Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
37. Power of attorney
Official textFrom Laws of Malaysia Online, unchanged
Unless the terms of the trust provide to the contrary, a trustee may, by power of attorney, delegate for a period not exceeding twelve months, the performance of any trust or function vested in him, either alone or jointly, as trustee except for the power to give powers of attorney under this section.
terms of the trust
―terms of the trust‖ means the written or oral terms of a trust or any other terms applicable under its proper law;
A trustee who delegates a trust or function by a power of attorney under this section shall be referred to in this section as the
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
―donor‖ and the person to whom the trust or function is delegated is referred to as the ―donee‖.
person
―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
A person who is the only other co-trustee of the donor shall not be the donee.
The donor shall, within seven days of giving a power of attorney under this section, give written notice of such delegation to—
48 Laws of Malaysia ACT 554
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;
any other person who under the terms of the trust has power, either alone or jointly, to appoint a new trustee;
every co-trustee; and
in the case of a registered trust, the Authority.
The notice under subsection (4) shall state—
the date of commencement and duration of the power of attorney;
the name and address of the donee;
the reason for giving the power of attorney; and
the trust or function delegated.
Failure of the donor to comply with subsection (4) or (5) shall not of itself, in favour of a person dealing with the donee, invalidate anything done by the donee.
The donor is bound by and liable for all acts or defaults of the donee done or purportedly done under the power of attorney as if they were his own acts or defaults.
The provisions of this section shall not apply to a trust company acting as trustee.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
Terms defined in this Act
Authority
Defined · s 2―Authority‖ means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
company
Defined · s 46B―company‖, in relation to designated shares, means a Labuan company or a Labuan limited liability partnership established under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 that has issued the designated shares;
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;
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