Section 31

in subsection (1), by substituting for the words “at least one director who may be a resident director” the words

“one or more directors at least one of whom shall be resident director”;

by substituting for subsection (2) the following subsection:

“(2)  A resident director of a Labuan company under subsection (1) shall be—

a trust officer of a Labuan trust company approved by the Authority under the Labuan

Financial Services and Securities Act 2010

made available by the Labuan trust company to be appointed as resident director; or

any natural person who has attained the age of eighteen, who is otherwise of full legal capacity, fulfills such criteria or requirement as may be determined by the Authority and has consented in writing to be appointed as resident director.”;

by substituting for subsection (5) the following subsection:

“(5)  A trust officer or a natural person appointed as resident director pursuant to paragraph (2)(a)

or (2)(b), as the case may be, may retire or resign subject to the terms of the agreement between the

Labuan trust company and the Labuan company of which he was appointed as resident director.”;

by deleting subsection (5a);

by inserting after subsection (9) the following penalty provision:

“Penalty: Three million ringgit or imprisonment for a term not exceeding five years or both.”; and

by substituting for subsection (10) the following subsection:

“(10)  The fees payable for the appointment as resident director shall be paid—

in the case of the trust officer appointed as resident director of Labuan company pursuant to paragraph 2(a), to the Labuan trust company which made him available for the appointment; and

in the case of the natural person appointed as resident director of Labuan company pursuant to paragraph 2(b), directly to the person.”.

Substitution of section 90