Section 11
Property of Labuan foundation
of Labuan Foundations Act 2010
ActIn forceProvision 11 of 117
Section 11
(1)
Any property endowed to a Labuan foundation shall be the property of that Labuan foundation with full legal and beneficial title and shall cease to be the property of the founder and shall not become the property of a beneficiary unless the property is distributed in accordance with the provisions of the constituent document and the provisions of this Act.
Labuan Foundations 17
(2)
The property of a Labuan foundation shall be exclusively managed, including being realised, applied, administered, invested and disbursed in accordance with the constituent document and the provisions of this Act for the attainment of the purposes or objects of the Labuan foundation.