Article 10 – Provision for change of Governing Law
(1) Where a term of a
Trust so provides, the Governing Law may be changed to or from the laws of the QFC, in the manner prescribed by the Terms of the Trust, if:
(A) in the case of a change to the laws of the
QFC by a Trust, such change is recognised by the Governing Law previously in effect; or
(B) in the case of a change from the laws of the
QFC to a new Governing Law, the new Governing Law would recognise the validity of the Trust and either all the powers and provisions of the Trust remain enforceable, capable of being exercised and so taking effect or, prior to the change, the Trustee obtains the approval of the QFC Court to the change.
(2) Where the
Governing Law of the Trust changes to the laws of the QFC, that Trust will for all purposes be a QFC Trust.
(3) A change in the
Governing Law will not affect the legality or validity of, or render any Person liable for, anything done before the change.
(4) If a Trust becomes a
QFC Trust, the Trustee may:
(A) exercise any power conferred on the
Trustee to postpone the date of termination of the Trust without reference to any limitations expressed on that power by reference to a termination or perpetuity period of any other jurisdiction; and
(B) if no power is conferred on the
Trustee to postpone the date of the termination of the Trust, apply to the QFC Court for an order to confer such power.
|Amended (as from 24th December 2017).|