Article 7 – Default and mandatory rules

(1) Except as otherwise provided in the Terms of the Trust, these Regulations govern, among other matters, the duties and powers of a Settlor, Trustee, relations among Trustees and the rights and interests of a Beneficiary.
(2) The Terms of the Trust prevail over any provision of these Regulations, except for:
(A) any provision that deals with or is related to the creation of a Trust, including but not limited to requirements for registration of the Trust;
(B) the duty of a Trustee to act in good faith, in accordance with the purposes of the Trust and otherwise consistent with its fiduciary duties;
(C) the requirement that a Trust and its terms be for the benefit of its Beneficiaries, and that the Trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;
(D) the power of the QFC Court to give directions to a Trustee or any other Person and to modify or terminate a Trust in accordance with these Regulations;
(E) the effect of a Protective Trust as provided in Part 7;
(F) the power of the QFC Court under Article 37 to adjust a Trustee's compensation specified in the Terms of the Trust which is unreasonably low or unreasonably high;
(G) the effect of an exculpatory term under Article 57;
(H) the rights under Articles 60, 61 and 61A of a Person other than a Trustee or Beneficiary;
(I) periods of limitation for commencing a judicial proceeding;
(J) the power of the QFC Court to take such action and exercise such jurisdiction as may be necessary in the interests of justice;
(K) the relevant requirements of a QFC Trust and provisions relating to the QFC Authority and Regulatory Authority in Part 13; and
(L) the exclusive jurisdiction of the QFC Court under Article 14.
Amended (as from 24th December 2017).