Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
43. Trustee acting in respect of more than one trust
Official textFrom Laws of Malaysia Online, unchanged
A trustee acting for more than one trust shall not, in the absence of fraud, be affected by notice of any instrument, matter, fact or thing in relation to any particular trust if the trustee has obtained
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
56 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;
notice of it by reason of acting or having acted for the purposes of another trust.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
A trustee of a trust shall disclose to any co-trustee any interest which he has as trustee of another trust if any transaction in relation to the first-mentioned trust is to be entered into with the trustee of the other trust.
Terms defined in s 2
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;
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