Labuan Offshores Trusts Act 1996 · s 46L

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46L.
Beneficiaries not entitled
(1) Notwithstanding any rule of equity or practice of the Court to the contrary, but subject to subsection (2), neither a beneficiary who is solely interested in any designated shares, nor all the beneficiaries who together are the persons interested in any designated shares, shall be entitled, although in existence and ascertained and of full capacity, to call for or direct a transfer of those shares or to terminate or modify the trust relating to the shares, if and so far as that entitlement is, without offending any rule of perpetuity or remoteness, excluded by the trust instrument.
(2) No such exclusion of entitlement shall have effect, or continue to have effect, after the expiration of twenty years from the creation of the trust.
(3) Where a person who receives designated shares, or an interest in the designated shares, is a person who, by virtue of such an exclusion of entitlement, has no present right to receive the shares or that interest, he shall, without prejudice to the generality of subsection (1), hold those shares or that interest on trust to transfer the shares or that interest to the trustee, and the Court shall order him to do so on the application by the trustee or any person specified in subsection 46J(3).
(4) During any such exclusion of entitlement, section 47 shall not apply to the trust.

74                                    Laws of Malaysia                               ACT 554

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s 46LBeneficiaries not entitled

(1)

Notwithstanding any rule of equity or practice of the Court to the contrary, but subject to subsection (2), neither a beneficiary who is solely interested in any designated shares, nor all the beneficiaries who together are the persons interested in any designated shares, shall be entitled, although in existence and ascertained and of full capacity, to call for or direct a transfer of those shares or to terminate or modify the trust relating to the shares, if and so far as that entitlement is, without offending any rule of perpetuity or remoteness, excluded by the trust instrument.

(2)

No such exclusion of entitlement shall have effect, or continue to have effect, after the expiration of twenty years from the creation of the trust.

(3)

Where a person who receives designated shares, or an interest in the designated shares, is a person who, by virtue of such an exclusion of entitlement, has no present right to receive the shares or that interest, he shall, without prejudice to the generality of subsection (1), hold those shares or that interest on trust to transfer the shares or that interest to the trustee, and the Court shall order him to do so on the application by the trustee or any person specified in subsection 46J(3).

(4)

During any such exclusion of entitlement, section 47 shall not apply to the trust.

74 Laws of Malaysia ACT 554