Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
77. Powers of the Authority
Feedback & supportNotwithstanding anything to the contrary in any trust instrument, where the Authority is satisfied that in the interest of a private trust it is necessary for all or any of the trusts for which the Labuan private trust company is acting as trustee to be transferred to a new trustee for administration by such trustee, the Authority may petition the court for that purpose.
trust instrument
“trust instrument” means an instrument in writing by which a trust is created and includes a unilateral declaration of trust and an instrument varying the terms of the trust. Licence required to carry on trust company business in Labuan
Whenever the Authority takes action pursuant to subsection (1), the court may, after hearing representations from the Authority or any other person appearing to the court to be affected, order the transfer of any such trust to a new trustee, and may make such supplemental or incidental orders or give such directions as the court thinks fit.
Without prejudice to any provision under any written law, the Authority shall have the locus standi or legal right to appear, institute and conduct proceedings pursuant to subsection (1).
The Authority may claim the legal costs incurred in the exercise of its powers under subsection (1) from the relevant person or Labuan private trust company, as the case may be.
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;