s.22Failure of the Trust
22
Section 22Part 0 —

Failure of the Trust

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

If the Trust Council finds that, for financial or other reasons, continued operation of the Trust is no longer feasible, it may voluntarily wind up the affairs of the Trust.
If events occur concerning the Trust which, if it were a limited company formed and registered under the Companies Law (2010 Revision) would enable the Grand Court to wind it up under section 92 of that Law, the member of the Cabinet charged with responsibility for finance may apply to the Grand Court to wind up the Trust.
If the affairs of the Trust are wound up under subsection (1) or (2) —
that property which has been declared inalienable by the Trust Council shall vest in the member of the Cabinet with responsibility for finance to be held for the public enjoyment, and shall be subject to the disposition of the Governor: Provided that it may only be transferred to another body or organisation with the same or similar purposes as the Trust, to be held for the public enjoyment and benefit; and
the property which has not been declared inalienable shall be disposed of by the Court for the benefit of the creditors, with any surplus vesting in the member of Cabinet with responsibility for finance for the purpose of maintaining the inalienable properties.

Cross References