Trust Regulations 2007

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QFC Reg No 12 – QFC Trust Regulations
Enactment Notice
Part 1:
Introduction
Article 1 - Citation
Article 2 - Application
Article 3 - Commencement
Article 4 - Language
Article 5 - Interpretation
Part 2:
General
Article 6 - Power of QFC Authority and QFC Regulatory Authority to make rules
Article 7 - Default and mandatory rules
Article 8 - Common law and principles of equity
Part 3:
Choice of Governing Law; Place of Administration
Article 9 - Governing Law
Article 10 - Provision for change of Governing Law
Article 11 - Matters determined by Governing Law
Article 12 - Limitations in Foreign Law
Article 13 - Heirship Rights
Article 14 - Foreign Judgments
Article 15 - Place of administration
Part 4:
[INTENTIONALLY OMITTED]
Article 16 - Deleted
Article 17 - Deleted
Article 18 - Deleted
Article 19 - Deleted
Part 5:
Creation, Validity and Modification of a QFC Trust
Article 16 - Creation of a Trust
Article 16A - Registration
Article 17 - Requirements for creation
Article 18 - Trust purposes
Article 19 - Duration of a Trust
Article 20 - Validity and invalidity of a Trust
Article 21 - [INTENTIONALLY OMITTED]
Article 22 - Purpose Trusts
Article 23 - Variation and revocation of a Trust
Article 24 - Failure or lapse of interest
Article 25 - Termination of a Trust
Article 26 - Distribution of Property
Part 6:
The Beneficiaries of a QFC Trust
Article 27 - Beneficiaries of a Trust
Article 28 - Disclaimer
Article 29 - Interest of Beneficiary and dealings
Part 7:
Protective Trusts and Creditors' Claims
Article 30 - Protective Trusts
Article 31 - Creditors' claims in relation to a Discretionary Trust
Part 8:
Office of Trustee
Article 32 - Accepting or declining trusteeship
Article 33 - Vacancy in Trusteeship; appointment of a new Trustee
Article 34 - Resignation of Trustee
Article 35 - Removal of Trustee by QFC Court or under the terms of a Trust
Article 36 - Position of outgoing Trustee
Article 37 - Remuneration of a Trustee
Part 9:
Duties and Powers of Trustees
Chapter 1: Duties of Trustees
Article 38 - Duty to administer a Trust
Article 39 - Duties of Trustees
Article 40 - Duties of co-Trustees to act together
Article 41 - Impartiality of a Trustee
Article 42 - Cost of administration
Article 43 - Enforcement and defence claims
Article 44 - Collecting Trust Property
Article 45 - Duty to inform and report
Chapter 2: General Powers of Trustees
Article 46 - Powers of Trustee
Article 47 - Specific powers of Trustees
Article 48 - Power of accumulation and advancement
Article 49 - Delegation by a Trustee
Article 50 - Combination and division of Trusts
Part 10:
Liability of Trustees and Rights of Persons Dealing with a Trustee
Article 51 - Liability for breach of trust
Article 52 - Remedies for Breach of Trust
Article 53 - Damages in absence of a breach
Article 54 - Legal fees and costs
Article 55 - Limitation of action against Trustee
Article 56 - Reliance on Trust instrument
Article 57 - Exculpation of Trustee
Article 58 - Beneficiary's consent, release or ratification
Article 59 - Limitation on Personal liability of Trustee
Article 60 - Protection of Persons dealing with Trustees
Part 11A:
The Protector
Article 61 - The Protector
Part 11B:
The Settlor
Article 61A - Reservation of Certain Rights and Powers to the Settlor
Part 12:
Provisions Applicable to a Foreign Trust
Article 62 - Enforceability of a Foreign Trust
Part 13:
Provisions Relating to QFC Authority and the Regulatory Authority
Article 63 - Prescribed Forms and Prescribed Fees
Article 64 - General Contraventions
Article 65 - Involvement in Contraventions
Article 66 - Imposition of Financial Penalties
Article 66A - Anti-money Laundering
Part 14:
Powers of the QFC Court
Article 67 - Applications to the QFC Court
Article 68 - Power of the QFC Court to order compliance
Article 69 - Power of the QFC Court to order amendment of the Terms of the Trust
Article 70 - Power of the QFC Court to give directions
Article 71 - Power of the QFC Court to protect interests under a trust
Article 72 - Power of the QFC Court to dismiss or appoint a trustee
Article 73 - Power of the QFC Court to take action on behalf of others
Article 74 - General power of the QFC Court in respect of orders
Article 75 - Power of the QFC Court to set aside a disposition
Article 76 - Power of the QFC Court to authorise dealings with Trust Property
Part 15:
Interpretation and Definitions
Article 77 - Interpretation
Article 78 - Definitions