Labuan Offshores Trusts Act 1996 · s 19

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19.
Termination of Labuan trust
(1) Without prejudice to the powers of the Court under subsection (4) and notwithstanding anything to the contrary in the terms of the trust, where all the beneficiaries of a Labuan trust are in existence and have been ascertained and none of them is a minor or a person under any legal disability, the Court may, on the application of any beneficiary or the trustee, order the trustee to terminate the trust and distribute the trust property among the beneficiaries if the
Court is satisfied that such termination is not contrary to any material purpose or object of the trust.
(2) On the termination of the trust pursuant to subsection (1), the trustee shall distribute the trust property to the persons entitled thereto within a reasonable time and in accordance with the terms of the trust.
(3) The trustee may retain sufficient assets to make reasonable provision for liabilities, whether existing, future, contingent or otherwise, before distributing the trust property under subsection (2).
(4) The Court may, on the termination of a trust or at any time thereafter, upon an application made by the trustee or any beneficiary—
(a)  require the trustee to distribute the trust property;
(b)  direct the trustee not to distribute the trust property; or
(c)  make such other order as it thinks fit.

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s 19Termination of Labuan trust

(1)

Without prejudice to the powers of the Court under subsection (4) and notwithstanding anything to the contrary in the terms of the trust, where all the beneficiaries of a Labuan trust are in existence and have been ascertained and none of them is a minor or a person under any legal disability, the Court may, on the application of any beneficiary or the trustee, order the trustee to terminate the trust and distribute the trust property among the beneficiaries if the

Court is satisfied that such termination is not contrary to any material purpose or object of the trust.

(2)

On the termination of the trust pursuant to subsection (1), the trustee shall distribute the trust property to the persons entitled thereto within a reasonable time and in accordance with the terms of the trust.

(3)

The trustee may retain sufficient assets to make reasonable provision for liabilities, whether existing, future, contingent or otherwise, before distributing the trust property under subsection (2).

(4)

The Court may, on the termination of a trust or at any time thereafter, upon an application made by the trustee or any beneficiary—

(a)

require the trustee to distribute the trust property;

(b)

direct the trustee not to distribute the trust property; or

(c)

make such other order as it thinks fit.