Malaysia legislation
Section 12
Section 12
(2)
The trustee of a Labuan trust shall be responsible for registering the Labuan trust and any subsequent changes in connection therewith under this Act, if the Labuan trust is registered pursuant to subsection (1).
(3)
The registration of a Labuan trust shall be effected by filing with the Authority the following:
(a)
a statement containing—
(i)
the name of the Labuan trust;
(ii)
the date of its creation;
(iii)
the name and address of the trust company acting as trustee;
(iv)
the address of the registered office of the Labuan trust;
(v)
the proper law of the Labuan trust; and
(b)
a declaration by the trust company acting as trustee of the Labuan trust that the trust satisfies the conditions of this Act in order that it be a Labuan trust.
(4)
The Authority may, on being satisfied that all the requirements of this Act for the existence of a Labuan trust have been complied
28 Laws of Malaysia ACT 554
with and upon payment of the prescribed fee, register the trust and issue a certificate of registration accordingly.
(4A)
A Labuan trust shall not be registered where the name of the
Labuan trust to be registered is, in the opinion of the Authority, in any way misleading or otherwise undesirable.
(5)
Any subsequent change in the particulars of the registered
Labuan trust as referred to in subsection (3) shall be notified to and be registered with the Authority in the prescribed form within one month of the change and shall not have effect until it is so registered.
(6)
The trustee of the registered Labuan trust shall notify the
Authority of the termination of the trust in the prescribed form within one month of the termination.
(7)
The trustee of the registered Labuan trust shall notify the
Authority in the prescribed form as to whether the trust is still in existence and whether he is still the trustee thereof not later than one month after every anniversary of the registration of the trust in
Labuan.
(8)
Any trustee who fails to comply with the requirements of this section shall be guilty of an offence.
Penalty: Ten thousand ringgit.
(9)
For the purpose of subsection (8), if there are two or more trustees, the requirements of this section shall be deemed to have been complied with by all the trustees so long as one of them has complied with them.
Registration of trust instrument