Trust Law of the People's Republic of China

　 　 第一章 总则

Chapter 1 General Provisions

　 第一条 为了调整信托关系，规范信托行为，保护信托当事人的合法权益，促进信托事业的健康发展，制定本法。

Article 1 This law is formulated in order to regulate the trust relationship, normalize trust acts, protect the lawful rights and interests of the parties to a trust and promote the healthy development of the trust business.

　 第二条 本法所称信托，是指委托人基于对受托人的信任，将其财产权委托给受托人，由受托人按委托人的意愿以自己的名义，为受益人的利益或者特定目的，进行管理或者处分的行为。

Article 2 Trust in this Law refers to the act in which the trustor, on the basis of confidence on the trustee, entrusts certain property rights it owns to the trustee and the trustee manages or disposes of the property rights in its own name in accordance with the intentions of the trustor and for the benefit of the beneficiary or for specific purposes.

　 第三条 委托人、受托人、受益人（以下统称信托当事人）在中华人民共和国境内进行民事、营业、公益信托活动，适用本法。

Article 3 This Law applies to the trustor, trustee and beneficiary (hereinafter referred to in general as parties to a trust) conducting civil, business or public trust activities within the boundaries of the People's Republic of China.

　 第四条 受托人采取信托机构形式从事信托活动，其组织和管理由国务院制定具体办法。

Article 4 Trustees engage in trust activities by way of fiduciary institutions, the specific measures for the organization and management of which are to be formulated by the State Council.

　 第五条 信托当事人进行信托活动，必须遵守法律、行政法规，遵循自愿、公平和诚实信用原则，不得损害国家利益和社会公共利益。

Article 5 When conducting trust activities, the parties to a trust must abide by the laws and regulations, comply with the principle of willingness, equality and being honesty and trustworthiness, and must not harm the state interest and the social public interest.

　 第二章 信托的设立

Chapter 2 Establishment of a Trust

　 第六条 设立信托，必须有合法的信托目的。

Article 6 The establishment of a trust shall serve a legitimate purpose of trust.

　 第七条 设立信托，必须有确定的信托财产，并且该信托财产必须是委托人合法所有的财产。

Article 7 To establish a trust, there must be certain trust properties and the properties must be properties lawfully owned by the trustor.

　 本法所称财产包括合法的财产权利。

Property in this Law includes lawful property rights.

　 第八条 设立信托，应当采取书面形式。

Article 8 Written form shall be adopted for the establishment of a trust.

　 书面形式包括信托合同、遗嘱或者法律、行政法规规定的其他书面文件等。

Written form includes trust contracts, wills or other written documents as provided by laws and regulations.

　 采取信托合同形式设立信托的，信托合同签订时，信托成立。采取其他书面形式设立信托的，受托人承诺信托时，信托成立。

A trust established in the form of trust contract shall come into existence when the trust contract is concluded. A trust established in other written forms shall come into existence when the trustee promises to accept the trust.

　 第九条 设立信托，其书面文件应当载明下列事项：

Article 9 The written documents by which a trust is to be established shall provide the following information:

　 （一）信托目的；

1) Purposes of the trust;

　 （二）委托人、受托人的姓名或者名称、住所；

2) Names and addresses of the trustor, the trustee and the beneficiary;

　 （三）受益人或者受益人范围；

3) The beneficiary or the scope of the beneficiary;

　 （四）信托财产的范围、种类及状况；

4) Scope, type and status of the trust property;

　 （五）受益人取得信托利益的形式、方法。

5) Ways and methods by which the beneficiary get the trust proceeds;

　 除前款所列事项外，可以载明信托期限、信托财产的管理方法、受托人的报酬、新受托人的选任方式、信托终止事由等事项。

Apart from the information listed in the above paragraph, duration of the trust, methods of management of the trust property, remuneration of the trustee, methods of designation of new trustees, reasons for terminating a trust and other information may be provided.

　 第十条 设立信托，对于信托财产，有关法律、行政法规规定应当办理登记手续的，应当依法办理信托登记。

Article 10 Where trust property shall be registered according to the provisions of laws or administrative regulations for the establishment of a trust, such property shall be registered.

　 未依照前款规定办理信托登记的，应当补办登记手续；不补办的，该信托不产生效力。

If the trust registration fails to be made as required in the previous paragraph, it shall be made up later; the trust shall be invalid if no make-up trust registration is effected.

