s 22 Beneficiaries
(1) Subject to subsection 4(3), a beneficiary shall be— (a) identifiable by name; or (b) ascertainable by reference to a class or to a relationship to some person, whether or not living at the time which under the terms of the offshore trust is the time by reference to which members of a class are to be determined. (2) Where there are no beneficiaries identifiable or ascertainable in accordance with subsection (1), the trust shall not be valid unless the purpose is a charitable purpose. (3) A settlor or a trustee of an offshore trust may also be a beneficiary of the trust, but if he is the sole trustee, he shall not also be a beneficiary thereunder. (4) The terms of an offshore trust may provide for— (a) the addition of a person as a beneficiary; (b) the exclusion of a beneficiary from benefit; or (c) the imposition on a beneficiary of an obligation as a condition for benefit.