Labuan Offshores Trusts Act 1996 · s 46O

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46O.
Limitation of trustee’s duties
(1) A trustee of designated shares shall have no fiduciary responsibility or duty of care in respect of the property of, or the conduct of the affairs of, the company, except when acting, or required to act, on an intervention call.
(2) Without prejudice to the generality of subsection (1), a trustee of designated shares—
(a)  shall not be required to make any enquiry as to whether any facts exist which would, or may, whether with or without any other information, form the basis of an intervention call;

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(b)  shall not be obliged to inform any interested person of any fact of which it becomes aware, or which it suspects, concerning the property of the company or the conduct of its affairs; and
(c)  shall not incur liability as accessary to a director’s breach of duty by reason of any omission on the part of the trustee to take action where the trustee is aware, or suspects, that there has been or will be such a breach, or by reason of any act or omission in compliance with the provisions of section 46G.

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s 46OLimitation of trustee’s duties

(1)

A trustee of designated shares shall have no fiduciary responsibility or duty of care in respect of the property of, or the conduct of the affairs of, the company, except when acting, or required to act, on an intervention call.

(2)

Without prejudice to the generality of subsection (1), a trustee of designated shares—

(a)

shall not be required to make any enquiry as to whether any facts exist which would, or may, whether with or without any other information, form the basis of an intervention call;

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(b)

shall not be obliged to inform any interested person of any fact of which it becomes aware, or which it suspects, concerning the property of the company or the conduct of its affairs; and

(c)

shall not incur liability as accessary to a director’s breach of duty by reason of any omission on the part of the trustee to take action where the trustee is aware, or suspects, that there has been or will be such a breach, or by reason of any act or omission in compliance with the provisions of section 46G.