- Short title
- Interpretation
- Validity of
an international trust
- Presumption
against avoidance of an international trust
- Duration of
an international trust
- Validity of
direction for the accumulation of income
- Charitable
trusts and purpose trusts
- Authorised
investments
- Power to
change the applicable law of an international trust
- Variation of
an international trust by the Court
- Confidentiality
relating to international trusts
- Taxation of
international trusts
- Application
of this Law
- Saving
of existing laws
- Registration
not compulsory
- Short title
- Interpretation
- Validity of
an international trust
- Presumption
against avoidance of an international trust
- Duration of
an international trust
- Validity of
direction for the accumulation of income
- Charitable
trusts and purpose trusts
- Authorised
investments
- Power to
change the applicable law of an international trust
- Variation of
an international trust by the Court
- Confidentiality
relating to international trusts
- Taxation of
international trusts
- Application
of this Law
- Saving
of existing laws
- Registration
not compulsory
10. Variation
of an international trust by the Court
1)
Subject to the provisions of subsection (2), the Court may on application if it thinks
fit, by order approve any arrangement which varies or revokes the terms of the
International trust or enlarges or modifies the powers of management or administration of
trustees, on behalf of the persons referred to below, irrespective of whether there is
another beneficiary capable of assenting to the arrangement
or not, and who are:
any person
incapacitated at law having directly or indirectly, and interest, whether vested or
contingent, under an international trust or
any person,
whether ascertained or not, who may become entitled, directly or indirectly, to an
interest under an international trust as
being the person who at a future date or who
on the happening of a future event will be a person of any specified description or a
member of any specified class of persons referred to in the instrument creating the
international trust or
any person
unborn or
any person in
respect of any interest of his that may arise to him by reason of any discretionary power
given to any one on the failure or determination of any existing interest that has not failed or determined.
2) The
Court shall not approve an arrangement on behalf of any person referred to in paragraphs
(a), (b), or (c) of subsection (2) subsection
(1), unless it is satisfied that the proposed arrangement shall be for the benefit of the
person without materially adversely affecting the rights of other interested parties.
3) Where in the
management or administration of an international trust any sale, lease, pledge, charge,
surrender, release or in any other way disposition, or the purchase, investment,
acquisition, expenditure or other transaction is in the opinion of the Court expedient but
the same cannot be effected by reason of the absence of any power of that purpose vested
in the trustee either by the terms of the international trust or by law, the Court may
confer on the trustee, either generally or in any particular circumstances, the relevant
power under such terms and conditions as it thinks fit, and may direct in what manner and
the asset from which the authorised expenditure and the costs of any transactions are to
be borne.
4) An
application to the Court under this Section may be made by the trustee or by or on behalf
of any beneficiary.
 
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