Malaysia legislation
Section 62
Section 62
(2)
Every Labuan trust company shall lodge a notice in the specified form with the Authority of—
(a)
any change to its place of business in Labuan; and
(b)
any change to its trust officers, within seven days from the effective date of change specified.
Act 704
(3)
Every Labuan trust company shall remain indemnified under a professional indemnity insurance policy with a coverage of not less than one million ringgit or its equivalent in any foreign currency or such other amount as may be determined by the Authority throughout its operation as a Labuan trust company.
(4)
No Labuan trust company shall open any office or acquire or establish any subsidiary outside Labuan without the prior written consent of the Authority.
(5)
Any person who contravenes subsection (4) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding one year or to both.
Temporary continuation for winding-up