Section 67

the Labuan foundation is established for a fixed duration and that duration expires;

the purpose of the Labuan foundation is fulfilled or becomes incapable of fulfillment, or

any provision of the charter of the Labuan foundation so requires.

Where it is proposed to dissolve a Labuan foundation pursuant to the provisions of subsection (1), the officers, or such other person as may be authorized by the charter of the Labuan foundation to supervise the dissolution of the Labuan foundation shall make a declaration to the effect that they have made an inquiry into the affairs of the Labuan foundation and have formed the opinion that the Labuan foundation will be able to pay its debts in full upon its dissolution.

Labuan Foundations 51

A declaration so made under subsection (2) shall have no effect unless it is made within thirty days immediately preceding the passing of the resolution under subsection (1).

The officers shall cause to be lodged with the Authority the declaration made pursuant to subsection (2) together with a copy of the resolution made pursuant to subsection (1) within thirty days from the passing of the said resolution.

Unless the Court otherwise directs under subsection 68(2), the officers shall do all things that are necessary for the orderly winding up of the affairs of the Labuan foundation, and shall collect the properties of the Labuan foundation, and after discharging or making adequate provision for the discharge of the obligations of the Labuan foundation, shall distribute the remaining properties in the manner provided in section 69.

Power of Court to order dissolution