Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
39. Appointment or assignment of trust property
Official textFrom Laws of Malaysia Online, unchanged
Where the terms of the trust confer on the trustee or on any other person power to appoint or to assign all or any part of the trust property or any interest in the trust property to, or to trustees for the
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;
50 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;
benefit of, any person, such power shall, subject to the terms of the trust, have effect whether or not beneficiary of the trust immediately prior to such an appointment or assignment.
person
―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
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;
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;
trust property
Defined · s 2―trust property‖ means the property for the time being held on 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