Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
28. Resignation of trustees
Official textFrom Laws of Malaysia Online, unchanged
Subject to subsection (2) and the terms of the trust, a trustee may resign his office by delivering to—
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;
the settlor or, in the absence of the settlor, at least one beneficiary; and
in the case of a registered offshore trust, the Authority, a notice in writing of his intention and the resignation shall take effect on the delivery of the notice.
A resignation shall not have effect if—
it is given in order to facilitate a breach of trust; or
it would result in there being no trustee, unless, before the resignation takes effect, an application has been made to the Court for the appointment of a new trustee and a new trustee has been appointed.
Terms defined in s 2
Authority
Defined · s 2―Authority‖ means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
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;
breach of trust
Defined · s 2―breach of trust‖ means— (a) any act by a trustee which is in contravention of the duties imposed; (b) any act or neglect by a trustee which is not authorized or excused; or (c) any neglect or omission on the part of the trustee to fulfill the duties imposed upon him, by this Act, the proper law of the trust or the terms of the trust;
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;
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;
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