Labuan Offshores Trusts Act 1996 · s 46F

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46F.
Restrictions on trustee’s powers
(1)  Subject to the terms of the trust and to sections 46G and 46H, the obligations specified in subsections (2) and (3) shall apply to a trustee of designated shares.
(2) The power of voting or other powers in respect of designated shares shall not be exercised by the trustee so as to interfere in the management or conduct of any business of the company, and in particular, the trustee—

64                                    Laws of Malaysia                               ACT 554
(a)  shall leave the conduct of every such business, and all decisions as to the payment or non-payment of dividends, to the directors of the company; and
(b)  shall not require the declaration or payment of any dividend by the company or exercise any power the trustee may have of compelling any such declaration or payment.
(3) A trustee of designated shares shall not—
(a)  instigate or support any action by the company against any of its directors for breach of duty to the company;
(b)  procure the appointment or removal of any of the directors;
(c)  subject to section 46I, wind up the company; and
(d)  subject to the provisions of this Part, apply to the Court for any form of relief or remedy in relation to the company.

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s 46FRestrictions on trustee’s powers

(1)

Subject to the terms of the trust and to sections 46G and 46H, the obligations specified in subsections (2) and (3) shall apply to a trustee of designated shares.

(2)

The power of voting or other powers in respect of designated shares shall not be exercised by the trustee so as to interfere in the management or conduct of any business of the company, and in particular, the trustee—

64 Laws of Malaysia ACT 554

(a)

shall leave the conduct of every such business, and all decisions as to the payment or non-payment of dividends, to the directors of the company; and

(b)

shall not require the declaration or payment of any dividend by the company or exercise any power the trustee may have of compelling any such declaration or payment.

(3)

A trustee of designated shares shall not—

(a)

instigate or support any action by the company against any of its directors for breach of duty to the company;

(b)

procure the appointment or removal of any of the directors;

(c)

subject to section 46I, wind up the company; and

(d)

subject to the provisions of this Part, apply to the Court for any form of relief or remedy in relation to the company.