SANTO DOMINGO. -The Senate of the Republic approved yesterday Wednesday in second reading the Public Trust bill, which seeks to manage public resources, execute works and infrastructure projects based on a legal body.
The bill, which now goes to the Executive Branch for promulgation, was approved with 18 votes in favor from the 26 legislators present.
The bill had been presented to the Chamber of Deputies last February, where it was approved with 94 votes in favor and only four against.
The initiative has drawn criticism from some sectors of civil society and opposition parties, who believe it violates other laws.
Regarding the project, the government stated at the time that it seeks to establish an organization, structure and operation of the public trust, as well as its legal capacity to manage public resources and provide, manage or execute infrastructure works or services of collective interest.
The piece establishes rules and requirements for any authorized public entity to act as settlor, trustee or beneficiary, as well as instructing regulations for the operation of the public trust at the time of its constitution during its existence and at the time of its termination from the legal, accounting, financial, administrative and accountability perspective.
A trust is a contract by which the settlor transfers certain assets and rights to the trustee.
The trustee receives them with the mandatory limitation of only performing those acts required to fulfill the purposes of the trust, these assets being separate from his estate.
