42. Beneficiaries of a Trust

(1) A Beneficiary shall be:

• (a) identifiable by name; or
• (b) ascertainable by reference to:

(i) a class; or

(ii) a relationship to some person whether or not living at the time of the creation of the Trust or at the time which under the terms of the Trust is the time by reference to which members of a class are to be determined.

(2) The terms of a Trust may provide for the addition of a person as a Beneficiary or the exclusion of a Beneficiary from benefit.

(3) A Settlor or a Trustee of a Trust may also be a Beneficiary of a Trust.

43. Disclaimer

(1) A Beneficiary may disclaim his whole interest.

(2) A disclaimer made under subsection 43(1) shall be in writing and shall be irrevocable.

(3) Subject to the terms of a Trust, a Beneficiary under a Trust may disclaim part of his interest, whether or not he has received some benefit from his interest.

(4) A disclaimer made under subsection 43(3) may, subject to the terms of the Trust, be revocable and it shall be exercisable in the manner and under the circumstances so expressed.

44. Interest of Beneficiary and dealings thereof

(1) The interest of a Beneficiary shall constitute movable Property.

(2) Subject to the terms of a Trust, a Beneficiary may, by instrument in writing, sell, charge, transfer or otherwise deal with his interest in any manner

45. Termination of interest of Beneficiary upon Trust being challenged

(1) The terms of a Trust may provide that the interest of a Beneficiary shall terminate (or may be terminated in exercise of a power in that regard) upon:

• (a) the validity of the Trust being challenged, in whole or in part,

in any court within or outside the AIFC;

• (b) any action being taken to assist, promote or encourage a challenge; or
• (c) the Beneficiary refusing to agree to have a dispute or difference in relation to the affairs of the Trust referred to arbitration.

(2) Subsection 45(1) applies whether or not the challenge or action:

• (a) is brought or taken by the Beneficiary; or
• (b) is brought or taken in good faith or with reasonable cause.

(3) Unless otherwise provided in the Trust Instrument, no rule of law or equity giving relief against forfeiture shall apply to a provision referred to in subsection 45(1).

(4) In this section:

• (a) in relation to a Beneficiary who is the object of a power or whose interest arises by virtue of his membership of a class, the termination of his interest includes his ceasing to be an object of the power or a member of the class;
• (b) the "validity of the Trust" includes the validity of any disposition of Property to be held upon the Trusts of the Trust and any question whether any Settlor of the Trust intended to create a Trust on the terms of the Trust Instrument.