Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
81. Examination of books and accounts of a Labuan trust company
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person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
satisfies the Court that he has an interest under any trust which is for the time being under the control or management of a Labuan trust company; and
objects to an act or decision of the Labuan trust company on the basis that there was some irregularity or impropriety by the Labuan trust company in doing that act or making that decision, may apply to the Court to have such entries in the books and accounts of the Labuan trust company as are related to that act or decision examined.
Where the Court receives an application under subsection (1), it may appoint an auditor to examine such entries in the books and accounts of the Labuan trust company and the auditor shall report his findings to the Court.
Where it is established by the findings of the auditor that there has been an irregularity or impropriety by the Labuan trust company, the Court may make such order as it thinks fit.
established
“established”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the third column of the First Schedule as against such person;
For the purposes of this section, an auditor shall not include any internal auditor of the Labuan trust company.
Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;