Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
33. Powers of trustees
Official textFrom Laws of Malaysia Online, unchanged
Subject to the terms of the trust and to the provisions of this
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;
Act, a trustee shall have all the powers of a beneficial owner in relation to the trust property.
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
A trustee shall exercise his powers in the interest of the beneficiaries and in accordance with the terms of the trust and the provisions of this Act.
A trustee may, unless otherwise provided in the terms of the trust—
insure any property which is subject to the trust against risks of loss or damage due to any event; and
pay the premiums out of any income or capital funds of the trust.
Terms defined in s 2
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;
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;
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