Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
59. Interpretation
Feedback & supportIn this Part, unless the context otherwise requires—
“estate” means any property, whether real or personal, which is committed to the administration or management of a Labuan trust company as executor, administrator, trustee, receiver, committee, guardian or agent;
property
“property” includes any plant, machinery, equipment or other chattel attached or to be attached to the earth and “charters of ships” means bareboat charters only and does not include the transportation of passengers or cargo by sea or the charter of ships on a voyage or time charter;
Labuan Financial Services and Securities 73
“Labuan managed trust company” means a person carrying on trust company business where such business is managed by another
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
Labuan trust company pursuant to the provisions of Division 3
Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
of this Part;
“settlor” means—
a person who provides trust property or makes a testamentary disposition on trust or to a trust, but does not include a person who contributes to a unit trust and described as such within a trust instrument; and
unit trust
“unit trust” means a trust established under the laws of Malaysia relating to Labuan or the laws of any recognized country or jurisdiction for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under the trust in any profits or income arising from the acquisition, holding, management or disposal of any property.
if there is more than one settlor named in the trust instrument, the named settlors must be connected persons;
“trust company business” means—
establishing or using a share transfer office or share registration office;
office
“office” includes the principal place of business, a branch, an agency, a mobile place of business, a place of business set up and maintained for a limited period only, an electronic terminal and any other place of business;
administering, managing or otherwise dealing with property as an agent, legal personal representative or trustee, whether by servant or agent or otherwise;
maintaining an agent for the purpose of soliciting or procuring business, whether or not the agent is continuously resident in Labuan;
resident
“resident” means any person who is— (a) in relation to a natural person, a citizen or permanent resident of Malaysia; and (b) in relation to any other person, a person who has established a place of business, and is operating, in Malaysia, and includes a person who is declared to be a resident pursuant to section 43 of the *Exchange Control Act 1953;
maintaining an office, agency or branch, whether or not that office, agency or branch is also used for any purpose by another entity;
the provision of—
management and accounting services to; or
directors, secretaries and registered offices for,
Labuan companies incorporated or registered under the Labuan Companies Act 1990 and foreign Labuan companies registered under that Act;
incorporating or registering companies under the Labuan
Companies Act 1990 and generally acting as a lodging agent for any document required to be lodged by a company or person under that Act; and
providing such other services as may be approved by the Authority from time to time, to or on behalf or any person;
“trust instrument” means an instrument in writing by which a trust is created and includes a unilateral declaration of trust and an instrument varying the terms of the trust.
declaration
“declaration” means a written statement of facts which the person making it signs and solemnly declares to be true before a commissioner or magisterial officer or notary public;