Article 19 — Articles of Association
19.1 On applying for incorporation as a
Single Family Office, the incorporators shall file a copy of the Articles of Association that the Company proposes to adopt.
19.2 The objects of a
Single Family Office as set out in its Articles of Association must be to act as a Single Family Office and activities that it is permitted to carry on must be limited to Single Family Office activities in accordance with these Regulations.
Articles of Association of a Single Family Office must provide that the Single Family Office shall not carry on any activities of the type described in Paragraphs 1 to 9 of Schedule 3 to the QFC Law in or from the QFC by way of business pursuant to the relevant provisions of the FSR.
Articles of Association of a Single Family Office must provide that no transfer of shares in the Single Family Office shall take effect unless the QFC Authority has confirmed in writing that it is satisfied that the transfer will not affect the status of the Single Family Office.
Single Family Office must give no less than twenty-one days' prior notice to the QFC Authority, using the Prescribed Form and after payment of the Prescribed Fee, of any proposal to amend its Articles of Association. The QFC Authority may consult with the Regulatory Authority as appropriate. The QFC Authority may object to any proposed amendment if it is inconsistent with the status of a Single Family Office. Following any amendment of its Articles of Association, a Single Family Office must file its amended Articles of Association with the CRO within twenty-one days of the amendment coming into effect.