CHAPTER 2 – GENERAL POWERS OF TRUSTEES Subject to the Terms of the Trust and duties under these Regulations, a Trustee will in relation to the Trust Property have: all the same powers as a natural Person; any other powers appropriate to achieve the proper investment, management, and distribution of Trust Property; and any other powers conferred by these Regulations. A Trustee must exercise its powers only in the interest of the Beneficiaries and in furtherance and support of the purposes of the Trust and in accordance with the Terms of the Trust. Any Trustee may apply to the QFC Court for an opinion, advice or direction on any question regarding the management or administration of the Trust Property, such application to be served upon, or the hearing to be attended by, all Persons interested in such application, or such of them as the QFC Court thinks expedient. If the Trustee acts upon the opinion, advice or direction given by the QFC Court, it is taken to have discharged its duty as a Trustee with regards to the subject matter of such application. However, these Regulations do not apply if the Trustee acted fraudulently or made any misrepresentations in obtaining such opinion, advice or direction. The costs of such application will be subject to the discretion of the QFC Court. Without limiting the generality of Article 46, and subject to the Terms of the Trust, a Trustee may: collect the Trust Property and accept or reject additions to the Trust Property from a Settlor or any other Person; subject to the Terms of the Trust, without the consent of any Beneficiary, appropriate the Trust Property in or towards satisfaction of the interest of a Beneficiary in such manner and in accordance with such valuation as it thinks fit; acquire or sell property, for cash or on credit, at public or private sale;
CHAPTER 2 – GENERAL POWERS OF TRUSTEES Subject to the Terms of the Trust and duties under these Regulations, a Trustee will in relation to the Trust Property have: all the same powers as a natural Person; any other powers appropriate to achieve the proper investment, management, and distribution of Trust Property; and any other powers conferred by these Regulations. A Trustee must exercise its powers only in the interest of the Beneficiaries and in furtherance and support of the purposes of the Trust and in accordance with the Terms of the Trust. Any Trustee may apply to the QFC Court for an opinion, advice or direction on any question regarding the management or administration of the Trust Property, such application to be served upon, or the hearing to be attended by, all Persons interested in such application, or such of them as the QFC Court thinks expedient. If the Trustee acts upon the opinion, advice or direction given by the QFC Court, it is taken to have discharged its duty as a Trustee with regards to the subject matter of such application. However, these Regulations do not apply if the Trustee acted fraudulently or made any misrepresentations in obtaining such opinion, advice or direction. The costs of such application will be subject to the discretion of the QFC Court. Without limiting the generality of Article 46, and subject to the Terms of the Trust, a Trustee may: collect the Trust Property and accept or reject additions to the Trust Property from a Settlor or any other Person; subject to the Terms of the Trust, without the consent of any Beneficiary, appropriate the Trust Property in or towards satisfaction of the interest of a Beneficiary in such manner and in accordance with such valuation as it thinks fit; acquire or sell property, for cash or on credit, at public or private sale;
QFCRA_5053_VER2.docx