11. Property of Labuan foundation

Terms defined in s 2

• beneficiary

  beneficiary

  Defined · s 2

  “beneficiary” means a person designated as a beneficiary under the provisions of the constituent document of a Labuan foundation;

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• constituent document

  constituent document

  Defined · s 2

  “constituent document” means the charter and the articles, of a Labuan foundation;

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• founder

  founder

  Defined · s 2

  “founder” means the person who subscribes his name to the charter establishing a Labuan foundation acting either for himself or on behalf of another person and who, by transfer of title, endows that Labuan foundation with its initial assets;

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• Labuan

  Labuan

  Defined · s 2

  “Labuan” means the Federal Territory of Labuan;

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• property

  property

  Defined · s 2

  “property” includes— (a) assets of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, however acquired; and (b) legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in, such assets as described in paragraph (a), including bank cheques, money orders, shares, securities, bonds, bank drafts and letters of credit;

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