Part 6: Part 6: The Beneficiaries of a QFC Trust
Article 27 – Beneficiaries of a Trust(1) A
Beneficiarymust be:(A) identifiable by name; or(B) ascertainable by reference to:(i) a class; or(ii) a relationship to some Personwhether or not living at the time of the creation of the Trustor at the time which under the Terms of the Trustis the time by reference to which members of a class are to be determined.(2) The Terms of the Trustmay provide for the addition of a Personas a Beneficiaryor the exclusion of a Beneficiaryfrom benefit.(3) Provided that the same Personis not the sole Trusteeand sole Beneficiary, a Settloror a Trusteeof a Trustmay also be a Beneficiaryof a Trust. Amended (as from 24th December 2017).
Article 28 – Disclaimer(1) A
Beneficiarymay disclaim its whole interest.(2) A disclaimer made under Article 28(1) must be in writing and must be irrevocable.(3) Subject to the Terms of the Trust, a Beneficiaryunder a Trustmay disclaim part of its interest, whether or not it has received some benefit from its interest.(4) A disclaimer made under Article 28(3) may, subject to the Terms of the Trust, be revocable and it must be exercisable in the manner and under the circumstances so expressed. Amended (as from 24th December 2017).
Article 29 - Interest of Beneficiary and dealings(1) The interest of a
Beneficiarywill constitute movable Property.(2) Subject to the Terms of the Trust, a Beneficiarymay, by instrument in writing, sell, charge, transfer or otherwise deal with its interest in any manner. Amended (as from 24th December 2017).