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TABLE OF CONTENTS
Foreword ............................................................................................................................................. v
Preface .............................................................................................................................................. vii
Table of Cases .................................................................................................................................. xxi
Table of Legislation ............................................................................................................................ 00
Index ................................................................................................................................................ 495
CHAPTER 1 INTRODUCTION
1. The British Virgin Islands ........................................................................................................ 1.001
2. History and early constitutional developments ........................................................................ 1.003
3. Development as a fi nancial centre ............................................................................................ 1.008
4. Common Law and Equity ......................................................................................................... 1.015
5. Statutes .................................................................................................................................... 1.017
6. Taxation ................................................................................................................................... 1.022
CHAPTER 2 COMPANY LAW
1. Introduction ............................................................................................................................... 2.001
(a) Transitional arrangements ................................................................................................... 2.003
(b) Classifying by numbers ....................................................................................................... 2.006
2. Incorporation ............................................................................................................................. 2.009
(a) Piercing the corporate veil .................................................................................................. 2.012
3. Company Names ....................................................................................................................... 2.018
4. Types of Company ..................................................................................................................... 2.025
(a) Companies limited by shares .............................................................................................. 2.028
(b) Companies limited by guarantee not authorised to issue shares ......................................... 2.033
(c) Companies limited by guarantee and authorised to issue shares ........................................ 2.036
(d) Unlimited company not authorised to issue shares ............................................................. 2.038
(e) Unlimited company authorised to issue shares ................................................................... 2.040
(f) Restricted purpose companies ............................................................................................ 2.041
(g) Segregated portfolio companies .......................................................................................... 2.045
5. Memorandum and Articles of Association ................................................................................ 2.046
(a) Amending the memorandum and articles of association .................................................... 2.057
(b) Shareholders’ agreements and restricting statutory powers ................................................ 2.065
6. Corporate Capacity and Ultra Vires .......................................................................................... 2.069
(a) Internal management rule ................................................................................................... 2.078
(b) Restricted purpose companies ............................................................................................ 2.080
(c) Corporate benefi t ................................................................................................................. 2.083
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7. Registered Agents ..................................................................................................................... 2.092
8. Company Records ..................................................................................................................... 2.099
9. Registrar of Companies ........................................................................................................... 2.109
(a) VIRRGIN .......................................................................................................................... 2.113
10. Members ................................................................................................................................ 2.117
(a) Liability of members ......................................................................................................... 2.127
(b) Members’ resolutions ........................................................................................................ 2.132
11. Shares and Shareholders ......................................................................................................... 2.137
(a) Acquisition of the company’s own shares ......................................................................... 2.152
(b) Distributions and dividends .............................................................................................. 2.160
(c) Share transfers ................................................................................................................... 2.165
(d) Compulsory acquisition of minority shareholders ............................................................ 2.168
(e) Minority protection ........................................................................................................... 2.171
(f) Dissenter’s rights ............................................................................................................... 2.178
(g) Financial assistance ........................................................................................................... 2.187
(h) Bearer shares ..................................................................................................................... 2.188
12. Directors ................................................................................................................................. 2.212
(a) Directors’ duties ................................................................................................................. 2.222
(b) Confl icts of interest ........................................................................................................... 2.228
(c) Delegation ......................................................................................................................... 2.234
(d) Directors’ resolutions ........................................................................................................ 2.237
(e) Directors’ liability ............................................................................................................. 2.243
(f ) Register of directors .......................................................................................................... 2.250
(g) Managing the company’s business .................................................................................... 2.252
13. Mergers and Consolidations .................................................................................................... 2.264
14. Continuations .......................................................................................................................... 2.280
(a) Complications relating to continuation ............................................................................. 2.289
15. Arrangements .......................................................................................................................... 2.291
(a) Plans of arrangement ........................................................................................................ 2.294
(b) Schemes of arrangement ................................................................................................... 2.303
16. Solvent Liquidation and Dissolution ...................................................................................... 2.309
17. Striking-Off and Restoration .................................................................................................... 2.323
CHAPTER 3 CREDIT AND SECURITY
1. Introduction ............................................................................................................................ 3.001
2. Documentation ....................................................................................................................... 3.005
(a) Lending and borrowing ..................................................................................................... 3.009
(b) Bills of exchange ............................................................................................................... 3.013
