Article 27 - The Council of a Foundation — Acts of Members
(1) The Members must conduct the Foundation's affairs in accordance with its Constitution, these Regulations and any Rules enacted by the QFC Authority under Article 6.
(2) The Members must
(A) act honestly and in the best interests of the Foundation; and
(B) exercise the care, diligence and skill that reasonably prudent persons would exercise in comparable circumstances.
(3) The duty under subsection (2)(A) is fiduciary in nature.
(4) An act of a Member is valid despite any defect that may afterwards be found in —
(A) the appointment of the Member; or
(B) the Member's qualifications.
|Derived (as from 22nd September 2016).|