In forceUpdated to 1 Dec 2011Read it in Bahasa Malaysia

Contents

Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part II · Creation and Recognition of Labuan Trusts

12. Registration of Labuan trust

(1)

Every Labuan trust validly created in accordance with or as provided by this Act, whether in Labuan or abroad, may be registered with the Authority.

(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.

Terms defined in this Act

Authority
Defined · s 2
―Authority‖ means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
Open s 2
company
Defined · s 46B
―company‖, in relation to designated shares, means a Labuan company or a Labuan limited liability partnership established under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 that has issued the designated shares;
Open s 46B
Labuan
Defined · s 2
―Labuan‖ means the Federal Territory of Labuan;
Open s 2
Labuan trust
Defined · s 2
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
Open s 2
Malaysia
Defined · s 2
―Malaysia‖ means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the Labuan Trusts 9 territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non-living;
Open s 2
prescribed
Defined · s 2
―prescribed‖, where no mode is mentioned, means prescribed from time to time by order published in the Gazette, and a power to prescribe includes the power to make different provisions in the order for different persons or different classes, categories or descriptions of persons;
Open s 2
proper law
Defined · s 2
―proper law‖ means— (a) the law chosen by the settlor to be applicable to a trust, the choice being expressed or implied in the terms of the trust; or (b) where no law is chosen, the law with which a trust is most closely connected at the time of its creation;
Open s 2
register
Defined · s 2
―register‖ includes any kind of record;
Open s 2
registered Labuan trust
Defined · s 2
―registered Labuan trust‖ means a Labuan trust registered under subsection 12(4);
Open s 2
ringgit
Defined · s 2
―ringgit‖ means a ringgit in the currency of Malaysia;
Open s 2
trust
Defined · s 2
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
Open s 2
trustee
Defined · s 2
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
Open s 2

Report

Read on from s 13

Part III

Beneficiaries of Labuan Trusts

Read on from Part III

Part IV

Trustees of Labuan Trusts

Read on from Part IV

Part V

Miscellaneous

Read on from Part V