3. Security Interests .................................................................................................................... 3.020
(a) Legal mortgages ................................................................................................................ 3.024
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(b) Equitable mortgages .......................................................................................................... 3.028
(c) Equitable charge ................................................................................................................ 3.031
(d) Pledge ............................................................................................................................... 3.037
(e) Legal lien ........................................................................................................................... 3.041
(f ) Perfection requirements .................................................................................................... 3.043
4. Registration of Security ......................................................................................................... 3.049
(a) Part VIII of the BVI Business Companies Act .................................................................. 3.052
(b) Bills of Sale Act ................................................................................................................ 3.072
(c) Registration and Records Act ............................................................................................ 3.077
(d) Merchant Shipping Act ..................................................................................................... 3.079
(e) Registered Land Act .......................................................................................................... 3.082
5. Priority of Competing Security Interests ............................................................................... 3.084
(a) Priority under the BVI Business Companies Act .............................................................. 3.086
(b) Common law priority rules ............................................................................................... 3.088
(c) Tacking .............................................................................................................................. 3.090
(d) Confl icts of laws and priority rules ................................................................................... 3.093
(e) Constructive notice of registered security interests .......................................................... 3.098
(f ) Other complications relating to priority ............................................................................ 3.099
6. Enforcement of Security ........................................................................................................ 3.109
(a) Foreclosure ........................................................................................................................ 3.114
(b) Power of sale ..................................................................................................................... 3.118
(c) Receivership ...................................................................................................................... 3.125
(d) Possession ......................................................................................................................... 3.131
(e) Mortgagee in possession ................................................................................................... 3.132
(f ) Foreign law remedies ........................................................................................................ 3.133
(g) Dealing with registered agents .......................................................................................... 3.136
(h) Stop Notices and Stop Orders ........................................................................................... 3.140
(i) Security over shares in regulated entities .......................................................................... 3.141
(j) Consolidation .................................................................................................................... 3.143
(k) Marshalling ....................................................................................................................... 3.144
(l) Stays and delays to enforcement ....................................................................................... 3.145
7. Subordination and Intercreditor Arrangements ...................................................................... 3.149
8. Set-off .................................................................................................................................... 3.154
(a) Contractual set-off ............................................................................................................. 3.155
(b) Equitable set-off ................................................................................................................ 3.157
(c) Insolvency set-off .............................................................................................................. 3.160
(d) Combining accounts .......................................................................................................... 3.167
9. Guarantees and Indemnities ................................................................................................... 3.168
10. Derivatives and Financial Contracts ....................................................................................... 3.173
(a) Netting ............................................................................................................................... 3.175
(b) Security ............................................................................................................................. 3.186
(c) Capacity to enter into derivatives ...................................................................................... 3.192
(d) Characterisation of derivatives .......................................................................................... 3.197
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CHAPTER 4 LAW OF PROPERTY
1. Introduction ............................................................................................................................. 4.001
2. Lex Situs of Property ............................................................................................................... 4.003
3. Conveyance ............................................................................................................................. 4.006
(a) Sale of physical chattels .................................................................................................... 4.007
(b) Gifts .................................................................................................................................. 4.009
(c) Transfers of intangible property ........................................................................................ 4.012
(d) Co-ownership .................................................................................................................... 4.014
(e) Nemo dat quod non habet ................................................................................................. 4.018
(f) Grant of security interests ................................................................................................. 4.019
4. Assignments ............................................................................................................................ 4.020
(a) Title to sue ......................................................................................................................... 4.029
(b) Confl icts of laws issues ..................................................................................................... 4.036
5. Voidable Transfers ................................................................................................................... 4.040
(a) Voidable contracts ............................................................................................................. 4.042
(b) Fraudulent transfers ........................................................................................................... 4.044
6. Ownership and Possession ...................................................................................................... 4.048
7. Protection of Property Rights ................................................................................................. 4.052
(a) Conversion ........................................................................................................................ 4.054
(b) Trespass ............................................................................................................................. 4.058
(c) Replevin ............................................................................................................................ 4.060
(d) Detinue .............................................................................................................................. 4.062
(e) Trover ............................................................................................................................... 4.063
8. Powers of Attorney .................................................................................................................. 4.064
(a) Confl ict of laws ................................................................................................................. 4.073
