Malaysia legislation
Section 74
Section 74
(a)
a Labuan company; or
(b)
a foreign Labuan company.
(2)
An applicant may apply to the Authority, in the specified form for registration as a Labuan private trust company in Labuan by meeting the following criteria:
(a)
it satisfies the Authority that it shall provide the services of a trust company only for a private trust or private trusts created or to be created by or at the direction of a settlor or an individual or individuals who are connected persons to the settlor described in the trust instrument;
Act 704
(b)
submission of a certified copy of the executed trust instrument and any subsequently executed trust instrument;
(c)
submission of a letter of undertaking that it shall not carry out any trust company business other than with respect to the private trust or private trusts; and
(d)
it shall appoint a Labuan trust company as its agent.
(3)
The Authority may refuse to register an applicant as a
Labuan private trust company if it has reason to believe that the applicant is likely to carry on business in a manner detrimental to public interest or the interests of the beneficiaries of any private trust with respect to which it provides services.
(4)
The Authority may, as it deems necessary, impose, vary or revoke any terms or conditions on any registration under this
Division by specifying it in writing.
Terms and conditions of registration as a Labuan private trust company