Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
36B. Review of agents
Official textFrom Laws of Malaysia Online, unchanged
This section shall apply to every trust unless otherwise expressly excluded 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 an agent is appointed to exercise any delegable functions of the trustee, it shall be the duty of the trustee—
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
to keep under review the arrangements under which the agent acts and the manner in which such arrangements are being put into effect; and
to exercise any power of intervention that he has, if the circumstances make it appropriate to do so.
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If the agent has been authorized to exercise property management functions, the duty under subsection 36A(2) shall include—
property
―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;
a duty to consider whether there is any need to revise or replace the policy statement made for the purposes of section 36A;
if the trustees consider that there is a need to revise or replace the policy statement, a duty to do so; and
a duty to assess whether the policy statement is being complied with.
In this section, ―power of intervention‖ includes—
a power to give directions to the agent; and
a power to revoke the delegation of powers and functions to the agent or appointment of the agent.
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;
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