9. Age of Majority ....................................................................................................................... 4.075
CHAPTER 5 FINANCIAL SERVICES LAW
1. Financial Services Commission .............................................................................................. 5.001
(a) Composition of the Commission ...................................................................................... 5.009
(b) Relationship between the Commission and other authorities ........................................... 5.013
(c) Relationship between the Commission and overseas authorities ...................................... 5.018
(d) Requests for information .................................................................................................. 5.022
(e) Enforcement action and censure ....................................................................................... 5.028
(f ) Risk of unenforceable contracts ......................................................................................... 5.039
(g) Financial Services Appeals Board ..................................................................................... 5.042
2. Licensing and Regulation of Entities by the Financial Services Commission ........................ 5.043
(a) Approved persons regime .................................................................................................. 5.054
(b) Management of licensees .................................................................................................. 5.061
(c) Record keeping .................................................................................................................. 5.073
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(d) Compliance ....................................................................................................................... 5.077
(e) Customer assets ................................................................................................................. 5.091
(f) Audit requirement ............................................................................................................. 5.095
(g) Fraud policies and disclosure obligations .......................................................................... 5.100
3. Investment Business Regime ................................................................................................... 5.102
(a) Defi nition of “investment business”................................................................................... 5.104
(b) Investment activities .......................................................................................................... 5.107
(c) Territorial scope of the Act ................................................................................................ 5.129
(d) Standards of business for licensed entities ........................................................................ 5.139
(e) Capital adequacy requirements ......................................................................................... 5.151
4. Trust Companies ...................................................................................................................... 5.156
(a) Defi nition of “trust business” ............................................................................................. 5.160
(b) Exclusions from the “trust business” ................................................................................. 5.166
(c) Defi nition of “company management business” ................................................................ 5.177
(d) Classes of trust companies and company managers ......................................................... 5.186
(e) Managed trust companies ................................................................................................. 5.188
(f) Capital adequacy and insurance requirements .................................................................. 5.190
(g) Audit ................................................................................................................................. 5.197
5. Banking Business .................................................................................................................... 5.202
(a) Defi nition of “banking business” ....................................................................................... 5.209
(b) Capital adequacy and risk management requirements ...................................................... 5.213
(c) Restrictions on shell banking and correspondent banking ................................................ 5.227
(d) Dormant Accounts ............................................................................................................. 5.228
6. Financing and Money Services Business ................................................................................ 5.229
(a) Defi nition of “fi nancing business” ..................................................................................... 5.231
(b) Defi nition of “money services” ......................................................................................... 5.232
(c) Capital adequacy requirements ......................................................................................... 5.238
7. Insurance Business .................................................................................................................. 5.241
(a) Defi nition of “insurance business”..................................................................................... 5.243
(b) Types of licensed insurers ................................................................................................. 5.249
(c) Financial resource requirements for insurers .................................................................... 5.251
(d) Other insurance industry functionaries ............................................................................. 5.253
8. Anti-Money Laundering Regime ............................................................................................. 5.254
(a) Introduction of a risk-based approach ............................................................................... 5.257
(b) The Financial Investigation Agency ................................................................................... 5.259
(c) Know your client obligations ............................................................................................ 5.260
(d) Other obligations under the Code of Practice and Regulations ......................................... 5.262
(e) Outsourcing of responsibilities to third parties ................................................................. 5.270
9. Economic Sanctions ................................................................................................................ 5.272
(a) Asset-freezing .................................................................................................................... 5.276
(b) Affected jurisdictions ........................................................................................................ 5.278
(c) Export control regime ....................................................................................................... 5.280
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CHAPTER 6 INVESTMENT FUNDS
1. Collective Investment Schemes .............................................................................................. 6.001
2. Meaning of Mutual Fund ........................................................................................................ 6.003
3. Fund Structures ....................................................................................................................... 6.010
(a) Segregated Portfolio Companies ....................................................................................... 6.019
4. Securities and Investment Business Act .................................................................................. 6.030
5. Categories of Mutual Funds .................................................................................................... 6.038
(a) Introduction ....................................................................................................................... 6.038
(b) Private funds ...................................................................................................................... 6.041
(c) Professional fund .............................................................................................................. 6.047
(d) Public fund ........................................................................................................................ 6.053
(e) Recognised foreign fund ................................................................................................... 6.054
6. Application for Recognition or Registration of a Mutual Fund .............................................. 6.056
7. Fund Functionaries and Service Providers .............................................................................. 6.060
(a) Functionaries ..................................................................................................................... 6.060
(b) Role of administrator ........................................................................................................ 6.061
(c) Role of manager ................................................................................................................ 6.063
(d) Role of custodian .............................................................................................................. 6.066
