> Here in Canada, I am told that trustees always own the asset that is held
> "in trust". The ownership is of course temporary and last until a transfer
is
> requested by the authorities who established the trust.
>
> Does this definition make sense? If so, can we say that "The e-gold
Bullion
> Reserve Special Purpose Trust" temporarily owns the gold showned on the
> account balance of e-gold users until a redemption order is made by the
> authorities (Gold&Silver Reserve/e-gold) who set up the trust ?
A trust has three parties:
1. the settlor
2. the trustee(s)
3. the beneficiaries.
I don't know exactly how the e-gold bullion reserve special purpose trust
actually operates but I am quite sure that the role of the account holders
is to be the beneficiaries, and that the extent of the benefit is
proportional to the e-metal account balance.
A trust is not a legal entity and the trust assets are owned by the
trustee(s) which obviously is not the role of the account holder. I am sure
some people on this list will be quite uncomfortable with this fact but I
have no sympathy for this objection. The trust, along with the other
governance structures of the e-gold system, protects the interest of the
account holder in the metal bailed and that is what matters for me.
David Hillary
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