Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part II · Creation and Recognition of Labuan Trusts
Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part II · Creation and Recognition of Labuan Trusts
Official textFrom Laws of Malaysia Online, unchanged
The terms of a Labuan trust may expressly provide that the
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
Labuan trust shall exist for a fixed duration.
A Labuan trust shall, unless otherwise stated in the terms of a trust, continue to exist for an unlimited period or be terminated in accordance with the provisions of this Act.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
Notwithstanding subsections (1) and (2), the terms of a Labuan trust may authorize the trustee to—
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
appoint a fixed duration to a Labuan trust;
convert a Labuan trust with fixed duration to a Labuan trust for unlimited period; or
alter, by limiting or extending, the duration of a Labuan trust.
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
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