Labuan Offshores Trusts Act 1996 · s 22

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22.
Beneficiaries
(1) Subject to sections 11A and 11B, a beneficiary shall be—
(a)  identifiable by name; or
(b)  ascertainable by reference to a class or to a relationship to some person, whether or not living at the time which under the terms of the offshore trust is the time by reference to which members of a class are to be determined.
(2) Where there are no beneficiaries identifiable or ascertainable in accordance with subsection (1), the trust shall not be valid unless the purpose is a charitable purpose.
(3) A settlor or a trustee of a Labuan trust may also be a beneficiary of the trust, but if he is the sole trustee, he shall not also be a beneficiary thereunder.
(4) The terms of a Labuan trust may include—
(a)   the addition of a person as a beneficiary;
(b)  the exclusion of a beneficiary from a benefit;

34                                    Laws of Malaysia                               ACT 554
(c)  the imposition on a beneficiary of an obligation as a condition for a benefit; or
(d)  he power to declare that any person shall cease to be a beneficiary.

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s 22Beneficiaries

(1)

Subject to sections 11A and 11B, a beneficiary shall be—

(a)

identifiable by name; or

(b)

ascertainable by reference to a class or to a relationship to some person, whether or not living at the time which under the terms of the offshore trust is the time by reference to which members of a class are to be determined.

(2)

Where there are no beneficiaries identifiable or ascertainable in accordance with subsection (1), the trust shall not be valid unless the purpose is a charitable purpose.

(3)

A settlor or a trustee of a Labuan trust may also be a beneficiary of the trust, but if he is the sole trustee, he shall not also be a beneficiary thereunder.

(4)

The terms of a Labuan trust may include—

(a)

the addition of a person as a beneficiary;

(b)

the exclusion of a beneficiary from a benefit;

34 Laws of Malaysia ACT 554

(c)

the imposition on a beneficiary of an obligation as a condition for a benefit; or

(d)

he power to declare that any person shall cease to be a beneficiary.