Labuan Financial Services Authority Act 1996 · s 3

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3.
The Authority and its objectives
(1)  There is hereby established a body corporate by the name of
“Labuan Financial Services Authority” with perpetual succession and a common seal, which may sue and be sued in its name and, subject to and for the purposes of this Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property or any interest therein vested in the Authority upon such terms as it deems fit.
(2)
The objectives of the Authority are—

10                                      Laws of Malaysia                           ACT 545
(a)
to promote and develop Labuan as an international centre for business and financial services;
(b)
to develop national objectives, policies and priorities for the orderly development and administration of the international business and financial services in Labuan;
and
(c)
to act as the central regulatory, supervisory and enforcement authority of the international business and financial services industry in Labuan.

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s 3The Authority and its objectives

(1)

There is hereby established a body corporate by the name of

“Labuan Financial Services Authority” with perpetual succession and a common seal, which may sue and be sued in its name and, subject to and for the purposes of this Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property or any interest therein vested in the Authority upon such terms as it deems fit.

(2)

The objectives of the Authority are—

10 Laws of Malaysia ACT 545

(a)

to promote and develop Labuan as an international centre for business and financial services;

(b)

to develop national objectives, policies and priorities for the orderly development and administration of the international business and financial services in Labuan;

and

(c)

to act as the central regulatory, supervisory and enforcement authority of the international business and financial services industry in Labuan.