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d Trust Law DIFC Law No11 2005 Cons 240310

---------------------------------------- ---------------------------------------- ---------------------- Trust LAW DIFC LAW No. 11 of 2005 ---------------------------------------- ---------------------------------------- --------------------- Consolidated Version (May 2010) CONTENTS PART 1 GENERAL .. 1 1. 1 2. LEGISLATIVE 1 3. APPLICATION OF THE 1 4. SCOPE OF THE 1 5. DATE OF 1 6. 1 7. 1 8. ADMINISTRATION OF THIS 1 9. THE POWER OF THE DFSA TO MAKE 1 10. DEFAULT AND MANDATORY 1 11. COMMON LAW AND PRINCIPLES OF 2 PART 2 : CHOICE OF GOVERNING LAW; PLACE OF ADMINISTRATION.

3 PART 2: CHOICE OF GOVERNING LAW; PLACE OF ADMINISTRATION 12. Governing Law (1) The meaning and effect of the terms of a trust are: (a) determined by the law of …

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Transcription of d Trust Law DIFC Law No11 2005 Cons 240310

1 ---------------------------------------- ---------------------------------------- ---------------------- Trust LAW DIFC LAW No. 11 of 2005 ---------------------------------------- ---------------------------------------- --------------------- Consolidated Version (May 2010) CONTENTS PART 1 GENERAL .. 1 1. 1 2. LEGISLATIVE 1 3. APPLICATION OF THE 1 4. SCOPE OF THE 1 5. DATE OF 1 6. 1 7. 1 8. ADMINISTRATION OF THIS 1 9. THE POWER OF THE DFSA TO MAKE 1 10. DEFAULT AND MANDATORY 1 11. COMMON LAW AND PRINCIPLES OF 2 PART 2 : CHOICE OF GOVERNING LAW; PLACE OF ADMINISTRATION.

2 3 12. GOVERNING 3 13. PROVISION FOR CHANGE OF GOVERNING 3 14. MATTERS DETERMINED BY GOVERNING 4 15. LIMITATIONS IN FOREIGN 4 16. HEIRSHIP 5 17. FOREIGN 5 18. PLACE OF 5 PART 3 : JUDICIAL AND NON JUDICIAL PROCEEDINGS .. 6 19. ROLE OF THE COURT IN ADMINISTRATION OF 6 20. JURISDICTION OF THE 6 21. APPLICATION TO AND CERTAIN POWERS OF THE 6 22. PAYMENT OF 7 PART 4 : CREATION, VALIDITY AND MODIFICATION OF A DIFC Trust .. 8 23. CREATION OF A 8 24. REQUIREMENTS FOR 8 25. Trust 8 26. DURATION OF A 9 27. VALIDITY AND INVALIDITY OF A 9 28.

3 CHARITABLE 9 29. NON-CHARITABLE TRUSTS OR PURPOSE 10 30. VARIATION AND REVOCATION OF A 11 31. FAILURE OR LAPSE OF 12 32. TERMINATION OF A 12 33. DISTRIBUTION OF 13 PART 5 : THE BENEFICIARIES OF A DIFC Trust .. 14 34. BENEFICIARIES OF A 14 35. 14 36. INTEREST OF BENEFICIARY AND DEALINGS 14 PART 6 : PROTECTIVE TRUSTS AND CREDITORS 15 37. PROTECTIVE 15 38. CREDITORS CLAIMS IN RELATION TO A DISCRETIONARY 15 PART 7 : OFFICE OF TRUSTEE .. 16 39. ACCEPTING OR DECLINING 16 40. VACANCY IN TRUSTEESHIP; APPOINTMENT OF A NEW 16 41.

4 RESIGNATION OF 17 42. REMOVAL OF TRUSTEE BY COURT OR UNDER THE TERMS OF A 17 43. POSITION OF OUTGOING 18 44. REMUNERATION OF A 18 PART 8 : DUTIES AND POWERS OF TRUSTEES .. 19 45. DUTY TO ADMINISTER A 19 46. DUTIES OF 19 47. DUTIES OF CO-TRUSTEES TO ACT 20 48. IMPARTIALITY OF A 20 49. COST OF 20 50. ENFORCEMENT AND DEFENCE 20 51. COLLECTING Trust 20 52. DUTY TO INFORM AND 20 53. POWERS OF 22 54. SPECIFIC POWERS OF 22 55. POWER OF ACCUMULATION AND 24 56. DELEGATION BY A 25 57. COMBINATION AND DIVISION OF 25 PART 9 : LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH A TRUSTEE 26 58.