　 第十一条 有下列情形之一的，信托无效：

Article 11 The trust is void under any of the following circumstances:

　 （一）信托目的违反法律、行政法规或者损害社会公共利益；

1) The purposes of the trust are against laws or regulations, or harm the public interest of the society;

　 （二）信托财产不能确定；

2) The trust property can not be identified;

　 （三）委托人以非法财产或者本法规定不得设立信托的财产设立信托；

3) The trustor establishes a trust by using illegal properties or properties that are prohibited by this Law from being used to establish a trust;

　 （四）专以诉讼或者讨债为目的设立信托；

4) Establishing a trust especially for the purpose of litigation or of demanding the payment of a debt or loan;

　 （五）受益人或者受益人范围不能确定；

5) The beneficiary or the scope of beneficiaries cannot be identified; and

　 （六）法律、行政法规规定的其他情形。

6) Other circumstances provided by laws and regulations.

　 第十二条 委托人设立信托损害其债权人利益的，债权人有权申请人民法院撤销该信托。

Article 12 If the trust a trustor establishes has harmed the interests of the creditor, the creditor shall have the right to apply to the people's court for canceling the trust.

　 人民法院依照前款规定撤销信托的，不影响善意受益人已经取得的信托利益。

Trust benefits already obtained by a goodwill beneficiary shall not be affected if the people's court cancels the trust according to the provisions of the previous paragraph.

　 本条第一款规定的申请权，自债权人知道或者应当知道撤销原因之日起一年内不行使的，归于消灭。

The right to apply shall extinguish if the creditor doesn't exercise it in one year since he knows or should know the reasons for cancellation.

　 第十三条 设立遗嘱信托，应当遵守继承法关于遗嘱的规定。

Article 13 The establishment of testamentary trust shall abide by the provisions of the Succession Law on testament.

　 遗嘱指定的人拒绝或者无能力担任受托人的，由受益人另行选任受托人；

If the person appointed by the testament refuses or doesn't have the capacity to act as trustee, the beneficiary may appoint other trustees;

受益人为无民事行为能力人或者限制民事行为能力人的，依法由其监护人代行选任。遗嘱对选任受托人另有规定的，从其规定。

if the beneficiary is a person without civil capacity or a person with limited capacity, his guardian shall appoint the trustee on his behalf according to law. If there are other provisions on the appointment of the trustee in the testament, those provisions shall be followed.

　 第三章 信托财产

Chapter 3 Trust Property

　 第十四条 受托人因承诺信托而取得的财产是信托财产。

Article 14 The properties that the trustee obtains as a result of accepting the trust are trust property.

　 受托人因信托财产的管理运用、处分或者其他情形而取得的财产，也归入信托财产。

The properties that the trustee obtains by way of managing, utilizing, disposing of the trust property or by other means shall also be deemed as trust property.

　 法律、行政法规禁止流通的财产，不得作为信托财产。

Properties forbidden to circulate by laws or regulations shall not be used as trust property.

　 法律、行政法规限制流通的财产，依法经有关主管部门批准后，可以作为信托财产。

Properties limited in circulation by laws and regulations may be used as trust property with the approval of relevant departments in charge according to law.

　 第十五条 信托财产与委托人未设立信托的其他财产相区别。设立信托后，委托人死亡或者依法解散、被依法撤销、被宣告破产时，委托人是唯一受益人的，信托终止，信托财产作为其遗产或者清算财产；

Article 15 Trust property differs from other properties with which the trustor hasn't established a trust. After the trust is established, if the trustor dies or disbands according to law, or is canceled or declared bankrupt according to law, and if the trustor is the only beneficiary, the trust shall terminate and the trust property shall be deemed as his heritage or liquidation property;

委托人不是唯一受益人的，信托存续，信托财产不作为其遗产或者清算财产；

if the trustor is not the only beneficiary, the trust shall continue to exist and the trust property shall not be deemed as his heritage or liquidation property;

但作为共同受益人的委托人死亡或者依法解散、被依法撤销、被宣告破产时，其信托受益权作为其遗产或者清算财产。

but if the trustor, as a joint beneficiary, dies or disbands according to law, or is canceled or declared bankrupt according to law, the beneficial right of the trust shall be deemed as his heritage or liquidation property.

　 第十六条 信托财产与属于受托人所有的财产（以下简称固有财产）相区别，不得归入受托人的固有财产或者成为固有财产的一部分。

Article 16 The trust property differs from the property owned by the trustee (hereinafter referred to as inherent property for short) and shall not be deemed as the inherent property of the trustee or become part of the inherent property.

　 受托人死亡或者依法解散、被依法撤销、被宣告破产而终止，信托财产不属于其遗产或者清算财产。

If the trustee dies or disbands or terminates as a result of being canceled or being declared bankrupt according to law, the trust property shall not be deemed as his heritage or liquidation property.

