Article 73 - Power of the QFC Court to take action on behalf of others
(1) This Article applies where the
QFC Court is satisfied, in respect of a Trust, that a Person has failed to comply with:
(A) a requirement of these
Regulations, Rules, or the Terms of the Trust; or
(B) an obligation imposed on the
Person by these Regulations, Rules, or the Terms of the Trust.
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.
QFC Court must not do so unless it is satisfied:
(A) that to do so will assist the
Trust 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.
|Inserted (as from 24th December 2017).|