Section 69
Labuan trust company’s power to act as joint trustee with another
of Labuan Financial Services and Securities Act 2010
ActIn forceProvision 69 of 201
Section 69
(1)
A Labuan trust company may act as trustee, executor or agent together with another Labuan trust company or person if—
(a)
the instrument under which it acts so provides;
(b)
it is authorized or required to do so by law; or
(c)
the Court so orders.
(2)
A Labuan trust company shall not be liable for breach of trust or loss resulting from any act or omission of a joint trustee, executor or agent with whom it is acting, unless the Labuan trust company has itself actively participated in, or assented to, such breach of trust.
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