(e) Authorised representative ................................................................................................. 6.068
(f ) Auditor .............................................................................................................................. 6.069
(g) Directors ............................................................................................................................ 6.072
(h) Recognised jurisdictions and “fi t and proper” criteria ...................................................... 6.073
8. Ongoing Obligations of Private and Professional Funds ........................................................ 6.077
9. Ongoing Obligations of Public Funds ..................................................................................... 6.086
10. Mutual Fund Annual Returns .................................................................................................. 6.102
11. Termination of a Fund ............................................................................................................. 6.104
12. Restrictions on Use of Words “Fund” and “Mutual Fund” ..................................................... 6.108
13. Distressed Funds ..................................................................................................................... 6.110
14. Searches of the Registers of Funds ......................................................................................... 6.114
CHAPTER 7 INSOLVENCY LAW
1. Introduction ............................................................................................................................. 7.001
2. Insolvency ............................................................................................................................... 7.006
(a) Cash-fl ow insolvency ......................................................................................................... 7.011
(b) Balance sheet insolvency ................................................................................................... 7.016
(c) Statutory demands ............................................................................................................. 7.018
3. Liquidation .............................................................................................................................. 7.026
(a) Appointment by the members ............................................................................................ 7.028
(b) Appointment by the court ................................................................................................. 7.032
(c) Liquidation as a class right ............................................................................................... 7.055
(d) Effect of appointing a liquidator ........................................................................................ 7.058
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(e) Liquidators’ duties ............................................................................................................. 7.064
(f) Liquidators’ powers ........................................................................................................... 7.070
(g) Provisional liquidators ...................................................................................................... 7.071
(h) Removal of a liquidator ...................................................................................................... 7.080
(i) End of the liquidation ........................................................................................................ 7.086
4. Treatment of Assets and Claims in a Liquidation ................................................................... 7.089
(a) Pari passu principle ........................................................................................................... 7.089
(b) Assets ................................................................................................................................ 7.098
(c) Disclaimer of onerous property ......................................................................................... 7.105
(d) Claims ............................................................................................................................... 7.111
(e) Preferential creditors .......................................................................................................... 7.119
5. Set-off...................................................................................................................................... 7.124
(a) Notice of insolvency ......................................................................................................... 7.130
6. Voidable Transactions ............................................................................................................... 7.131
(a) Types of voidable transaction ............................................................................................ 7.146
(b) Remedies ........................................................................................................................... 7.163
7. Malpractice .............................................................................................................................. 7.169
(a) Misfeasance ....................................................................................................................... 7.171
(b) Fraudulent trading ............................................................................................................. 7.175
(c) Insolvent trading ............................................................................................................... 7.179
(d) Remedies ........................................................................................................................... 7.186
(e) Disqualifi cation ................................................................................................................. 7.189
8. Receivership ............................................................................................................................ 7.197
(a) Appointment ..................................................................................................................... 7.200
(b) Striking off and receivers ................................................................................................... 7.205
(c) Receivers’ powers .............................................................................................................. 7.209
(d) Receivers’ duties ............................................................................................................... 7.213
(e) Agency of a receiver ......................................................................................................... 7.220
(f ) Administrative receivership .............................................................................................. 7.223
(g) Appointment of an administrative receiver ........................................................................ 7.226
(h) Administrative receivers’ powers ....................................................................................... 7.235
(i) Administrative receivers’ duties ........................................................................................ 7.237
(j) Termination of receivership .............................................................................................. 7.244
9. Administration ......................................................................................................................... 7.248
(a) The statutory purposes ...................................................................................................... 7.251
(b) Application for an order .................................................................................................... 7.255
(c) Administrative receivers and blocking an administration order ....................................... 7.261
(d) Effect of an administration order ....................................................................................... 7.264
(e) Moratorium ........................................................................................................................ 7.267
(f ) The administrator ............................................................................................................... 7.274
(g) Creditors and members ...................................................................................................... 7.283
(h) Termination ........................................................................................................................ 7.288
10. Creditors’ Arrangements .......................................................................................................... 7.291
(a) Application ........................................................................................................................ 7.295
(b) Effect ................................................................................................................................ 7.303
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(c) Secured and preferential creditors .................................................................................... 7.307
(d) The supervisor ................................................................................................................... 7.309
