Malaysia legislation
Section 35
Section 35
Section 93 of the principal Act is amended—
(a)
in subsection (2)—
(i)
by substituting for the words “an officer” the words “a trust officer”;
(ii)
by substituting for the words “the Labuan
Financial Services Authority Act 1996” the words
“the Labuan Financial Services and Securities
Act 2010”; and
(iii)
by substituting for the words “or a Labuan company, or a domestic company wholly owned by the Labuan trust company,” the words “or a Labuan company or a domestic company, wholly owned by the Labuan trust company and approved by the Authority,”;
(b)
in subsection (2c), by substituting for the words
“the provisions of section 151 shall apply”
the words “the company is deemed to be struck off the register”; and
(c)
by substituting for subsection (6) the following subsection:
“(6) The salary of the resident secretary of a Labuan company payable by a Labuan company shall be paid directly to the Labuan trust company which made him available for the appointment.”.
Amendment of section 94