Section 25
Class interest
of Labuan Offshores Trusts Act 1996
ActIn forceProvision 34 of 94
Section 25
(a)
a class closes when it is no longer possible for any other person to become a member of the class;
Labuan Trusts 35
(b)
a woman who is over the age of fifty-five years shall be deemed to be no longer capable of bearing a child;
(c)
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.
(2)
In this section, ―class interest‖ means a trust or an interest under a trust which is in favour of a class of persons.