　 第十七条 除因下列情形之一外，对信托财产不得强制执行：

Article 17 Trust property shall not be enforced except under any of the following circumstances:

　 （一）设立信托前债权人已对该信托财产享有优先受偿的权利，并依法行使该权利的；

1) The creditor has already gotten the priority of compensation from the trust property before the trust is established and exercised the right according to law;

　 （二）受托人处理信托事务所产生债务，债权人要求清偿该债务的；

2) The debts incurred from the trustee's handling of the trust affairs and the creditor requires the debts to be paid off;

　 （三）信托财产本身应担负的税款；

3) The taxes that the trust property are due; and

　 （四）法律规定的其他情形。

4) Other circumstances provided by law.

　 对于违反前款规定而强制执行信托财产，委托人、受托人或者受益人有权向人民法院提出异议。

If the trust property is enforced against the provisions of the preceding paragraph, the trustor, trustee or beneficiary has the right to make an objection to the people's court.

　 第十八条 受托人管理运用、处分信托财产所产生的债权，不得与其固有财产产生的债务相抵销。

Article 18 The creditor's right obtained by the trustee through the management, utilization and disposition of the trust property must not offset the debt caused by his inherent property.

　 受托人管理运用、处分不同委托人的信托财产所产生的债权债务，不得相互抵销。

The creditor's right and the debt caused when the trustee manages, utilizes and disposes the trust property of different trustors must not offset each other.

　 第四章 信托当事人

Chapter 4 Parties to a trust

　 第一节 委托人

Section 1 The trustor

　 第十九条 委托人应当是具有完全民事行为能力的自然人、法人或者依法成立的其他组织。

Article 19 The trustor shall be a natural or a legal person with full civil capacity, or other organizations established according to law.

　 第二十条 委托人有权了解其信托财产的管理运用、处分及收支情况，并有权要求受托人作出说明。

Article 20 The trustor has the right to know how his trust property is managed, utilized or disposed of and the income and expenses incurred therefrom, and has the right to ask the trustee to make explanations.

　 委托人有权查阅、抄录或者复制与其信托财产有关的信托帐目以及处理信托事务的其他文件。

The trustor has the right to consult, write down or duplicate the trust accounts relating to his trust property and other documents relating to the handling of trust affairs.

　 第二十一条 因设立信托时未能预见的特别事由，致使信托财产的管理方法不利于实现信托目的或者不符合受益人的利益时，委托人有权要求受托人调整该信托财产的管理方法。

Article 21 The trustor has the right to ask the trustee to adjust the methods of management of the trust property if the methods prevents the realization of the purposes of the trust or are not in accordance with the interests of the beneficiary due to special causes that are not foreseen when the trust was established.

　 第二十二条 受托人违反信托目的处分信托财产或者因违背管理职责、处理信托事务不当致使信托财产受到损失的，委托人有权申请人民法院撤销该处分行为，并有权要求受托人恢复信托财产的原状或者予以赔偿；该信托财产的受让人明知是违反信托目的而接受该财产的，应当予以返还或者予以赔偿。

Article 22 If the trustee disposes of the trust property against the purposes of the trust or causes losses to the trust property due to violation of the management duties or improper handling of the trust affairs, the trustor has the right to apply to the people's court for withdrawing the disposition; he also has the right to ask the trustee to revert the trust property or make compensation; if the transferee accepts the trust property though he is fully aware that it is against the purposes of the trust, he shall return the trust property or make compensation.

　 前款规定的申请权，自委托人知道或者应当知道撤销原因之日起一年内不行使的，归于消灭。

The right to apply as mentioned in the preceding paragraph shall extinguish if the trustor doesn't exercise it within 1 year since he knows or should have known the reasons for withdrawal.

　 第二十三条 受托人违反信托目的处分信托财产或者管理运用、处分信托财产有重大过失的，委托人有权依照信托文件的规定解任受托人，或者申请人民法院解任受托人。

Article 23 If the trustee disposes the trust property against the purposes of the trust or is at serious fault when managing, utilizing or disposing of the trust property, the trustor has the right to remove the trustee according to the provisions of the trust documents or apply to the people's court to remove the trustee.

　 第二节 受托人

Section 2 The trustee

　 第二十四条 受托人应当是具有完全民事行为能力的自然人、法人。

Article 24 The trustee shall be a natural or a legal person with full civil capacity.

　 法律、行政法规对受托人的条件另有规定的，从其规定。

If there are other provisions on the requirements of the trustee in laws and regulations, those provisions shall be followed.

　 第二十五条 受托人应当遵守信托文件的规定，为受益人的最大利益处理信托事务。

Article 25 The trustee shall abide by the provisions of the trust documents and handle the trust affairs for the utmost interests of the beneficiary.

　 受托人管理信托财产，必须恪尽职守，履行诚实、信用、谨慎、有效管理的义务。

The trustee shall fulfill his duties and perform the obligation of being honest, trustworthy and cautious, and managing effectively.

