Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
26. Appointment of trustees
Official textFrom Laws of Malaysia Online, unchanged
Trustees are appointed by or as provided in the trust instrument and in such number as may be provided therein.
trust instrument
―trust instrument‖ means an instrument by which a trust is created and includes a unilateral declaration of trust and any instrument varying the terms of the trust;
There are no restrictions imposed on the number of trustees that may be provided for in a trust instrument but—
if there is only one trustee, the trustee shall be a Labuan trust company; and
if there is more than one trustee, one of such trustees shall be a Labuan trust company.
Where there is no trustee appointed or provided by the trust instrument or there is a vacancy among the trustees which cannot otherwise be filled, any of the surviving or continuing trustees, any beneficiary or the last former trustee, as the circumstances may require, may apply to the Court for the appointment of a new trustee.
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
The Court may make an order appointing a new trustee where—
in a case where an application under subsection (3) is made by a beneficiary, it is satisfied that the application made by the beneficiary has been served on the last
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former trustee or on at least one of the surviving or continuing trustees, if any;
it has heard the representations made by the last former trustee, the surviving or continuing trustees or any beneficiary; and
it has ascertained that the person indicated in the application or otherwise intended for the appointment as the new trustee is willing to act.
Subject to the terms of the trust, a new trustee appointed under this section shall have the same powers, discretions and duties and may in all respects act as if he had been originally appointed a trustee by the trust instrument.
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;
On the appointment of a new trustee, anything requisite for vesting the trust property in, or under the control of, the trustee shall be done.
trust property
―trust property‖ means the property for the time being held on trust;
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 company
Defined · s 2―Labuan trust company‖ means a corporation registered as a Labuan trust company under Part V of the Labuan Financial Services and Securities Act 2010;
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;
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 instrument
Defined · s 2―trust instrument‖ means an instrument by which a trust is created and includes a unilateral declaration of trust and any instrument varying the terms of the trust;
trust property
Defined · s 2―trust property‖ means the property for the time being held on 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 V