5 LIABILITY FOR BREACH OF 26 59. REMEDIES FOR BREACH OF 27 60. DAMAGES IN ABSENCE OF A 27 61. LEGAL FEES AND 27 62. LIMITATION OF ACTION AGAINST 27 63. RELIANCE ON Trust 28 64. EXCULPATION OF 28 65. BENEFICIARY S CONSENT, RELEASE OR 28 66. LIMITATION ON PERSONAL LIABILITY OF 29 67. PROTECTION OF PERSONS DEALING WITH 29 PART 10 : THE 30 68. THE 30 PART 11: PROVISIONS APPLICABLE TO A FOREIGN Trust .. 31 69. ENFORCEABILITY OF A FOREIGN 31 SCHEDULE 1 32 LIST OF AMENDMENTS MADE TO THIS LAW SINCE ENACTMENT (This list does not form part of the Law) This Law was enacted and came into force on 9 November 2005 and was subsequently amended by : (a) DIFC Laws Amendment Law, DIFC Law of 2007on 15 February 2007; and (b) DIFC Laws Amendment Law DIFC Law of 2010 on 2 May 2010 1 PART 1 GENERAL 1.

6 Title This Law may be cited as the Trust Law 2005 . 2. Legislative authority This Law is made by the Ruler of Dubai. 3. Application of the Law This Law applies in the jurisdiction of the Dubai International Financial Centre. 4. Scope of the Law This Law applies to express trusts, charitable or non-charitable, and trusts created pursuant to law or judgment that requires the Trust to be administered in the manner of an express Trust . 5. Date of Enactment This Law is enacted on the date specified in the Enactment Notice in respect of this Law.

7 6. Commencement This Law comes into force on the date specified in the Enactment Notice in respect of this Law. 7. Interpretation Schedule 1 contains: (a) interpretative provisions which apply to this Law; and (b) a list of defined terms used in the Law. 8. Administration of this Law This Law is administered by the DFSA. 9. The power of the DFSA to make Rules The DFSA Board of Directors may make Rules for the purposes of this Law pursuant to the power conferred upon it under Article 23 of the Regulatory Law 2004. 10. Default and mandatory rules (1) Except as otherwise provided in the terms of the Trust , this Law governs the duties and powers of a trustee, relations among trustees and the rights and interests of a beneficiary.

8 (2) The terms of a Trust prevail over any provision of this Law, except: (a) the requirements for creating a Trust ; (b) the duty of a trustee to act in good faith and in accordance with the purposes of the Trust ; 2 (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 in the DIFC, and possible to achieve; (d) the power of the Court to modify or terminate a Trust in accordance with this Law; (e) the effect of a protective Trust as provided in Part 6; (f) the power of the Court under Article 44 to adjust a trustee s compensation specified in the terms of the Trust which is unreasonably low or high; (g) the effect of an exculpatory term under Article 64; (h) the rights under Articles 67 and 68 of a person other than a trustee or beneficiary.

9 (i) periods of limitation for commencing a judicial proceeding; (j) the power of the Court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and (k) exclusive jurisdiction of the Court under Article 20. 11. Common Law and Principles of Equity The common law of trusts and principles of equity supplement this Law, except to the extent modified by this Law or any other DIFC Law or by the Court. 3 PART 2: CHOICE OF GOVERNING LAW; PLACE OF ADMINISTRATION 12.

10 Governing Law (1) The meaning and effect of the terms of a Trust are: (a) determined by the law of the jurisdiction expressed by the terms of the Trust as the governing law; failing that (b) to be implied from the terms of the Trust ; or failing either (c) to be determined by the law with which the Trust at the time it was created had the closest connection. (2) The references in Article 12 (1)(a) and (b) to failing that or failing either include references to cases: (a) where no law is expressed or implied under Article 12(1)(a) or (b); and (b) where a law is so expressed or implied, but that law does not provide for trusts or the category of trusts concerned.


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