　 第二十六条 受托人除依照本法规定取得报酬外，不得利用信托财产为自己谋取利益。

Article 26 The trustee must not take advantage of the trust property to seek profits for his own except getting remuneration according to the provisions of this Law.

　 受托人违反前款规定，利用信托财产为自己谋取利益的，所得利益归入信托财产。

If the trustee violates the provisions of the preceding paragraph to take advantage of the trust property to seek profits for his own, the profits he obtains shall be brought into the trust property.

　 第二十七条 受托人不得将信托财产转为其固有财产。受托人将信托财产转为其固有财产的，必须恢复该信托财产的原状；造成信托财产损失的，应当承担赔偿责任。

Article 27 The trustee must not change the trust property into his inherent property. The trustee must revert the trust property if he changes the trust property into his inherent property; and the trustee shall bear the liability of compensation if he causes losses to the trust property.

　 第二十八条 受托人不得将其固有财产与信托财产进行交易或者将不同委托人的信托财产进行相互交易，但信托文件另有规定或者经委托人或者受益人同意，并以公平的市场价格进行交易的除外。

Article 28 The trustee must not make transactions between his inherent property and the trust property, or make transactions between the trust properties of different trustors, except that the trust documents prescribe otherwise or with the approval of the trustor or the beneficiary, and make transactions based on fair market price.

　 受托人违反前款规定，造成信托财产损失的，应当承担赔偿责任。

The trustee shall bear liability of compensation if he violates the provisions of the preceding paragraph and causes losses to the trust property.

　 第二十九条 受托人必须将信托财产与其固有财产分别管理、分别记帐，并将不同委托人的信托财产分别管理、分别记帐。

Article 29 The trustee must manage the trust property and his inherent property separately and keep separate accounts, and must manage the trust property of different trustors separately and keep separate accounts.

　 第三十条 受托人应当自己处理信托事务，但信托文件另有规定或者有不得已事由的，可以委托他人代为处理。

Article 30 The trustee shall handle the trust affairs in person, but if there are otherwise provisions in the trust documents or there is no alternative, the trustee may entrust others to handle the affairs on his behalf.

　 受托人依法将信托事务委托他人代理的，应当对他人处理信托事务的行为承担责任。

The trustee shall bear liability for the handling of the trust affairs by others to whom he entrust the trust affairs.

　 第三十一条 同一信托的受托人有两个以上的，为共同受托人。

Article 31 If there are more than two trustees of a same trust, they are joint trustees.

　 共同受托人应当共同处理信托事务，但信托文件规定对某些具体事务由受托人分别处理的，从其规定。

The joint trustees shall handle the trust affairs jointly, but if the trust documents prescribe that some specific affairs shall be handled by the trustees separately, those provisions shall be followed.

　 共同受托人共同处理信托事务，意见不一致时，按信托文件规定处理；信托文件未规定的，由委托人、受益人或者其利害关系人决定。

If the joint trustees have different opinions when handling the trust affairs jointly, they shall follow the provisions of the trust documents; and if there is no relevant prescriptions in the trust documents, it shall be subject to the decision of the trustor, beneficiary or interested person of the beneficiary.

　 第三十二条 共同受托人处理信托事务对第三人所负债务，应当承担连带清偿责任。第三人对共同受托人之一所作的意思表示，对其他受托人同样有效。

Article 32 The joint trustees shall bear several and joint liability if they incur debts to a third party when handling the trust affairs. The declaration of will made by the third party to any of the trustees shall have the same effect to other trustees.

　 共同受托人之一违反信托目的处分信托财产或者因违背管理职责、处理信托事务不当致使信托财产受到损失的，其他受托人应当承担连带赔偿责任。

If any of the trustees disposes of the trust property against the purposes of the trust or causes losses to the trust property due to violation of his management duties or improper handling of the trust affaires, the other trustees shall assume several and joint liabilities.

　 第三十三条 受托人必须保存处理信托事务的完整记录。

Article 33 The trustee must keep full records of the handling of trust affairs.

　 受托人应当每年定期将信托财产的管理运用、处分及收支情况，报告委托人和受益人。

The trustee shall report the management, utilization and disposition of the trust property and the income and expenses to the trustor and the beneficiary regularly every year.

　 受托人对委托人、受益人以及处理信托事务的情况和资料负有依法保密的义务。

The trustee shall bear the obligation to the trustor and beneficiary of keeping secret of the handling of trust affairs and the materials according to law.

　 第三十四条 受托人以信托财产为限向受益人承担支付信托利益的义务。

Article 34 The trustee shall be responsible for paying trust benefits to the beneficiaries within the limit of the trust property.

