Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part IV · Trustees of Labuan Trusts
46K. Power of Court to order disposal
Official textFrom Laws of Malaysia Online, unchanged
Where it appears to the Court that the retention of the designated shares is no longer compatible with the wishes of the settlor, the Court shall have power, on the application of any interested person, to order or authorize a sale or other disposal of the designated shares, and a sale or other disposal so ordered or authorized shall not require any consent referred to in subsection 46I(3).
In making an order or authorization under subsection (1), the
Court may impose such, if any, terms and conditions in relation to the sale or other disposal as it thinks fit.
disposal
―disposal‖, in relation to designated shares, includes— (a) the exercise of voting powers leading, or capable of leading, to the liquidation of the company or the cancellation of the shares or of any rights attached to them; and (b) the creation of any legal or equitable interest in the shares;
Terms defined in this Act
designated shares
Defined · s 46B―designated shares‖ means shares in a Labuan company or partnership interests in a Labuan limited liability partnership Labuan Trusts 59 established under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 comprised in a trust fund and in respect of which a valid direction under subsection 46D(1) has been made;
disposal
Defined · s 46B―disposal‖, in relation to designated shares, includes— (a) the exercise of voting powers leading, or capable of leading, to the liquidation of the company or the cancellation of the shares or of any rights attached to them; and (b) the creation of any legal or equitable interest in the shares;
interested person
Defined · s 46B―interested person‖, in relation to a trust, means— (a) a beneficiary of the trust; (b) an object of a discretionary power over any of the capital or income of the trust; (c) a parent or legal guardian of any minor falling within paragraphs (a) or (b); (d) an enforcer; (e) a protector; or (f) an appointed enquirer;
settlor
Defined · s 2―settlor‖ means a person who makes a trust and includes a person who provides trust property or makes a testamentary disposition on Labuan Trusts 11 trust or to a trust, but does not include a person who contributes to a unit trust;
Part V