Section 12

Terms defined in s 2

• charter

  charter

  Defined · s 2

  “charter” means the charter of a Labuan foundation provided for in section 8;

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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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• initial assets

  initial assets

  Defined · s 2

  “initial assets” means the property endowed by the founder or founders, as the case may be, at the time of establishment of a Labuan foundation and vested in and being the property of that Labuan foundation;

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• Labuan

  Labuan

  Defined · s 2

  “Labuan” means the Federal Territory of Labuan;

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• Malaysia

  Malaysia

  Defined · s 2

  “Malaysia” means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non living;

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• person

  person

  Defined · s 2

  “person” includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;

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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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• to endow

  to endow

  Defined · s 2

  “to endow” means to pass, or covenant to pass, the title in property, absolutely so as to transfer the title to the property effectively, with or without consideration, to a Labuan foundation so that the property is the property of that Labuan foundation. *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see section 271…

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