　 第三十五条 受托人有权依照信托文件的约定取得报酬。信托文件未作事先约定的，经信托当事人协商同意，可以作出补充约定；未作事先约定和补充约定的，不得收取报酬。

Article 35 The trustee has the right to get remuneration according to the terms of the trust documents. If it is not prescribed beforehand in the trust documents, supplementary terms may be made with the approval of the parties of the trust after negotiation; the trustee must not get remuneration if no terms are made in advance and no supplementary terms are made.

　 约定的报酬经信托当事人协商同意，可以增减其数额。

The amount of the remuneration agreed upon may be added or reduced with the approval of the parties of the trust after negotiation.

　 第三十六条 受托人违反信托目的处分信托财产或者因违背管理职责、处理信托事务不当致使信托财产受到损失的，在未恢复信托财产的原状或者未予赔偿前，不得请求给付报酬。

Article 36 If the trustee disposes of the trust property against the purposes of the trust or causes losses to the trust property due to violation of the management duties or improper handling of the trust affairs, the trustee must not ask for remuneration before he has reverted the trust property or made compensations.

　 第三十七条 受托人因处理信托事务所支出的费用、对第三人所负债务，以信托财产承担。

Article 37 The trustee may bear the expenses and debts to the third party incurred from the handling of trust affairs with the trust property.

受托人以其固有财产先行支付的，对信托财产享有优先受偿的权利。

If the trustee has paid in advance with his inherent property, he has the priority right to get compensation from the trust property.

　 受托人违背管理职责或者处理信托事务不当对第三人所负债务或者自己所受到的损失，以其固有财产承担。

The trustee shall bear the debts to the third party or losses of himself incurred from the violation of his management duties or improper handling of the trust affairs with his inherent property.

　 第三十八条 设立信托后，经委托人和受益人同意，受托人可以辞任。本法对公益信托的受托人辞任另有规定的，从其规定。

Article 38 The trustee may resign upon the approval of the trustor and the beneficiary after the trust is established. If there are otherwise provisions on the resign of the trustee in public trust in this Law, those provisions shall be followed.

　 受托人辞任的，在新受托人选出前仍应履行管理信托事务的职责。

The resigned trustee shall continue to perform the duties of managing the trust affairs before the new trustee is appointed.

　 第三十九条 受托人有下列情形之一的，其职责终止：

Article 39 The duties and responsibilities of the trustee shall end under any of the following circumstances:

　 （一）死亡或者被依法宣告死亡；

1) The trustee dies or is declared dead;

　 （二）被依法宣告为无民事行为能力人或者限制民事行为能力人；

2) The trustee is declared as a person without civil capacity or a person with limited civil capacity according to law;

　 （三）被依法撤销或者被宣告破产；

3) The trustee is canceled according to law or is declared bankrupt;

　 （四）依法解散或者法定资格丧失；

4) The trustee disbands or loses legal qualification;

　 （五）辞任或者被解任；

5) The trustee resigns or is dismissed; and

　 （六）法律、行政法规规定的其他情形。

6) Other circumstances provided by laws and regulations.

　 受托人职责终止时，其继承人或者遗产管理人、监护人、清算人应当妥善保管信托财产，协助新受托人接管信托事务。

When the duties and responsibilities of the trustee end, its heritor or the manager of the decedent's property, the guardian or the liquidator shall keep the trust property appropriately and assist the new trustee to take over the trust affairs.

　 第四十条 受托人职责终止的，依照信托文件规定选任新受托人；

Article 40 When the duties and responsibilities of the trustee end, a new trustee shall be appointed according to the provisions of the trust documents;

信托文件未规定的，由委托人选任；

 if there are no relevant prescriptions in the trust documents, the trustor shall appoint a new trustee;

委托人不指定或者无能力指定的，由受益人选任；

 if the trustor fails to appoint or doesn't have the capacity to appoint a new trustee, the beneficiary shall make the appointment;

受益人为无民事行为能力人或者限制民事行为能力人的，依法由其监护人代行选任。

if the beneficiary is a person without civil capacity or a person with limited civil capacity, his guardian shall appoint the new trustee on his behalf according to law.

　 原受托人处理信托事务的权利和义务，由新受托人承继。

The new trustee shall inherit the rights and obligations of handling the trust affairs of the former trustee.

　 第四十一条 受托人有本法第三十九条第一款第（三）项至第（六）项所列情形之一，职责终止的，应当作出处理信托事务的报告，并向新受托人办理信托财产和信托事务的移交手续。

Article 41 If the duties and responsibilities of the trustee end under any of the circumstances listed in item 3) to item 6) of the first clause of Article 39, the trustee shall make reports on the handling of trust affairs and go through handover procedures of the trust property and trust affairs to the new trustee.

