Section 18

Where a Labuan foundation changes its name, it shall send a notice of the change to the Authority in accordance with the provisions of subsection 17(1).

If a Labuan foundation fails to comply with subsection (2), the Labuan foundation, the secretary and every officer who is in default shall be liable to an administrative penalty.

If the Authority approves the name which the Labuan foundation proposes to be its new name, the Authority may, on payment of the prescribed fee, issue a certificate of registration of the Labuan foundation under the new name and upon the issuance of such certificate of registration the change of name shall become effective.

If the name of a Labuan foundation, whether through inadvertence or otherwise and whether originally or by a change of name, is a name by which the Labuan foundation could not be registered without contravention of section 13, the Labuan foundation shall change its name to a name to be approved by the Authority.

If the Authority approves the change of the name of the

Labuan foundation under subsection (5), the Labuan foundation shall so change such name within thirty days after the date of such approval or such longer period as the Authority may allow, unless the Minister, by written notice, annuls the approval.

Rights and obligations of Labuan foundation not affected by change of name