital.
7. Directors and officers and alternate directors and resident representative
(if required).
8. Accountants and auditors.
9. Bankers and investment managers.
10. Special provisions for its bye-laws, if required.
P A G E 1 5

Conyers Dill & Pearman
Conyers Dill & Pearman ("CD&P"), the international offshore law firm was founded in
Bermuda in 1928 with the merger of the legal practices of Reginald Conyers and that of
Bayard Dill and James Pearman. In time each of the Firm's founders would be knighted
for their professional and personal services to Bermuda and international commerce.
From it's earliest days the Firm has maintained a wide-ranging and vigorous law practice.
Since 1935, the Firm's international practice has been at the forefront of developments
in trust and corporate planning. The firm's shipping practice, founded in 1956, is widely
recognised in international circles. In the early 1960's the Firm was a major proponent
in the development of international insurance and helped establish Bermuda as a major
force in the insurance and reinsurance market.
CD&P has had a presence in the British Virgin Islands, via Codan Trust, since 1990 and
commenced operations as a fully fledged legal practice in 1996. Similarly, Codan Trust
was established in the Cayman Islands in 1994 and Conyers Dill & Pearman, Cayman
was established in 1996. CD&P is the first law firm to provide multi-jurisdictional
advice on the corporate laws of Bermuda, BVI and Cayman. By virtue of having an
established and respected presence in each of these jurisdictions, CD&P has become
renowned for quality, dispassionate advice and has garnered a reputation as being the
international offshore law firm of choice.
A member of Lex Mundi, the world's largest international association of independent
law firms, Conyers Dill & Pearman today has a complement of well over 400 staff,
including over 100 lawyers. Aside from the HQ in Bermuda and the offices in BVI and
Cayman, the firm has operations in Hong Kong (Since 1985), London (since 1998),
Singapore (since 2001) and Anguilla (since 2001).The firm is the only law firm to advise
on each of the laws of Bermuda, the British Virgin Islands, the Cayman Islands
and Anguilla.
Affiliated services companies (Codan) provide registered agent, registered office, corporate
director and secretarial services, as well as specialised company management services.
CD&P's global network of licensed trust companies (Codan Trust) undertakes a broad
range of trust establishment and administration services. These services range from the
administration of family trusts for private clients to the structuring of highly complex
and innovative corporate ventures including special purpose trusts for ownership of
securitization structures.
The Firm specialises in company & commercial law, commercial litigation and private
client matters.
From a proven and established platform, Conyers Dill & Pearman has a significant
presence in the leading choice offshore jurisdictions. CD&P services clients from global
access points in multiple time zones, enabling it to be a truly 24 hour international
offshore law firm.
P A G E 1 6

Codan Trust
The Codan Trust group of companies (referred to collectively as "Codan Trust") is an
international network of licensed trust companies that undertakes a broad range of trust
and company administration services for private clients, corporations and charitable
entities. Codan Trust has its headquarters in Bermuda and has affiliated offices in the
British Virgin Islands and the Cayman Islands.
Codan Trust is very much a "law firm" trust company, independent of any investment
management firms, and emphasises responsive personal service.
Services also range from the administration of family trusts for private clients to the
structuring of highly complex and innovative corporate ventures including special
purpose trusts for ownership of securitization structures.
Codan Trust has particular expertise and experience in the administration of private trust
companies. Codan Trust's experience in trust and company administration makes it
ideally suited to manage the affairs of a private trust company, avoiding any need for the
private trust company to employ its own staff, depending on the client's wishes
Codan Trust was established in 1985 in order to provide professional trustee services to
CD&P clients. The close affiliation between Codan Trust and CD&P greatly augments
the quality of the trustee services provided. Legal advice is readily available and access
to CD&P's global network of law offices is instant.
The continuous liaison with CD&P has built an in-depth understanding of fiduciary
principles which apply to Codan Trust's role as a prudent trustee. It has also enabled
Codan Trust to be flexible in its decision making and in finding appropriate solutions to
the various unforeseen problems that may arise.
Codan Trust is licenced to conduct trust business by the Bermuda Monetary Authority.
P A G E 1 7

Contacts
Conyers Dill & Pearman
Private Client Department
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
Telephone: +1 (441) 295 1422
Facsimile: +1 (441) 292 4720
E-mail: info@cdp.bm
Web: www.conyersdillandpearman.com
Codan Trust Company Limited
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
Telephone: +1 (441) 296 4544
Facsimile: +1 (441) 299 4979
E-mail: codan@cdp.bm
Web: www.codantrust.com
Alec Anderson
CD&P Partner and
Head of Private Client Department
Telephone: +1 (441) 299 4945
E-mail: aranderson@cdp.bm
P A G E 1 8

www.conyersdillandpearman.com