　 前款报告经委托人或者受益人认可，原受托人就报告中所列事项解除责任。但原受托人有不正当行为的除外。

The liabilities of the former trustee of the matters listed in the report shall be relieved after the report mentioned in the above paragraph is recognized by the trustor or the beneficiary, except that the former trustee did unreasonable conducts.

　 第四十二条 共同受托人之一职责终止的，信托财产由其他受托人管理和处分。

Article 42 If the duties and responsibilities of any of the joint trustees end, the trust property shall be managed and disposed of by other trustees.

　 第三节 受益人

Section 3 The Beneficiary

　 第四十三条 受益人是在信托中享有信托受益权的人。受益人可以是自然人、法人或者依法成立的其他组织。

Article 43 The beneficiary is the person who enjoys the beneficial right of the trust. The beneficiary may be a natural person, a legal person or other organizations established according to law.

　 委托人可以是受益人，也可以是同一信托的唯一受益人。

The trustor may be the beneficiary, and may also be the only beneficiary of the same trust.

　 受托人可以是受益人，但不得是同一信托的唯一受益人。

The trustee may be the beneficiary, but must not be the only beneficiary of the same trust.

　 第四十四条 受益人自信托生效之日起享有信托受益权。信托文件另有规定的，从其规定。

Article 44 The beneficiary enjoys the beneficial right of the trust since the day on which the trust takes effect. If there are otherwise provisions in the trust documents, those provisions shall be followed.

　 第四十五条 共同受益人按照信托文件的规定享受信托利益。

Article 45 The joint beneficiaries enjoy trust benefits according to the terms of the trust documents.

信托文件对信托利益的分配比例或者分配方法未作规定的，各受益人按照均等的比例享受信托利益。

If there are no relevant provisions in the trust documents concerning the distribution proportion or the methods of distributing the trust benefits, each beneficiary shall enjoy the trust benefits according to equal proportions.

　 第四十六条 受益人可以放弃信托受益权。

Article 46 The beneficiary may waiver the beneficial right of the trust.

　 全体受益人放弃信托受益权的，信托终止。

The trust shall terminate if all of the beneficiaries waivers their beneficial rights of the trust.

　 部分受益人放弃信托受益权的，被放弃的信托受益权按下列顺序确定归属：

If some of the beneficiaries waivers the beneficial rights of the trust, the attribution of the abandoned beneficial right of the trust shall be determined in the following order:

　 （一）信托文件规定的人；

1) Persons prescribed in the trust documents;

　 （二）其他受益人；

2) Other beneficiaries;

　 （三）委托人或者其继承人。

3) The trustor or its heritor;

　 第四十七条 受益人不能清偿到期债务的，其信托受益权可以用于清偿债务，但法律、行政法规以及信托文件有限制性规定的除外。

Article 47 The beneficiary who is not able to pay off matured debts may use his beneficial right of the trust to pay off his debts, except that there are restrictive provisions in laws, regulations or the trust documents.

　 第四十八条 受益人的信托受益权可以依法转让和继承，但信托文件有限制性规定的除外。

Article 48 The beneficial right of the trust of the beneficiary may be transferred and inherited according to law, except that there are restrictive provisions in the trust documents.

　 第四十九条 受益人可以行使本法第二十条至第二十三条规定的委托人享有的权利。

Article 49 The beneficiary may enjoy the rights of the trustor prescribed in Articles 20 to 23.

受益人行使上述权利，与委托人意见不一致时，可以申请人民法院作出裁定。

If the beneficiary has objections to the trustor when exercising the rights mentioned above, he may apply to the people's court for ruling.

　 受托人有本法第二十二条第一款所列行为，共同受益人之一申请人民法院撤销该处分行为的，人民法院所作出的撤销裁定，对全体共同受益人有效。

If the trustee conducts any of the acts listed in the first clause of Article 22 and any of the joint beneficiaries applies to the people's court for withdrawing the disposition, the ruling of cancellation made by the people's court shall be of equal effect to all of the joint beneficiaries.

　 第五章 信托的变更与终止

Chapter 5 Chang and Termination of Trust

　 第五十条 委托人是唯一受益人的，委托人或者其继承人可以解除信托。信托文件另有规定的，从其规定。

Article 50 The trustor or the heritor thereof may rescind the trust if the trustor is the only beneficiary. If there are otherwise provisions in the trust documents, those provisions shall be followed.

　 第五十一条 设立信托后，有下列情形之一的，委托人可以变更受益人或者处分受益人的信托受益权：

Article 51 Under one of the following circumstances, the trustor may change the beneficiary or dispose of the beneficial rights of the trust of the beneficiary after the trust is established:

　 （一）受益人对委托人有重大侵权行为；

1) The beneficiary seriously infringes upon the rights of the trustor;

　 （二）受益人对其他共同受益人有重大侵权行为；

2) The beneficiary seriously infringes upon the rights of any of the other joint beneficiaries;

　 （三）经受益人同意；

3) With the approval of the beneficiary; and

　 （四）信托文件规定的其他情形。

4) Other circumstances prescribed in the trust documents.

