Section 45
Eligibility of trustees or custodians of public funds
of Labuan Financial Services and Securities Act 2010
ActIn forceProvision 45 of 201
Section 45
(1)
No person shall carry on business as a trustee of a public fund unless that person is a Labuan trust company.
(2)
No person shall carry on business as a custodian of a public fund unless it is a bank licensee or a Labuan trust company.
(3)
This section does not apply to a person who is and continues to be a qualified and authorized trustee or custodian of public funds under the laws of any recognized country or jurisdiction and has received written permission from the Authority to carry on business as a trustee or custodian of a public fund.
Subdivision 3
GRANT OF LICENCE OR REGISTRATION