Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
34. Letter or memorandum of wishes
Official textFrom Laws of Malaysia Online, unchanged
The settlor of a trust may give to the trustee a letter of his wishes or the trustee may prepare a memorandum of the wishes of the settlor with regard to the exercise of any functions conferred on the trustee by the terms of the trust.
settlor
―settlor‖ means a person who makes a trust and includes a person who provides trust property or makes a testamentary disposition on Labuan Trusts 11 trust or to a trust, but does not include a person who contributes to a unit trust;
A beneficiary of a trust may give to the trustee a letter of his wishes or the trustee may prepare a memorandum of the wishes of the beneficiary with regard to the exercise of any functions conferred on the trustee by the terms of the trust.
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;
Where a trust is in favour of a class of persons, then a member of that class may give to the trustee a letter of his wishes, or the trustee may prepare a memorandum of the wishes of that member with regard to the exercise of any functions conferred on the trustee by the terms of the trust.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
Where a letter of wishes or a memorandum of wishes is given to or prepared by the trustee of a trust, then he may have regard to that letter or memorandum in exercising any functions conferred on him by the terms of the trust but shall not be accountable in any way for his failure or refusal to have regard to that letter or memorandum.
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
No fiduciary duty or obligation shall be imposed on a trustee merely by the giving to him of a letter of wishes or the preparation by him of a memorandum of wishes.
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;
settlor
Defined · s 2―settlor‖ means a person who makes a trust and includes a person who provides trust property or makes a testamentary disposition on Labuan Trusts 11 trust or to a trust, but does not include a person who contributes to a unit trust;
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;
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