Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part I · Preliminary
3. Existence of a trust
Official textFrom Laws of Malaysia Online, unchanged
A trust exists where a person holds or has vested in him or is deemed to hold or have vested in him property of which he is not the owner in his own right and is under an obligation as a trustee to deal with that property—
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
for the benefit of any beneficiary, whether or not ascertained or in existence;
beneficiary
―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;
for any purpose which is not for the benefit of the trustee; or
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
for both such benefit and purpose mentioned in paragraphs (a) and (b).
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;
person
Defined · s 2―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
property
Defined · s 2―property‖ includes— (a) property of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, however acquired; or (b) legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in, such property, including bank cheques, money orders, shares, securities, bonds, bank drafts and letters of credit;
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 II
Creation and Recognition of Labuan Trusts
Part III
Beneficiaries of Labuan Trusts
Part IV
Trustees of Labuan Trusts
Part V