Section 28
Resignation of trustees
of Labuan Offshores Trusts Act 1996
ActIn forceProvision 37 of 94
Section 28
(a)
the settlor or, in the absence of the settlor, at least one beneficiary; and
(b)
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.
(2)
A resignation shall not have effect if—
(a)
it is given in order to facilitate a breach of trust; or
(b)
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.