Article 23 - Exclusion of Foreign Law
Without limiting the generality of Article 22 (1), under the laws of the QFC,
(A) no Foundation or disposition of assets to a Foundation that is valid under the laws of the QFC is void, voidable, liable to be set aside or defective in any manner by reference to a Foreign Law;
(B) and none of the following is subject to an obligation or liability or deprived of a right, claim or interest arising from or under the Foundation,
(A) the Foreign Law prohibits or does not recognise Foundations or prohibits the dedication of assets to Foundations;
(B) the establishment of a Foundation or the dedication of assets to a Foundation voids or defeats any rights, claims or interest conferred by Foreign Law upon any Person by reason of a Personal Relationship to the Founder or Dedicator or by way of Inheritance Rights; or,
(C) contravenes any rule of Foreign Law or any foreign, judicial or administrative order, arbitration award or action intended to recognise, protect, enforce or give effect to any such rights, claims or interest.
other than where the Founder or the Dedicator has acted in bad faith.
|Derived (as from 22nd September 2016).|