Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part III · Beneficiaries of Labuan Trusts
25. Class interest
Official textFrom Laws of Malaysia Online, unchanged
Subject to the terms of the trust, the following shall apply where a trust, or an interest under a trust, is in favour of a class of persons:
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 class closes when it is no longer possible for any other person to become a member of the class;
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a woman who is over the age of fifty-five years shall be deemed to be no longer capable of bearing a child;
where any class interest relates to income and for any period there is no member of the class in existence, the income shall be accumulated, and subject to section 16, shall be retained until there is a member of the class in existence or the class closes.
In this section, ―class interest‖ means a trust or an interest under a trust which is in favour of a class of persons.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
Terms defined in s 2
person
Defined · s 2―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
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 IV
Trustees of Labuan Trusts
Part V