Malaysia legislation
Section 46I
Section 46I
(a)
shall not carry an implied duty to exercise the power for the purpose of preserving or enhancing the value of the property of the trust or to consider its exercise for that purpose; and
Labuan Trusts 71
(b)
shall not render the trustee liable, in consequence of not exercising such power, for losses of the kind referred to in subsection 46E(3).
(2)
Subject to section 46K, the trustee shall not, unless the trust instrument otherwise provides, sell or dispose of the designated shares in the management or administration of the trust fund without—
(a)
the consent of the directors of the company or of a majority of them if more than one; and
(b)
such consents, if any, are made requisite by the trust instrument.
(3)
The power to sell or dispose of the designated shares under subsection (1) shall be made in such manner, and upon such terms and conditions, as the trustee, acting in its fiduciary capacity, thinks fit.
(4)
Section 48 shall not apply to the trust to the extent that the section permits the Court to confer upon the trustee any power of sale or other disposal.
Enforcement