Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part IX
138. Powers of the committee
Feedback & supportThe affairs of an exchange established under section 134
exchange
“exchange” includes a body corporate established as a securities exchange under section 134 and the Labuan International Financial Exchange that was established by the Minister under section 30 of the *Labuan Offshore Securities Industry Act 1998 that was approved and recognized immediately before the effective date;
shall be managed by a committee consisting of not less than three persons who possess relevant experience in financial, commercial or legal matters of whom the chairman and one other person shall be appointed by the Minister and the rest appointed by the
committee
“committee” means the persons responsible for all matters relating to listing, licensing, trading and other matters related to the securities market;
Authority.
Labuan Financial Services and Securities 139
Subject to this Division, such committee shall have full power in all matters relating to listing, licensing, securities or dealings on such exchange and other matters related thereto.
securities
“securities” means any investments commonly known or capable of being described as securities, and includes— (a) shares, debentures, funds, units, interests in a limited partnership or limited liability partnership or unit trust or foundation or protected cell company or corporation; (b) debentures, bonds or notes of or issued by any body (incorporated or unincorporated), government, local government or public authority; *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…
Subject to section 184, the provisions of the Labuan
Companies Act 1990 shall, unless the context otherwise requires, apply in all respects to the persons who make up the committee as if such persons were directors for the purposes of that Act.