　 有前款第（一）项、第（三）项、第（四）项所列情形之一的，委托人可以解除信托。

The trustor may rescind the trust under one of the circumstances listed in items 1, 3, and 4 of the above clause.

　 第五十二条 信托不因委托人或者受托人的死亡、丧失民事行为能力、依法解散、被依法撤销或者被宣告破产而终止，也不因受托人的辞任而终止。但本法或者信托文件另有规定的除外。

Article 52 The trust shall not terminate because the trustor or the trustee dies, loses civil capacity, disbands according to law, or is canceled or declared bankrupt according to law, neither shall the trust terminate because the trustee resigns, unless there are otherwise provisions in this Law or the trust documents.

　 第五十三条 有下列情形之一的，信托终止：

Article 53 The trust shall terminate under any of the following circumstances:

　 （一）信托文件规定的终止事由发生；

1) Any of the causes for termination as prescribed in the trust documents happens;

　 （二）信托的存续违反信托目的；

2) The existence and continuance of the trust go against the purposes of the trusts;

　 （三）信托目的已经实现或者不能实现；

3) The purposes of the trust have already been realized or cannot be realized at all;

　 （四）信托当事人协商同意；

4) The parties of the trust agree so after negotiation;

　 （五）信托被撤销；

5) The trust is withdrawn; or

　 （六）信托被解除。

6) The trust is rescinded.

　 第五十四条 信托终止的，信托财产归属于信托文件规定的人；信托文件未规定的，按下列顺序确定归属：

Article 54 The trust property shall belong to the person prescribed in the trust documents when the trust terminates; if there are no relevant provisions in the trust documents, the attribution of the trust property shall be determined in the following order:

　 （一）受益人或者其继承人；

1) The beneficiary or its heritor;

　 （二）委托人或者其继承人。

2) The trustor or its heritor.

　 第五十五条 依照前条规定，信托财产的归属确定后，在该信托财产转移给权利归属人的过程中，信托视为存续，权利归属人视为受益人。

Article 55 After the attribution of the trust property is determined according to the preceding article, the trust is deemed as existing and continuing during the process when the trust property is transferred to the person who has the right to own the property, and the person is deemed as the beneficiary.

　 第五十六条 信托终止后，人民法院依据本法第十七条的规定对原信托财产进行强制执行的，以权利归属人为被执行人。

Article 56 If the people's court enforces the original trust property according to the provisions of Article 17 of this Law after the trust terminates, the person who has the right to own the trust property is the person against whom the order is to be executed.

　 第五十七条 信托终止后，受托人依照本法规定行使请求给付报酬、从信托财产中获得补偿的权利时，可以留置信托财产或者对信托财产的权利归属人提出请求。

Article 57 After the trust terminates, the trustee may, when exercising the rights to get remuneration and get compensation from the trust property according to the provisions of this law, retain the trust property or make claims to the person who has the right to own the trust property.

　 第五十八条 信托终止的，受托人应当作出处理信托事务的清算报告。

Article 58 The trustee shall make a liquidation report on the handling of the trust affairs if the trust terminates.

受益人或者信托财产的权利归属人对清算报告无异议的，受托人就清算报告所列事项解除责任。但受托人有不正当行为的除外。

If the beneficiary or the person who has the right to own the trust property has no objection to the liquidation report, the liabilities of the trustee of the matters listed in the liquidation report shall be relieved, unless the trustee did unreasonably.

　 第六章 公益信托

Chapter 6 Public Trust

　 第五十九条 公益信托适用本章规定。本章未规定的，适用本法及其他相关法律的规定。

Article 59 The provisions of this chapter apply to public trusts. If there are no relevant provisions in this chapter, the provisions of this Law and other relevant laws shall apply.

　 第六十条 为了下列公共利益目的之一而设立的信托，属于公益信托：

Article 60 A trust established for any of the following purposes of public interests is a public trust:

　 （一）救济贫困；

1) Helping poor people;

　 （二）救助灾民；

2) Helping disaster victims;

　 （三）扶助残疾人；

3) Assisting the disabled;

　 （四）发展教育、科技、文化、艺术、体育事业；

4) Developing education, technology, culture, art and physical education undertakings;

　 （五）发展医疗卫生事业；

5) Developing medical and sanitation undertakings;

　 （六）发展环境保护事业，维护生态环境；

6) Developing environment protection undertakings and maintaining the environment; and

　 （七）发展其他社会公益事业。

7) Developing other public undertakings of the society.

