Malaysia legislation
Section 59
Section 59
In this Part, unless the context otherwise requires—
“estate” means any property, whether real or personal, which is committed to the administration or management of a Labuan trust company as executor, administrator, trustee, receiver, committee, guardian or agent;
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“Labuan managed trust company” means a person carrying on trust company business where such business is managed by another
Labuan trust company pursuant to the provisions of Division 3
of this Part;
“settlor” means—
(a)
a person who provides trust property or makes a testamentary disposition on trust or to a trust, but does not include a person who contributes to a unit trust and described as such within a trust instrument; and
(b)
if there is more than one settlor named in the trust instrument, the named settlors must be connected persons;
“trust company business” means—
(a)
establishing or using a share transfer office or share registration office;
(b)
administering, managing or otherwise dealing with property as an agent, legal personal representative or trustee, whether by servant or agent or otherwise;
(c)
maintaining an agent for the purpose of soliciting or procuring business, whether or not the agent is continuously resident in Labuan;
(d)
maintaining an office, agency or branch, whether or not that office, agency or branch is also used for any purpose by another entity;
(e)
the provision of—
(i)
management and accounting services to; or
(ii)
directors, secretaries and registered offices for,
Labuan companies incorporated or registered under the Labuan Companies Act 1990 and foreign Labuan companies registered under that Act;
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(f)
incorporating or registering companies under the Labuan
Companies Act 1990 and generally acting as a lodging agent for any document required to be lodged by a company or person under that Act; and
(g)
providing such other services as may be approved by the Authority from time to time, to or on behalf or any person;
“trust instrument” means an instrument in writing by which a trust is created and includes a unilateral declaration of trust and an instrument varying the terms of the trust.
Licence required to carry on trust company business in Labuan