Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part III · Beneficiaries of Labuan Trusts
23. Disclaimer
Official textFrom Laws of Malaysia Online, unchanged
Notwithstanding the terms of the trust, a beneficiary may disclaim, either permanently or for such period as he may specify, the whole or any part of his interest under a Labuan trust whether or not the beneficiary has received any benefit from the interest.
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 disclaimer made under subsection (1) shall be in writing.
A disclaimer made under subsection (1) may, subject to the terms of the trust, be revocable and it shall be exercisable in the manner and under the circumstances so expressed.
A disclaimer made under subsection (1) shall not prejudice the rights and interests of the beneficiary prior to the disclaimer.
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;
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);
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;
Part IV
Trustees of Labuan Trusts
Part V