Malaysia legislation
Section 35
Section 35
(1A)
Any person of full age and of sound mind or any body corporate, any firm, partnership or group of persons, whether incorporated or unincorporated, may be appointed as a protector.
Labuan Trusts 43
(2)
Where the terms of the trust require the trustee to obtain the consent of the protector before exercising a power or discretion, the protector who so consents shall not by virtue of so doing be deemed to be a trustee and unless otherwise provided under the terms of the trust, shall not be liable to the beneficiaries or the trustees for the bona fide exercise of the power.
(3)
The terms of a trust may confer on the protector the power—
(a)
to remove a trustee and to appoint a new or additional trustee, but if the protector removes a trust company as a trustee, the protector shall appoint another trust company as a new trustee in its place;
(b)
to determine the law of which jurisdiction shall be the proper law of the trust, in the event it is not provided in the trust deed or by the settlor;
(c)
to change the place of administration of the trust; and
(d)
to withhold consent from specified actions of the trustees either conditionally or unconditionally.
(4)
The protector of a trust may also be a settlor or a beneficiary of the trust.
(5)
Where there is more than one protector of a trust, any functions conferred on the protectors may be exercised, subject to the terms of the trust, by a majority of the protectors.
(6)
A protector who dissents from a decision of the majority of protectors may require his dissent to be recorded in writing.
(7)
A protector exercising any one or more of the powers conferred by the terms of the trust shall not by virtue only of such exercise be deemed to be a trustee.
(8)
A person may charge reasonable remuneration for his services as a protector unless otherwise provided by the trust instrument.
44 Laws of Malaysia ACT 554
Delegation of powers by trustee