Protection of Traditional Knowledge - a polycentric issue; A Sri Lankan Perspective

Abstract

A trust involves a relationship wherein a person (the settlor) transfers property (movable or immovable) to another (the trustee) for its management and control for the benefit of someone else (the beneficiary). Most rules regarding trusts have been created based on aged old principles of equity and English cases. Trusts Law of Sri Lanka is contained in both statute and case law. The main legislation is the Trusts Ordinance, No.09 of 1917. The concept of trust has spread into the commercial law and company law in commercial transactions. This paper identifies these recent developments in the trusts law in commercial transactions and suggests reforms for Sri Lankan trusts regime. The Unit trust is the popular mode of trusts used in commercial transactions in many countries. A Unit trust is a trust where the unit holders can possess certain shares (units) and can direct the trustee to pay money to them according to the number of units. It makes a path for the general public to invest their money without all the typical risks. In Singapore, Business trusts have been used as innovative investment structures in international trade market. The business trust is designed to give investors direct exposure through the purchase of units which are tradable in the Singapore Stock Exchange. Especially it should be mentioned that business trusts have various advantages in capital