Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
Official textFrom Laws of Malaysia Online, unchanged
Subject to the terms of the trust and without prejudice to the exercise of a discretion conferred upon a trustee by the terms of the trust, a trustee shall be impartial and shall not execute the trust for the advantage of a beneficiary or a charitable purpose at the expense of another beneficiary or charitable purpose where there is more than one beneficiary or charitable purpose under the trust, or for the advantage of a beneficiary at the expense of the charitable purpose or vice versa, where the trust has only one beneficiary and one charitable purpose.
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;
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;
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;
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
Part V