Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part II · Creation and Recognition of Labuan Trusts
8. Creation of Labuan trust
Official textFrom Laws of Malaysia Online, unchanged
A Labuan trust shall not be valid unless it is created by a will or other instrument in writing, including a unilateral declaration of trust, but a unit trust shall be created only by a will or other instrument in writing.
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
A unilateral declaration of trust is a declaration in writing by a trust company stating—
unilateral declaration of trust
―unilateral declaration of trust‖ has the meaning assigned to it by section 8;
that it is the trustee of a Labuan trust;
the name of the trust;
the terms of the trust; and
the names or information enabling the identification of all the beneficiaries.
A unilateral declaration of trust need not contain the name of the settlor, but in such case the declaration shall contain a statement by the trust company that the settlor is a qualified person on the date of the making of the declaration.
trust
―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;
Terms defined in this Act
company
Defined · s 46B―company‖, in relation to designated shares, means a Labuan company or a Labuan limited liability partnership established under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 that has issued the designated shares;
Labuan trust
Defined · s 2―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
qualified person
Defined · s 2―qualified person‖ means a person who is not a resident of Malaysia;
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;
terms of the trust
Defined · s 2―terms of the trust‖ means the written or oral terms of a trust or any other terms applicable under its proper law;
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;
unilateral declaration of trust
Defined · s 2―unilateral declaration of trust‖ has the meaning assigned to it by section 8;
unit trust
Defined · s 2―unit trust‖ means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under the trust in any profits or income arising from the acquisition, holding, management or disposal of any property.
Part III
Beneficiaries of Labuan Trusts
Part IV
Trustees of Labuan Trusts
Part V