(e) Termination ....................................................................................................................... 7.314
(f ) Court involvement ............................................................................................................. 7.317
11. Cross-Border Issues ................................................................................................................. 7.323
(a) Orders in aid of foreign proceedings ................................................................................ 7.324
(b) UNCITRAL Model Law .................................................................................................... 7.330
(c) Liquidation of foreign companies ...................................................................................... 7.332
(d) Concurrent proceedings ..................................................................................................... 7.334
(e) Administrative receivership .............................................................................................. 7.337
12. Insolvency Practitioners .......................................................................................................... 7.341
(a) Overseas insolvency practitioners ..................................................................................... 7.350
(b) Control of licensees ........................................................................................................... 7.354
CHAPTER 8 DISPUTE RESOLUTION
1. Court Structure ......................................................................................................................... 8.001
(a) The Eastern Caribbean Supreme Court ............................................................................. 8.001
(b) The High Court and High Court Commercial Division ..................................................... 8.003
(c) The Court of Appeal .......................................................................................................... 8.013
(d) The Privy Council .............................................................................................................. 8.029
2. General Court Procedure ......................................................................................................... 8.040
(a) Starting a claim .................................................................................................................. 8.040
(b) Defending claims ............................................................................................................... 8.058
(c) Summary judgment and strike out ..................................................................................... 8.068
(d) Default judgment ............................................................................................................... 8.072
(e) Case management .............................................................................................................. 8.076
(f ) Disclosure .......................................................................................................................... 8.080
(g) Evidence ............................................................................................................................. 8.081
(h) General procedure .............................................................................................................. 8.082
(i) Practice directions relating to procedure ............................................................................ 8.090
3. Service out of the Jurisdiction ................................................................................................. 8.091
(a) Introduction ........................................................................................................................ 8.091
(b) General grounds ................................................................................................................. 8.095
(c) Specifi c grounds ................................................................................................................. 8.101
(d) Other causes of action ........................................................................................................ 8.103
(e) What will not suffi ce? ........................................................................................................ 8.104
(f ) The residual discretion: forum non conveniens ................................................................. 8.106
4. Freezing Injunctions ................................................................................................................. 8.114
(a) Introduction ........................................................................................................................ 8.114
(b) Worldwide freezing orders ................................................................................................. 8.124
(c) Free standing relief: Black Swan orders ............................................................................. 8.127
(d) Injunctions in support of matrimonial proceedings ........................................................... 8.131
(e) Assets held in the name of another .................................................................................... 8.132
(f ) Assets held by the defendant which belong to another ...................................................... 8.133
(g) Ancillary disclosure ........................................................................................................... 8.134
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(h) Undertakings ...................................................................................................................... 8.137
(i) The duty of full and frank disclosure ................................................................................. 8.138
( j) Variation of the order ......................................................................................................... 8.141
5. Enforcement ............................................................................................................................. 8.143
(a) General provisions ............................................................................................................. 8.143
(b) Oral examination in aid of enforcement ............................................................................ 8.144
(c) How judgments may be enforced ....................................................................................... 8.145
(d) Money judgments ............................................................................................................... 8.146
(e) Writs of execution .............................................................................................................. 8.147
(f ) Charging orders .................................................................................................................. 8.149
(g) Stop notices and stop orders .............................................................................................. 8.151
(h) Attachment of debts ........................................................................................................... 8.156
6. Norwich Pharmacal Orders ..................................................................................................... 8.159
(a) Introduction ........................................................................................................................ 8.159
(b) The test ............................................................................................................................... 8.161
(c) The jurisdiction in the British Virgin Islands ..................................................................... 8.163
(d) Information likely to be obtained ....................................................................................... 8.171
(e) Norwich Pharmacal orders in support of foreign proceedings .......................................... 8.175
(f ) Bankers Trust ..................................................................................................................... 8.177
(g) Evidence Act, 2006 ............................................................................................................ 8.182
(h) Procedure ........................................................................................................................... 8.184
(i) Notice ................................................................................................................................ 8.185
7. Enforcement of Foreign Judgments and Arbitral Awards ........................................................ 8.188
(a) Practicalities ....................................................................................................................... 8.191
(b) Usage of foreign judgments/arbitral awards ...................................................................... 8.192
(c) Staying proceedings in favour of arbitration ...................................................................... 8.235
(d) Liquidation as a means of enforcement ............................................................................. 8.238
(e) Enforcement versus insolvency proceedings ..................................................................... 8.242
8. Unfair Prejudice Claims ........................................................................................................... 8.245
(a) Introduction ........................................................................................................................ 8.245
