Article 23 – Variation and revocation of a Trust
Trust may expressly provide that:
(A) its terms are capable of variation; or
Trust itself or a power exercisable under the Trust is revocable either in whole or in part.
(2) Where a
Trust provides that the Terms of the Trust may be varied, such power to vary is without prejudice to the power vested in the QFC Court by these Regulations for the variation of the Terms of the Trust.
(3) No variation of the Terms of the
Trust or revocation of a Trust or a power exercisable under a Trust will prejudice anything lawfully done by a Trustee in relation to a Trust prior to it receiving a notice of such variation or revocation.
(4) A Trust may only be revoked by an order of the
QFC Court. Where a Trust is revoked, either in whole or in part, the Trustee must hold and deal with the Trust Property affected by the revocation in accordance with the direction of the QFC Court. The Trustee must provide details of the order of the QFC Court to the QFC Authority.
(5) For the purposes of this Article, the “
Settlor” is the particular Person who provided the Property which is the subject of revocation.
QFC Court may vary the Terms of the Trust:
(A) even if unambiguous, to conform the terms to the
Settlor's intention if it is provided by clear and convincing evidence that both the Settlor's intent and the Terms of the Trust were affected by a mistake of fact or law, whether in expression or inducement;
(B) if, because of circumstances not anticipated by the
Settlor, modification will further the purpose of the Trust; or
(C) if continuation of the
Trust on its existing terms would be impractical or wasteful or impair the Trust's administration.
(7) An application under this Article may be made by a
Settlor, a Trustee, a Beneficiary, or an Interested Person.
|Amended (as from 24th December 2017).|