Section 71
Permitted purpose of establishment
of Labuan Limited Partnerships and Limited Liability Partnerships Act 2010
A Labuan limited partnership and a Labuan limited liability partnership shall be subject to the same restriction or prohibition as a Labuan company under the Labuan Companies Act 1990 unless expressly permitted under this Act or where such restriction or prohibition is permitted or waived under the Labuan Companies
Act 1990, the same permission or waiver shall equally apply to a
Labuan limited partnership and a Labuan limited liability partnership.
(2)
Notwithstanding subsection (1), the Minister may by notice published in the Gazette, order that a Labuan limited partnership or Labuan limited liability partnership be restricted or prohibited from carrying on any specified business in Labuan and may, by notice published in the Gazette, impose conditions subject to which a specified business may be carried on by a Labuan limited partnership or a Labuan limited liability partnership.
Act 707
(3)
Any Labuan limited partnership or Labuan limited liability partnership which fails to comply with subsection (1) or fails to comply with the order of the Minister under subsection (2)
commits an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.