Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part III · Beneficiaries of Labuan Trusts
22. Beneficiaries
Official textFrom Laws of Malaysia Online, unchanged
Subject to sections 11A and 11B, a beneficiary shall be—
beneficiary
―beneficiary‖ means a person entitled to benefit under a trust or in whose favour a discretion to distribute property held in trust may be exercised;
identifiable by name; or
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.
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.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
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.
settlor
―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;
The terms of a Labuan trust may include—
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
the addition of a person as a beneficiary;
the exclusion of a beneficiary from a benefit;
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the imposition on a beneficiary of an obligation as a condition for a benefit; or
he power to declare that any person shall cease to be a beneficiary.
Terms defined in s 2
beneficiary
Defined · s 2―beneficiary‖ means a person entitled to benefit under a trust or in whose favour a discretion to distribute property held in trust may be exercised;
Labuan trust
Defined · s 2―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
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;
person
Defined · s 2―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
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;
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 IV
Trustees of Labuan Trusts
Part V