Article 25 – Termination of a Trust
(1) Without prejudice to the powers of the
QFC Court under these Regulations, a Trust terminates:
(A) if the
Trust is revoked pursuant to an order of the QFC Court or expires pursuant to its terms;
(B) if there is no
Beneficiary or Person who can become a Beneficiary in accordance with the Terms of the Trust or if no purpose of the Trust remains to be achieved;
(C) if the purposes of the
Trust have become unlawful, or impossible to achieve; or
(D) notwithstanding the Terms of the
Trust, upon consent of all the Beneficiaries in existence who have been ascertained and none of whom is a Minor or a Person under a legal disability.
QFC Court may terminate a Trust:
(A) because of circumstances not anticipated by the
Settlor, if termination will further the purposes of the Trust; or
(B) if the value of the
Trust Property is insufficient to justify the cost of administration.
(3) An application to the
QFC Court under this Article may be made by a Settlor, a Trustee, a Beneficiary, or any Interested Person, as the case may be.
|Amended (as from 24th December 2017).|