Labuan Offshores Trusts Act 1996

―charitable trust‖ means a trust referred to in section 11B;

―corporation‖ means a body corporate formed or incorporated or existing within Malaysia or outside Malaysia and includes a foreign

Labuan company but does not include—

―Court‖ means the High Court or a judge thereof;

―enforcer‖ means a person referred to in section 11C;

―Labuan‖ means the Federal Territory of Labuan;

―Labuan company‖ has the meaning assigned to it in the Labuan

Companies Act 1990 [Act 441];

―Labuan trust‖ has the meaning assigned to it under subsection 8(1);

―Labuan trust company‖ means a corporation registered as a Labuan trust company under Part V of the Labuan Financial Services and

Securities Act 2010 [Act 704];

―Malaysia‖ means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the

Labuan Trusts 9

territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non-living;

―Minister‖ means the Minister for the time being charged with the responsibility for finance;

―minor‖ means a person who has not attained the age of majority under the proper law of a trust or, where no law has been chosen, the law of his domicile;

―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;

―prescribed‖, where no mode is mentioned, means prescribed from time to time by order published in the Gazette, and a power to prescribe includes the power to make different provisions in the order for different persons or different classes, categories or descriptions of persons;

―proper law‖ means—

or

―property‖ includes—

10 Laws of Malaysia ACT 554

such property, including bank cheques, money orders, shares, securities, bonds, bank drafts and letters of credit;

―protector‖ means a person appointed in accordance with section 35;

―purpose trust‖ means a trust referred to in section 11A, and includes a charitable trust;

―qualified person‖ means a person who is not a resident of

Malaysia;

―register‖ includes any kind of record;

―registered Labuan trust‖ means a Labuan trust registered under subsection 12(4);

―resident‖ means any person—

Labuan Companies Act 1990;

Labuan Foundations Act 2010 [Act 706]; and

Limited Partnerships and Limited Liability

Partnerships Act 2010 [Act 707], and includes a person who is declared to be a resident pursuant to section 43 of the Exchange Control Act 1953;

―ringgit‖ means a ringgit in the currency of Malaysia;

―settlor‖ means a person who makes a trust and includes a person who provides trust property or makes a testamentary disposition on

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trust or to a trust, but does not include a person who contributes to a unit trust;

―specified‖, where no mode is mentioned in this Act, means specified from time to time in writing, and a power to specify includes the power to specify differently for different persons or different classes, categories or description of persons;

―terms of the trust‖ means the written or oral terms of a trust or any other terms applicable under its proper law;

―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;

―trust instrument‖ means an instrument by which a trust is created and includes a unilateral declaration of trust and any instrument varying the terms of the trust;

―trust property‖ means the property for the time being held on trust;

―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;

―unilateral declaration of trust‖ has the meaning assigned to it by section 8;

―unit trust‖ means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under the trust in any profits or income arising from the acquisition, holding, management or disposal of any property.