Labuan Offshores Trusts Act 1996 · s 59

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s 59Prohibition on registration or carrying on of business

(1)

The Minister may, without assigning reasons therefor, issue a direction—

Labuan Trusts 83

(a)

prohibiting the registration or creation or recognition of any trust or enforcement of any trust under this Act; or

(b)

directing any Labuan trust to cease to carry on its business or part of its business either immediately or within such time as may be specified in the direction.

(2)

A direction made under this section may be revoked or varied by the Minister.