Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
33B. Advice in relation to investment
Official textFrom Laws of Malaysia Online, unchanged
Except as otherwise provided by subsection (2), a trustee shall, before exercising any power of investment, obtain and consider proper advice relating to the way in which the power should be exercised, having regard to the standard investment criteria.
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
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.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
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.
person
―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
This section shall apply in so far as it is consistent with the terms of the Labuan trust.
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
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Malaysia
―Malaysia‖ means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the Labuan Trusts 9 territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non-living;
Terms defined in s 2
Labuan trust
Defined · s 2―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
Malaysia
Defined · s 2―Malaysia‖ means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the Labuan Trusts 9 territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non-living;
person
Defined · s 2―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
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 V