(b) Section 184I(1) ................................................................................................................... 8.247
(c) Offers of fair value ............................................................................................................. 8.257
(d) Contracting out of the right? .............................................................................................. 8.258
(e) Relief available ................................................................................................................... 8.261
(f ) Interaction with the Insolvency Act ................................................................................... 8.264
(g) Procedure ........................................................................................................................... 8.267
(h) Derivative actions ............................................................................................................... 8.269
(i) Refl ective loss .................................................................................................................... 8.271
CHAPTER 9 TRUSTS
1. Overview ................................................................................................................................ 9.001
(a) Introduction ....................................................................................................................... 9.001
(b) The meaning of “trust” ..................................................................................................... 9.003
(c) Principal parties ................................................................................................................ 9.007
(d) Forms of express trusts ..................................................................................................... 9.011
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(e) Requirements of a valid trust ............................................................................................ 9.015
(f ) Trustees ............................................................................................................................. 9.022
(g) Benefi ciaries’ Rights .......................................................................................................... 9.052
(h) Breaches of trust ............................................................................................................... 9.055
(i) The perpetuity period ........................................................................................................ 9.059
(j) Governing law of the trust ................................................................................................. 9.063
2. Formalities .............................................................................................................................. 9.067
(a) Formalities & constitution of an express trust .................................................................. 9.067
(b) The trust instrument .......................................................................................................... 9.072
(c) Exemption from registration ............................................................................................. 9.073
(d) Trust duty .......................................................................................................................... 9.074
3. Virgin Islands Special Trusts Act ............................................................................................ 9.077
(a) Introduction ....................................................................................................................... 9.077
(b) Prudent investor problem .................................................................................................. 9.079
(c) Purposes of the Virgin Islands Special Trusts Act ............................................................ 9.081
(d) Mandatory requirements ................................................................................................... 9.082
(e) Trust to retain .................................................................................................................... 9.086
(f ) Offi ce of director rules ...................................................................................................... 9.090
(g) Intervention calls ............................................................................................................... 9.093
(h) Enforcement ...................................................................................................................... 9.095
(i) Saunders v Vautier ............................................................................................................. 9.096
( j) Practical application of the Virgin Islands Special Trusts Act .......................................... 9.097
4. Non-Charitable Purpose Trusts ............................................................................................... 9.100
(a) Introduction ....................................................................................................................... 9.100
(b) Conditions ......................................................................................................................... 9.103
(c) Enforcer ............................................................................................................................. 9.104
(d) Perpetual purpose trusts .................................................................................................... 9.106
(e) Variations .......................................................................................................................... 9.107
(f ) Trustee records .................................................................................................................. 9.108
(g) Purposes for the benefi t of particular persons ................................................................... 9.109
5. Private Trust Companies ......................................................................................................... 9.110
(a) Introduction ....................................................................................................................... 9.110
(b) Requirements .................................................................................................................... 9.114
(c) Trust business requirements .............................................................................................. 9.115
(d) Registered agent requirements .......................................................................................... 9.123
(e) General restrictions ........................................................................................................... 9.125
6. Reserved Powers ..................................................................................................................... 9.127
(a) Introduction ....................................................................................................................... 9.127
(b) Consent to the exercise of trustee powers ......................................................................... 9.128
(c) Settlor conferred powers ................................................................................................... 9.129
(d) Interaction with Virgin Islands Special Trusts Act ............................................................ 9.132
(e) Sham trusts ........................................................................................................................ 9.133
7. Role of the Court ..................................................................................................................... 9.135
(a) The jurisdiction of the court .............................................................................................. 9.135
(b) Payment of trust monies into court ................................................................................... 9.136
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(c) Power of the court to appoint new trustees ....................................................................... 9.137
(d) Variation of trusts .............................................................................................................. 9.138
(e) Power to apply to court ..................................................................................................... 9.142
(f ) Power to authorise dealings with trust property ................................................................ 9.144
(g) Power to relieve trustees from personal liability ............................................................... 9.145
(h) Power to make a benefi ciary indemnify trustees ............................................................... 9.146
8. Confl ict of Laws ...................................................................................................................... 9.147
(a) Introduction ....................................................................................................................... 9.147
(b) Legislation ......................................................................................................................... 9.148
(c) Summary of section 83A .................................................................................................. 9.150
9. Forced Heirship ....................................................................................................................... 9.153