Section 2

a corporation sole;

a trade union registered under any written law as a trade union; and

a society registered under any written law relating to co-operative societies;

“court” means a court of competent jurisdiction;

“designated partner”, in relation to a Labuan limited liability partnership, means a partner identified as a designated partner in the application made to the Authority under section 30 or a notice filed under section 31;

“general partner”, in relation to a Labuan limited partnership, means a person who is named as a general partner in the partnership agreement filed under subsection 5(2) and if more than one, means each general partner;

“Labuan” means the Federal Territory of Labuan;

“Labuan company” has the meaning assigned to it in the

Labuan Companies Act 1990;

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“Labuan limited liability partnership” means a limited liability partnership registered under section 30 or 48;

“Labuan limited partnership” means a limited partnership registered under section 5;

“Labuan trust company” means a company registered as a

Labuan trust company under Part V of the Labuan Financial

Services and Securities Act 2010 [Act 704];

“limited partner”, in relation to a Labuan limited partnership, means a person who is named as a limited partner in the register kept under subsection 9(5) and if more than one, means each limited partner;

“Minister” means the Minister for the time being charged with the responsibility for finance;

“partner”—

in relation to a Labuan limited partnership, means a limited partner or a general partner; and

in relation to a Labuan limited liability partnership, means a person who is a partner, including a designated partner, in that partnership and named as such in the application made to the Authority under section 30 or a notice filed under section 31, as the case may be;

“partnership agreement” means an agreement in writing of the partners as to the affairs of a Labuan limited partnership or a

Labuan limited liability partnership, as the case may be, and the rights and obligations of the partners among themselves;

“partnership interest” means a partner’s share of the profits and losses of a Labuan limited partnership or a Labuan limited liability partnership, as the case may be, and the right to receive distribution of partnership assets and other benefits conferred by the partnership agreement;

Act 707

“prescribe”, where no mode is mentioned, means prescribe from time to time by order published in the Gazette, and a power to prescribe includes the power to make different provisions in the order for different persons, classes, categories or descriptions of persons, and “prescribed” shall be construed accordingly;

“property” includes—

assets of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, however acquired; and

legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in, such assets, including bank cheques, money orders, shares, securities, bonds, bank drafts and letters of credit;

“register”—

in respect of Labuan limited partnerships, means the register maintained under subsection 5(3); and

in respect of Labuan limited liability partnerships, means the register maintained under subsection 30(7);

“resident” means a person who—

in relation to a natural person, is a citizen or permanent resident of Malaysia; and

in relation to any other person, has established a place of business, and is operating, in Malaysia, and includes a person who is declared to be a resident pursuant to section 43 of the *Exchange Control Act 1953 [Act 17];

“ringgit” means a ringgit in the currency of Malaysia;

*NOTE—The Exchange Control Act 1953 [Act 17] has since been repealed by the Financial Services Act 2013 [Act 758] which comes into operation on 30 June 2013—see section 271 Act 758.

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“specify”, where no mode is mentioned, means specify from time to time in writing, and a power to specify includes the power to specify differently for different persons, classes, categories or descriptions of persons, and “specified” shall be construed accordingly;

“statutory value” has the meaning assigned to it in subsection 10(2).

For the purposes of this Act, a Labuan limited partnership is insolvent at a particular time when the general partner is unable to discharge the debts and obligations of the Labuan limited partnership, excluding liabilities to partners in respect of their partnership interests, as they fall due, out of the assets of the Labuan limited partnership without recourse to the separate assets of a general partner not contributed to the Labuan limited partnership, and “solvent” shall be construed accordingly.