Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part II · Creation and Recognition of Labuan Trusts
17. Variation and revocation of Labuan trust
Official textFrom Laws of Malaysia Online, unchanged
A Labuan trust may expressly provide—
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
that its terms are capable of variation; or
that the trust itself or a power exercisable under the trust is revocable, either in whole or in part.
Where a Labuan trust provides that the terms of the trust may be varied, such power to vary shall be without prejudice to the power vested in the Court by this Act for the variation of the terms of the trust.
terms of the trust
―terms of the trust‖ means the written or oral terms of a trust or any other terms applicable under its proper law;
No variation of the terms of a Labuan trust or revocation of an offshore trust or a power exercisable under a Labuan trust shall prejudice anything lawfully done by a trustee in relation to a Labuan trust prior to his receiving notice of such variation or revocation.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
Subject to the terms of the trust, where a Labuan trust is revoked, either in whole or in part, the trustee shall hold the 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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property affected by the revocation for the settlor absolutely or, if the settlor is dead, for the settlor’s personal representative or estate.
property
―property‖ includes— (a) property of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, however acquired; or (b) legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in, such property, including bank cheques, money orders, shares, securities, bonds, bank drafts and letters of credit;
Terms defined in s 2
Labuan trust
Defined · s 2―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
property
Defined · s 2―property‖ includes— (a) property of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, however acquired; or (b) legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in, such property, including bank cheques, money orders, shares, securities, bonds, bank drafts and letters of credit;
settlor
Defined · s 2―settlor‖ means a person who makes a trust and includes a person who provides trust property or makes a testamentary disposition on Labuan Trusts 11 trust or to a trust, but does not include a person who contributes to a unit trust;
terms of the trust
Defined · s 2―terms of the trust‖ means the written or oral terms of a trust or any other terms applicable under its proper law;
trust
Defined · s 2―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
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;
Part III
Beneficiaries of Labuan Trusts
Part IV
Trustees of Labuan Trusts
Part V