Labuan Offshores Trusts Act 1996 · s 8B

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

8B.
Retention of certain rights by settlor
(1) The reservation or grant by a settlor of a trust of any beneficial interest in the trust property or any of the powers mentioned in subsection (2), shall not affect the validity of the trust or the trust instrument.
(2) The powers referred to in subsection (1) are as follows:

Labuan Trusts                                          17
(a)  to revoke, vary or amend the terms of a trust or powers arising wholly or partly under the trust;
(b)  to advance, determine, pay or apply income or capital of the trust property or to give directions for the making of such advancement, determination, payment or application;
(c)  to act as, or to give binding directions as to the appointment or removal of, a director or officer of any corporation wholly or partly owned by the trust;
(d) to give binding directions to the trustee in connection with the purchase, retention, sale, management, lending, pledging or charging of the trust property or the exercise of any powers or rights arising from such property;
(e)  to appoint or remove any trustee, enforcer, protector or beneficiary;
(f)  to appoint or remove an investment manager or investment adviser;
(g)  to change the proper law of the trust; and
(h)  to restrict the exercise of any powers or discretions of a trustee by requiring that the powers shall only be exercisable with the consent of the settler or any other person specified in the terms of the trust.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 8BRetention of certain rights by settlor

(1)

The reservation or grant by a settlor of a trust of any beneficial interest in the trust property or any of the powers mentioned in subsection (2), shall not affect the validity of the trust or the trust instrument.

(2)

The powers referred to in subsection (1) are as follows:

Labuan Trusts 17

(a)

to revoke, vary or amend the terms of a trust or powers arising wholly or partly under the trust;

(b)

to advance, determine, pay or apply income or capital of the trust property or to give directions for the making of such advancement, determination, payment or application;

(c)

to act as, or to give binding directions as to the appointment or removal of, a director or officer of any corporation wholly or partly owned by the trust;

(d)

to give binding directions to the trustee in connection with the purchase, retention, sale, management, lending, pledging or charging of the trust property or the exercise of any powers or rights arising from such property;

(e)

to appoint or remove any trustee, enforcer, protector or beneficiary;

(f)

to appoint or remove an investment manager or investment adviser;

(g)

to change the proper law of the trust; and

(h)

to restrict the exercise of any powers or discretions of a trustee by requiring that the powers shall only be exercisable with the consent of the settler or any other person specified in the terms of the trust.