Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
84. Commission, fees, charges and expenses levied by a Labuan trust company
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Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
where it holds an estate on behalf of any person, to receive out of the estate a commission, in addition to all monies properly expended by the Labuan trust company and fees payable to it and chargeable against the estate;
and
in all other cases, to levy fees, charges and expenses in respect of any work performed by the Labuan trust company for or on behalf of any person.
Labuan Financial Services and Securities 87
Where the Court is of the opinion that any commission, fees, charges or expenses levied in respect of any estate or in respect of any work performed by the Labuan trust company are excessive, the Court may, on the application of any person, on whose behalf the estate is held, or on whose behalf the work was performed, review that commission, fees, charges or expenses, and may reduce it as it thinks fit.
The commission, fees, charges or expenses which a Labuan trust company is entitled to receive under this section shall not in any way be affected or diminished by the fact that any other person may be entitled to a commission, fees, charges or expenses in respect of the work performed.
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
A Labuan trust company shall have the right to share the commission, fee, charges or expenses to which it is entitled under this section with any other person.