Malaysia legislation
Section 70
of LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010
Section 70
(2)
Every general partner or designated partner, as the case may be, shall cause appropriate entries to be made in the accounting and other records of the Labuan limited partnership or Labuan limited liability partnership, as the case may be, within sixty days of the completion of the transactions to which they relate.
(3)
The accounting and other records of a Labuan limited partnership and Labuan limited liability partnership shall be kept at its registered office or at such other place in Labuan as the general partner or designated partner, as the case may be, thinks fit and shall at all times be open to inspection by any partner.
(4)
Unless otherwise required in the partnership agreement, the accounts of a Labuan limited partnership and Labuan limited liability partnership shall not be required to be audited.
(5)
A general partner or designated partner of a Labuan limited partnership or Labuan limited liability partnership, as the case may be, who fails to take all reasonable steps to secure compliance by the
Labuan limited partnership or Labuan limited liability partnership, with the requirements of this section commits an offence against this Act.
Permitted purpose of establishment