Section 51
Duty of fund manager and custodian or trustee to be independent of each other
of Labuan Financial Services and Securities Act 2010
ActIn forceProvision 51 of 201
Section 51
(1)
The fund manager and the custodian or trustee of a public fund shall—
(a)
be different persons and act independently of each other;
(b)
not be a related corporation of the other; and
(c)
not have executive directors or other officers in common.
(2)
Any person who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both.