Section 67
of Labuan Limited Partnerships and Limited Liability Partnerships Act 2010
Section 67
Subject to sections 53 and 54—
(a)
in the case of receivership of a Labuan limited liability partnership, the provisions of Part VIII (in so far as they relate to a company limited by shares) of the
*Companies Act 1965 shall apply; and
(b)
in the case of winding-up of a Labuan limited liability partnership, the provisions of Part X (in so far as they relate to a company limited by shares) of the *Companies
Act 1965 and the Companies (Winding-Up) Rules 1972, or section 68 shall apply.
*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016 [Act 777] which comes into operation on 31 January 2017—see subsection 620(1) of
Act 777.
Labuan Limited Partnerships and Limited
Liability Partnerships 61
(2)
The application of Part VIII and Part X (in so far as they relate to a company limited by shares) of the *Companies Act 1965, and the Companies (Winding-Up) Rules 1972 under subsection (1)
shall be subject to such modifications and adaptations as may be necessary, and in particular the following modifications:
(a)
references to a “company” shall be taken as references to a Labuan limited liability partnership;
(b)
references to a “director” or to a “member” of a company shall be taken as references to a partner of a Labuan limited liability partnership;
(c)
references to the “memorandum” and “articles of a company” shall be taken as references to the partnership agreement of a Labuan limited liability partnership;
(d)
references to a “resolution” of a company shall be taken as references to a determination or decision of a Labuan limited liability partnership; and
(e)
references to “shares” of a member of a company shall be taken as references to the partnership interest of a partner in the Labuan limited liability partnership.