Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
42B. Remedies for breach of trust
Official textFrom Laws of Malaysia Online, unchanged
The Court may, to remedy a breach of trust that has occurred, make an order to—
compel the trustee to perform the trustee’s duties;
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
compel the trustee to redress a breach of trust by paying money, restoring property or other means;
breach of trust
―breach of trust‖ means— (a) any act by a trustee which is in contravention of the duties imposed; (b) any act or neglect by a trustee which is not authorized or excused; or (c) any neglect or omission on the part of the trustee to fulfill the duties imposed upon him, by this Act, the proper law of the trust or the terms of the trust;
order a trustee to account to such breach of trust;
appoint a special fiduciary to take possession of the trust property and administer the trust;
trust property
―trust property‖ means the property for the time being held on trust;
suspend the trustee;
remove the trustee;
reduce or deny compensation to the trustee;
subject to section 44, invalidate an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
grant any other appropriate relief.
Terms defined in s 2
breach of trust
Defined · s 2―breach of trust‖ means— (a) any act by a trustee which is in contravention of the duties imposed; (b) any act or neglect by a trustee which is not authorized or excused; or (c) any neglect or omission on the part of the trustee to fulfill the duties imposed upon him, by this Act, the proper law of the trust or the terms of the trust;
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;
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