Article 22 - QFC Law to Prevail in Respect of Foundations
(1) To the extent permitted by QFC Law, any matter that arises in respect of:
(A) a Foundation; or
(B) the dedication of assets to a Foundation,
must be determined in accordance with the law of the QFC and without reference to any Foreign Law.
(2) A matter referred in Article 22(1) includes but is not limited to:
(A) the capacity of the Founder to seek the establishment of the Foundation and/or the capacity of a Dedicator to dedicate assets to it;
(B) the validity, interpretation or effect of the Constitution or any amendments;
(C) the administration of the Foundation, including matters such as the functions, appointment and removal of a person appointed pursuant to the Constitution; or
(D) the existence and extent of functions in respect of a Foundation, including but not limited to powers of amendment, revocation, appointment, and the validity of the exercise of such a function.
(3) However, subsection (1) shall —
(A) not validate any disposition of Property where the Property is:
(1) not owned by the Founder or the Dedicator; or
(2) not the subject of a power vested in the Founder or the Dedicator;
(B) not validate any disposition of immovable Property situated in a jurisdiction other than the QFC in which such disposition is invalid according to the laws of that jurisdiction;
(C) not validate any disposition which is invalid according to the laws to which the property being disposed is subject;
(D) not affect the recognition of Foreign Law in determining whether a Founder or a Dedicator is or was the owner of Property or the holder of a power to dispose of such Property;
(E) not affect the recognition of the laws of its place of incorporation in relation to the capacity of a corporation; and
(F) not affect the recognition of Foreign Law prescribing, without reference to the existence of the Foundation or the Constitution, the formalities for the disposition of Property.
|Derived (as from 22nd September 2016).|