Malaysia legislation

Section 21

Section 21

Authority is satisfied that a Labuan foundation—

(a)

commence or defend any legal proceedings, carry on any business or in any way deal with the properties of the

Labuan foundation;

(b)

defend any legal proceedings, make any claim or claim any right for or in the name of the Labuan foundation;

(c)

act in any manner with respect to the affairs of the Labuan foundation.

(2)

Notwithstanding subsection (1), where the name of the

Labuan foundation has been struck off the register, the Labuan foundation, liquidator or receiver of the Labuan foundation, may—

(a)

apply to the Authority for the name of the Labuan foundation to be restored in the register;

(b)

continue to defend proceedings that were commenced against the Labuan foundation prior to the date of the striking off; and

(c)

continue to carry on legal proceedings that were instituted on behalf of the Labuan foundation prior to the date of striking off.

(3)

The fact that the name of a Labuan foundation has been struck off the register shall not be construed as preventing—

(a)

the Labuan foundation from being liable for any liabilities, claims, debts, and from performing any of its obligations;

(b)

any person from making any claim against the Labuan foundation and pursuing the claim through to judgment or execution; or

(c)

the Court from granting any order as provided under this

Act.

Labuan Foundations 23

Restoration to register