Malaysia legislation
Section 73
Section 73
For the purposes of Division 4—
(a)
a “private trust” means a trust where each beneficiary of the trust is a connected person in relation to the settlor of the trust;
(b)
a person is a connected person in respect of any of the following relationships:
(i)
his spouse;
(ii)
his descendants and their spouses;
Labuan Financial Services and Securities 81
(iii)
his parents, including step-parents;
(iv)
his grandparents and his spouse’s grandparents;
(v)
his parents-in-law, including step-parents-in-law;
(vi)
his brother, step-brother, sister, step-sister and their spouses;
(vii)
his spouse’s brother, step-brother, sister, step-sister and their spouses and children;
(viii)
his parent’s brother, step-brother, sister, step-sister and their spouses;
(ix)
children of the brother, step-brother, sister or step-sister of his parents, both present and future, including step-children and their spouses; and
(x)
children of his brother, step-brother, sister or step-sister, both present and future, including step-children and their spouses;
(c)
for any of the relationships specified in paragraph (b)
that may be established by affinity or consanguinity, that same relationship may be established by adoption.
Registration as Labuan private trust company