71. Licensing of Labuan managed trust companies

Terms defined in this Act

• Authority

  Authority

  Defined · s 2

  “Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;

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• foreign company

  foreign company

  Defined · s 2

  “foreign company” means— (a) a company, a corporation, a society, association or other body incorporated outside Malaysia; or (b) an unincorporated society, association or other body which under the law of its place of origin may sue or be sued, or hold property in the name of the secretary or other officer of the society, association or body duly appointed for that purpose, and which does not have its head office or principal place of business in Malaysia;

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• foreign Labuan company

  foreign Labuan company

  Defined · s 2

  “foreign Labuan company” means a foreign company registered under Part VIII of the Labuan Companies Act 1990;

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• Labuan

  Labuan

  Defined · s 2

  “Labuan” means the Federal Territory of Labuan;

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• Labuan company

  Labuan company

  Defined · s 2

  “Labuan company” has the meaning assigned to it in the Labuan Companies Act 1990;

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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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• Labuan trust company

  Labuan trust company

  Defined · s 2

  “Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;

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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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