Section 33B

Except as otherwise provided by subsection (3), a trustee shall, when reviewing the investments of the trust, obtain and consider proper advice on whether the investments should be varied, having regard to the standard investment criteria.

A trustee need not obtain the proper advice required under subsection (1) or (2), if he reasonably concludes that in all the circumstances it is unnecessary or inappropriate to obtain the proper advice.

In this section, ―proper advice‖ means the advice of a person who is reasonably believed by the trustee to be qualified to give such advice by his ability in, and practical experience of, financial and other matters relating to the proposed investment.

This section shall apply in so far as it is consistent with the terms of the Labuan trust.

42 Laws of Malaysia ACT 554

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