Malaysia legislation
Section 61
of LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010
Section 61
(2)
A partner of a Labuan limited liability partnership may cease to be a partner in accordance with the partnership agreement, or in the absence of such agreement, by that partner giving thirty days’ written notice to the other partners of that partner’s intention to resign as a partner.
(3)
Without affecting the generality of subsection (2), a partner of a Labuan limited liability partnership shall cease to be a partner upon the death or dissolution of the partner.
(4)
Where a partner of a Labuan limited liability partnership ceases to be a partner, unless otherwise provided in the partnership agreement, the former partner, his personal representative or its liquidator, as the case may be, shall be entitled to receive from the Labuan limited liability partnership an amount—
(a)
equal to the former partner’s capital contribution to the
Labuan limited liability partnership and the former partner’s right to share in the accumulated profits of the
Labuan limited liability partnership after the deduction of losses of the Labuan limited liability partnership; and
(b)
determined as at the date the former partner ceased to be a partner.
(5)
For the avoidance of doubt, a former partner, his personal representative or its liquidator, as the case may be, shall not interfere in the management of the Labuan limited liability partnership.
Act 707
Bankruptcy of a partner