Malaysia legislation
Section 46J
Section 46J
(2)
The Court shall, if satisfied that the application under subsection (1) is well founded, grant relief by—
(a)
making such order as it considers appropriate to attain, as nearly as may be, the outcome that the Court considers would have been, or would most likely have been, attained in respect of the trust, the company, its directors and generally if the breach had not occurred; and
72 Laws of Malaysia ACT 554
(b)
making such, if any, supplementary or incidental order as the Court deems, in the circumstances of the case, reasonably required having regard to the primary purpose of this Part, provided that no order shall be made under this subsection to prejudice any interest in property which was acquired from the trustee in good faith, for value and without actual or constructive notice of the trust, or from the company in good faith and for full consideration, or to prejudice any interest deriving from such an interest.
(3)
The persons referred to in subsection (1) are as follows:
(a)
an interested person;
(b)
a director of the company; and
(c)
a person who, under the applicable office of director rules, would be a director if the trustee had complied with its obligations under section 46G.
(4)
Without prejudice to subsections (1) to (3), but subject to subsection (5), where in the case of a trust there is a breach of a duty or obligation imposed by this Act on its trustee, the breach shall be, and be actionable in civil proceedings as, a breach of the trust which shall be taken to include references to a prospective breach.
(5)
Where civil proceedings are instituted in relation to a breach of a duty or obligation, the Court shall, in granting any remedy, take into account of any relief granted or available in respect of the breach on an application under subsection (1).
(6)
Subject to the terms of the trust and to sections 46G and 46H, where designated shares are held on trust, no act or omission of a director of the company shall be a ground for any person to seek intervention by the Court in the affairs of the trust.
Labuan Trusts 73
Power of Court to order disposal