Malaysia legislation
Section 46L
Section 46L
(2)
No such exclusion of entitlement shall have effect, or continue to have effect, after the expiration of twenty years from the creation of the trust.
(3)
Where a person who receives designated shares, or an interest in the designated shares, is a person who, by virtue of such an exclusion of entitlement, has no present right to receive the shares or that interest, he shall, without prejudice to the generality of subsection (1), hold those shares or that interest on trust to transfer the shares or that interest to the trustee, and the Court shall order him to do so on the application by the trustee or any person specified in subsection 46J(3).
(4)
During any such exclusion of entitlement, section 47 shall not apply to the trust.
74 Laws of Malaysia ACT 554
Disqualification of trustee as a director