Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part II · Creation and Recognition of Labuan Trusts
21. Migration of Labuan trust from Labuan
Official textFrom Laws of Malaysia Online, unchanged
Subject to the provisions of this Act and the terms of the trust and its proper law, a Labuan trust validly created or recognized under this Act may be transferred to and become a trust under the laws of another country or of a jurisdiction within such a country.
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;
A Labuan trust which has been previously transferred to
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
Labuan under the provisions of section 20 may be transferred to and become a trust under the laws of another country or of a jurisdiction within such country in accordance with this section.
Terms defined in s 2
Labuan trust
Defined · s 2―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
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;
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;
Part III
Beneficiaries of Labuan Trusts
Part IV
Trustees of Labuan Trusts
Part V