Malaysia legislation
Section 130O
Section 130O
Labuan protected cell companies
(a)
a Labuan company may be incorporated as a Labuan protected cell company; and
(b)
an existing Labuan company may, if authorized by its articles and by special resolution, be converted into a
Labuan protected cell company.
(2)
A Labuan protected cell company may establish one or more cells for the purpose of segregating and protecting cell assets in the manner provided by this Part.
(3)
For the purposes of this Act, notwithstanding that a Labuan protected cell company may create one or more cells pursuant to the provisions of this Part, the Labuan protected cell company shall be a single legal person, and the creation by the Labuan protected cell company of a cell does not create, in respect of the cell, a legal person separate from the Labuan protected cell company.
(4)
No Labuan company or foreign Labuan company shall be incorporated as, or converted into, or operate as a Labuan protected cell company unless it is formed, and will operate for the sole purpose of—
Labuan Companies 153
(a)
conducting Labuan insurance business or Labuan captive insurance business on such terms as provided under the
Labuan Financial Services and Securities Act 2010 and
Labuan takaful business or Labuan captive takaful business on such terms as provided under the Labuan Islamic
Financial Services and Securities Act 2010; or
(b)
conducting the business of a mutual fund under the Labuan
Financial Services and Securities Act 2010 and the business of an Islamic mutual fund under the Labuan Islamic
Financial Services and Securities Act 2010.
Approval of the Authority