Article 15 – Place of administration
(1) The Terms of the Trust designating the place of administration are valid and conclusive if:
(A) a Trustee's principal place of business is located in or a Trustee is a resident of the designated place of administration; or
(B) all or part of the administration occurs in the designated place of administration.
(2) A Trustee is under a continuing duty to administer the Trust at a place appropriate to its purposes, its administration, and the interests of the Beneficiaries or in furtherance of its purposes and in accordance with the Terms of the Trust .
(3) Without precluding the right of the QFC Court to order, approve, or disapprove a transfer in furtherance of the duty prescribed in Article 15(2), the Trustee may transfer the Trust's place of administration to another jurisdiction outside the QFC .
(4) In connection with a transfer of the Trust's place of administration, the Trustee may transfer some or all of the Trust Property to a successor Trustee designated in the Terms of the Trust .
Amended (as from 24th December 2017). |