Malaysia legislation
Section 24
Section 24
(2)
A Labuan foundation registered under this Act that redomiciles and registers under the laws of another country, shall not cease to be a Labuan foundation registered under this Act unless the laws of the other country permit such redomiciliation and registration and the Labuan foundation has complied with those laws.
(3)
Where a Labuan foundation registered under this Act redomiciles and registers under the laws of another country—
(a)
the Labuan foundation shall continue to be liable for all of its claims, debts, liabilities and obligations that existed prior to its registration under the laws of the other country;
(b)
no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause of action existing against the Labuan foundation or against any council member, officer or agent of the
Labuan foundation, shall be released or impaired by its registration under the laws of the other country; and
(c)
no proceedings, whether civil or criminal, pending by or against the Labuan foundation or against any council member, officer or agent of the Labuan foundation, shall be abated or discontinued by its registration as a foundation under the laws of the other country, and the proceedings may be continued, enforced, prosecuted, settled or compromised by or against the council member, officer or agent of the Labuan foundation, as the case may be.
(4)
Where a Labuan foundation registered under this Act is redomiciled and registered under the laws of another country, the Labuan foundation shall submit to the Authority a certified copy, and where applicable, an apostilled copy of the certificate of registration issued by the registrar or other relevant competent authority in that other country and upon receipt of such copy of the certificate of registration, the Authority shall strike the Labuan foundation off the register and certify that the Labuan foundation has ceased to be a foundation registered under this Act.
Act 706