Article 46 - Power of the QFC Court to Take Action on Behalf of Others

(1) This section applies where the QFC Court is satisfied, in respect of a Foundation, that a Person has failed to comply with —
(A) a requirement of these Regulations, Rules, or the Constitution; or
(B) an obligation imposed on the person by these Regulations, Rules or the Constitution.
(2) The QFC Court may, order the QFC Authority to comply with the requirement or obligation on behalf of the Person who has failed to do so.
(3) The QFC Court must not do so unless it is satisfied —
(A) that to do so will assist the Foundation in the administration of its assets or the attainment of its objects; or
(B) that it is otherwise desirable that it should do so.
(4) Where the QFC Court does so, its order has the same effect as if it were an action taken by the Person required to comply with the requirement or obligation.
Derived (as from 22nd September 2016).