　 第六十一条 国家鼓励发展公益信托。

Article 61 The state encourages the development of public trusts.

　 第六十二条 公益信托的设立和确定其受托人，应当经有关公益事业的管理机构（以下简称公益事业管理机构）批准。

Article 62 The establishment of a public trust and the appointment of trustees shall be subject to the approval of the regulatory agency of relevant public undertakings (hereinafter referred to as regulatory agency of public undertakings for short).

　 未经公益事业管理机构的批准，不得以公益信托的名义进行活动。

One must not conduct activities in the name of public trust without the approval of the regulatory agency of public undertakings.

　 公益事业管理机构对于公益信托活动应当给予支持。

The regulatory agency of public undertakings shall give support to the activities of public trust.

　 第六十三条 公益信托的信托财产及其收益，不得用于非公益目的。

Article 63 The trust property of public trust and its proceeds must not be used for non-public purposes.

　 第六十四条 公益信托应当设置信托监察人。

Article 64 There shall be trust supervisors for public trusts.

　 信托监察人由信托文件规定。信托文件未规定的，由公益事业管理机构指定。

The trust supervisor shall be prescribed in the trust documents. If there are no relevant provisions in the trust documents, the regulatory agency of public undertakings shall appoint the trust supervisor.

　 第六十五条 信托监察人有权以自己的名义，为维护受益人的利益，提起诉讼或者实施其他法律行为。

Article 65 The trust supervisor has the right to institute an action or carry out other legal acts in his own name in order to protect the interests of the beneficiary.

　 第六十六条 公益信托的受托人未经公益事业管理机构批准，不得辞任。

Article 66 The trustee of a public trust must not resign without the approval of the regulatory agency of public undertakings.

　 第六十七条 公益事业管理机构应当检查受托人处理公益信托事务的情况及财产状况。

Article 67 The regulatory agency shall inspect how the trustee handles the public trust affairs and the status of the property.

　 受托人应当至少每年一次作出信托事务处理情况及财产状况报告，经信托监察人认可后，报公益事业管理机构核准，并由受托人予以公告。

The trustee shall make at least one report on the handling of public trust affairs and the status of the property each year, and submit to the regulatory agency of public undertakings for approval after being recognized by the trust supervisor, and the trustee shall make public announcement of the report.

　 第六十八条 公益信托的受托人违反信托义务或者无能力履行其职责的，由公益事业管理机构变更受托人。

Article 68 The regulatory agency of public undertakings shall change the trustee if the trustee of public trust violates the trust obligations or doesn't have the capacity to perform his duties.

　 第六十九条 公益信托成立后，发生设立信托时不能预见的情形，公益事业管理机构可以根据信托目的，变更信托文件中的有关条款。

Article 69 After a public trust is established, the regulatory agency of public undertakings may change relevant clauses of the trust documents on the basis of purposes of the trust if any of the circumstances that can't be anticipated when the trust is established happens.

　 第七十条 公益信托终止的，受托人应当于终止事由发生之日起十五日内，将终止事由和终止日期报告公益事业管理机构。

Article 70 If the public trust terminates, the trustee shall report the causes of termination and the date of termination to the regulatory agency of public undertakings within 15 days since the causes of termination happen.

　 第七十一条 公益信托终止的，受托人作出的处理信托事务的清算报告，应当经信托监察人认可后，报公益事业管理机构核准，并由受托人予以公告。

Article 71 If the public trust terminates, the liquidation report on the handling of trust affairs made by the trustee shall be reported to the regulatory agency of public undertakings for ratification after the trust supervisor recognizes, and the trustee shall make public announcement.

　 第七十二条 公益信托终止，没有信托财产权利归属人或者信托财产权利归属人是不特定的社会公众的，经公益事业管理机构批准，受托人应当将信托财产用于与原公益目的相近似的目的，或者将信托财产转移给具有近似目的的公益组织或者其他公益信托。

Article 72 If there is not a person who has the right to own the trust property or it is the unspecified public that have the right to own the trust property when the public trust terminates, the trustee shall utilize the trust property for the former purposes of public interests or similar purposes, or transfer the trust property to the public organization that has similar purposes or other public trusts with the approval of the regulatory agency of public undertakings.

　 第七十三条 公益事业管理机构违反本法规定的，委托人、受托人或者受益人有权向人民法院起诉。

Article 73 The trustor, the trustee or the beneficiary has the right to raise an action at the people's court if the regulatory agency violates the provisions of this Law.

　 第七章 附则

Chapter 7 Supplementary Provisions

　 第七十四条 本法自2001年10月1日起施行。

Article 74 This Law shall enter into force since October 1, 2001.