Article 39 - Duties of Trustees
(1) Subject to the
Terms of the Trust, a Trustee must so far as is reasonably practical preserve the value of the Trust Property.
(2) Except with the approval of the
QFC Court or as permitted by these Regulations or expressly provided by the Terms of the Trust, a Trustee must not:
(A) directly or indirectly profit from its trusteeship;
(B) cause or permit any other
Person to profit directly or indirectly from such trusteeship; or
(C) on its own account enter into any transaction with the
Trustees or relating to the Trust Property which may result in such profit.
(3) Subject to Article 60, a sale, encumbrance, or other transaction involving the investment or management of the
Trust Property entered into by the Trustee for the Trustee's own personal account or which is otherwise affected by a conflict between the Trustee's fiduciary and personal interests is voidable by a Beneficiary affected by the transaction unless:
(A) the transaction was authorised by the
Terms of the Trust;
(B) the transaction was approved by the
Beneficiary did not commence judicial proceedings within the time allowed by Article 55; or
Beneficiary consented to the Trustee's conduct or ratified the transaction.
Trustee must keep accurate accounts and records of its trusteeship. Such accounts and records must be maintained for a period of five (5) years from the date that the Trustee ceases to be trustee.
Trustee must keep Trust Property separate from its personal property and separately identifiable from any other property of which it is a Trustee.
Trustee must disclose its capacity as a Trustee in all business relationships entered into with a financial institution or a DNFBP.
Trustee must maintain current and up-to-date information about the identity of the Settlor, the Trustee, the Beneficiary or class of Beneficiaries, the Protector, and details of any other Person who exercises Control over the Trust, as well as service providers.
(8) Where any of the parties set out in Article 39(7) is a legal entity, the
Trustee must maintain current up-to-date information about the identity of the ultimate Beneficial Owner of such legal entity.
|Amended (as from 24th December 2017).|