Malaysia legislation
Section 41
Section 41
(a)
to the Court;
(b)
to the settlor, the enforcer or the protector of the trust, unless the trustee has reason to believe that such person is making the request under duress; or
(c)
where the terms of the trust so authorize—
(i)
to any beneficiary having a vested interest in the trust; or
(ii)
to the charity referred to by name in the trust instrument as a beneficiary under the trust.
(2)
Subject to the terms of the trust and to any order of the Court given on special and exceptional grounds, a trustee or other person
Labuan Trusts 51
shall not be required to disclose to any person not legally entitled to it under subsection (1) any document or information which discloses—
(a)
his deliberations as to how he should exercise or has exercised his functions as trustee;
(b)
the reasons for any decision made in the exercise of those functions;
(c)
any material upon which such a decision was or might have been based;
(d)
any part of the accounts of the trust; or
(e)
any letter of wishes given by the settlor or beneficiary.
(3)
Notwithstanding the terms of the trust—
(a)
the Court may, on application made to it, declare that in particular circumstances of the trust its terms do not render the trustee sufficiently or appropriately accountable to the beneficiaries or any of them; and
(b)
the Court may, pursuant to such declaration, extend or restrict the rights of all or any beneficiaries to information relating to the trust or may make such other order as it thinks fit.
(4)
Except as is required, permitted or otherwise provided by this
Act, or by the terms of the trust or as may be necessary for the purposes of the trust, and notwithstanding the provisions of any other law—
(a)
every trustee and every other person shall at all times regard and deal with all documents and information relating to a trust as secret and confidential;
(b)
no trustee or other person shall at any time be required to produce to or before any court, tribunal, board, committee of inquiry or any other authority or to divulge to any such authority any matter or thing coming to his notice or being in his possession for any reason, where such matter or thing relates to a trust.
52 Laws of Malaysia ACT 554
(5)
Any trustee or other person who, except as is required, permitted or otherwise provided by this Act, or by the terms of the trust or by the Court, at any time communicates or attempts to communicate any matter or thing relating to a trust to any person commits an offence.
Penalty: Imprisonment for five years or one million ringgit or both.
Liability for breach of trust