Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
68. Labuan trust company’s power to act as sole trustee
Feedback & supportA 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.
Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
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—
forbids the appointment of a Labuan trust company;
provides that there shall be another trustee in addition to a Labuan trust company; or
provides that a Labuan trust company shall not be appointed to act as sole trustee.