Section 68
Labuan trust company’s power to act as sole trustee
of Labuan Financial Services and Securities Act 2010
A Labuan trust company may be appointed or continue to act as sole trustee notwithstanding that it is provided by the terms of the instrument creating the trust or any power or otherwise that there shall be more than one trustee to perform the trust.
(2)
Notwithstanding subsection (1), a Labuan trust company shall not be appointed or be entitled to act as sole trustee in any case in which the instrument creating the trust or power expressly—
(a)
forbids the appointment of a Labuan trust company;
(b)
provides that there shall be another trustee in addition to a Labuan trust company; or
(c)
provides that a Labuan trust company shall not be appointed to act as sole trustee.