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In the Matter of the Representation of A Limited and in the Matter of the F Foundation...

June 2013 - Finance. Legal Developments by Ogier .

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Introduction

This case concerned an application for directions by the qualified member of F Foundation's Council. It is the first case in which the Royal Court has been asked to consider its supervisory powers under the Foundations (Jersey) Law 2009 (the Foundations law). The judgment includes an overview of Jersey foundations and the basic and salient points of the Foundations Law.

The powers of the Guernsey Royal Court to give directions under the Foundations (Guernsey) Law 2012 came into force this year and are similar to those under the Foundations Law in Jersey. This judgment is therefore likely to be of guidance to parties seeking similar directions before that Court, albeit the Guernsey Royal Court will not be bound by the decision of its near neighbour.

The decision will also be of wider interest to practitioners and parties elsewhere as it appears to be the first of any common law jurisdiction, where the Courts have analogous powers to those contained in the Foundations Law.  It should be noted that foundations established in other jurisdictions should be considered on their own merits as they may give rise to different rights and duties.

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