Article 43 The beneficiary is the person that enjoys the right to benefit from a trust. He may be a natural person, legal person or an organization established according to law.

The settler may be a beneficiary and may also be the only beneficiary under the same trust. The trustee may be a beneficiary but may not be the only beneficiary under the same trust.

Article 44 The beneficiary shall enjoy the right to benefit from a trust beginning from the date the trust becomes effective, unless otherwise stipulated in the trust documents.

Article 45 The co-beneficiaries shall enjoy the benefits from a trust according to the provisions in the trust documents. Where no percentage or methods for distribution of the benefits from the trust are specified in the documents, all the beneficiaries shall enjoy the benefits equally.

Article 46 The beneficiary may give up the right to benefit from a trust.

Where all the beneficiaries give up the right to benefit from a trust, the trust shall be terminated.

Where some of the beneficiaries give up the right to benefit from a trust, the right given up shall go to the person in following order of precedence:

1. the persons specified in the trust documents;
2. the other beneficiaries; and
3. the settler or his successor.

Article 47 Where the beneficiary cannot repay the matured debts, his right to benefit from a trust may be used to repay the debts, except this is restricted by provisions in laws, administrative regulations and trust documents.

Article 48 The beneficiary may, in accordance with law, transfer his right to benefit from a trust or have the right succeeded to, except this is restricted by provisions in the trust documents.

Article 49 The beneficiary may exercise the rights that the settler enjoys us as stipulated in Article 20 through 23 of this Law. If the beneficiary, while exercising the said rights, holds views differing from those of the settler, he may apply to the People's Court for decision.