Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part V · Miscellaneous
47. Variation of terms of trust on behalf of minors, etc.
Official textFrom Laws of Malaysia Online, unchanged
Subject to subsection (2), the Court may, on the application of a settlor or his personal representative, the protector of a trust, a trustee or a beneficiary, on behalf of—
any minor, or any person incapacitated at law, who has directly or indirectly an interest, whether vested or contingent, under the trust;
any person, whether ascertained or not, who may become entitled, directly or indirectly, to an interest under the trust as being at a future date or on the happening of a future event;
a person of any specified description or a member of any specified class of persons;
any person unborn; or
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any person in respect of any interest of his that may accrue to him by reason of any discretionary power given to anyone on the failure or determination of any existing interest that has not failed or determined, approve any arrangement which varies or revokes the terms of a trust or enlarges or modifies the powers of management or administration of any trustee, whether or not there is another person with a beneficial interest who is capable of assenting to the arrangement.
The Court shall not approve an arrangement on behalf of any person mentioned in paragraph (1)(a), (b), or (c) unless it is satisfied that the carrying out of such arrangement appears to be for the benefit of that person.
person
―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
Terms defined in s 2
beneficiary
Defined · s 2―beneficiary‖ means a person entitled to benefit under a trust or in whose favour a discretion to distribute property held in trust may be exercised;
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;
minor
Defined · s 2―minor‖ means a person who has not attained the age of majority under the proper law of a trust or, where no law has been chosen, the law of his domicile;
person
Defined · s 2―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
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;
specified
Defined · s 2―specified‖, where no mode is mentioned in this Act, means specified from time to time in writing, and a power to specify includes the power to specify differently for different persons or different classes, categories or description of persons;
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;