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).