60. Licence required to carry on trust company business in Labuan

Terms defined in this Act

• Labuan

  Labuan

  Defined · s 2

  “Labuan” means the Federal Territory of Labuan;

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• Labuan managed trust company

  Labuan managed trust company

  Defined · s 59

  “Labuan managed trust company” means a person carrying on trust company business where such business is managed by another Labuan trust company pursuant to the provisions of Division 3 of this Part;

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• licence

  licence

  Defined · s 2

  “licence” means a licence granted or renewed under this Act;

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• person

  person

  Defined · s 2

  “person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;

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• trust company business

  trust company business

  Defined · s 59

  “trust company business” means— (a) establishing or using a share transfer office or share registration office; (b) administering, managing or otherwise dealing with property as an agent, legal personal representative or trustee, whether by servant or agent or otherwise; (c) maintaining an agent for the purpose of soliciting or procuring business, whether or not the agent is continuously resident in Labuan; (d) maintaining an office, agency or branch, whether or not that office, agency or branch is also used for any purpose by another entity; (e) the provision of— (i) management and accounting services to; or (ii) 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; (f) 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 (g) providing such other services as may be approved by the Authority from time to time, to or on behalf or any person;

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