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 QFC Court ;
(C) the Beneficiary did not commence judicial proceedings within the time allowed by Article 55; or
(D) the Beneficiary consented to the Trustee's conduct or ratified the transaction.
(4) A 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.
(5) A Trustee must keep Trust Property separate from its personal property and separately identifiable from any other property of which it is a Trustee .
(6) A Trustee must disclose its capacity as a Trustee in all business relationships entered into with a financial institution or a DNFBP.
(7) A 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). |