Labuan Offshores Trusts Act 1996 · s 18

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18.
Failure or lapse of interest
(1) Subject to the terms of a Labuan trust and to any order of the Court, the trust property or interest under the trust shall be held by the trustee in trust for the settlor absolutely or, if the settlor is dead, for the settlor’s personal representative or estate where—
(a)  the interest in question lapses;
(b)  the trust property is vested in a person otherwise than for his sole benefit but the trusts upon which he is to hold the property are not declared or communicated to him;
(c)  there is no beneficiary and there is no person who can become a beneficiary in accordance with the terms of the trust; or
(d)  the trust terminates otherwise than in pursuance of section 19.
(2) Where the trust property or interest under the trust is held by a trustee for a charitable purpose which has ceased to exist or is no longer applicable, that property or interest shall be held for such charitable purpose as the Court may declare to be consistent with the original intention of the settlor or as the Court may otherwise determine.
(3) An application to the Court under this section may be made by any trustee or beneficiary, as the case may be.
(4) In this section, ―settlor‖ means the particular person who provided the trust property or the interest under the trust referred to in subsection (1).

32                                    Laws of Malaysia                               ACT 554

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s 18Failure or lapse of interest

(1)

Subject to the terms of a Labuan trust and to any order of the Court, the trust property or interest under the trust shall be held by the trustee in trust for the settlor absolutely or, if the settlor is dead, for the settlor’s personal representative or estate where—

(a)

the interest in question lapses;

(b)

the trust property is vested in a person otherwise than for his sole benefit but the trusts upon which he is to hold the property are not declared or communicated to him;

(c)

there is no beneficiary and there is no person who can become a beneficiary in accordance with the terms of the trust; or

(d)

the trust terminates otherwise than in pursuance of section 19.

(2)

Where the trust property or interest under the trust is held by a trustee for a charitable purpose which has ceased to exist or is no longer applicable, that property or interest shall be held for such charitable purpose as the Court may declare to be consistent with the original intention of the settlor or as the Court may otherwise determine.

(3)

An application to the Court under this section may be made by any trustee or beneficiary, as the case may be.

(4)

In this section, ―settlor‖ means the particular person who provided the trust property or the interest under the trust referred to in subsection (1).

32 Laws of Malaysia ACT 554