Malaysia legislation
Section 22
Section 22
(a)
identifiable by name; or
(b)
ascertainable by reference to a class or to a relationship to some person, whether or not living at the time which under the terms of the offshore trust is the time by reference to which members of a class are to be determined.
(2)
Where there are no beneficiaries identifiable or ascertainable in accordance with subsection (1), the trust shall not be valid unless the purpose is a charitable purpose.
(3)
A settlor or a trustee of a Labuan trust may also be a beneficiary of the trust, but if he is the sole trustee, he shall not also be a beneficiary thereunder.
(4)
The terms of a Labuan trust may include—
(a)
the addition of a person as a beneficiary;
(b)
the exclusion of a beneficiary from a benefit;
34 Laws of Malaysia ACT 554
(c)
the imposition on a beneficiary of an obligation as a condition for a benefit; or
(d)
he power to declare that any person shall cease to be a beneficiary.
Disclaimer