Section 23 — LABUAN FOUNDATIONS ACT 2010

(2)

A foundation established under the laws of another country or jurisdiction that satisfies the requirements of this Act may redomicile in Labuan—

(a)

by submitting to the Authority—

(i)

a written application duly signed by all officers, or the equivalent, of the foundation, requesting the Authority to register the foundation under this Act;

(ii)

a statement containing the particulars required under the First Schedule; and

(iii)

a statutory declaration by the secretary or any equivalent officer of the foundation of compliance with all relevant requirements of this Act; and

(b)

upon payment of the prescribed fee.

Act 706

(3)

The Authority may, upon receipt of the documents and payment of fees under subsection (2), issue a certificate of registration.

(4)

Upon the issuance of the certificate of registration by the

Authority under subsection (3)—

(a)

the foundation shall be capable of exercising all powers of a Labuan foundation registered under this Act and no longer be treated as a foundation registered under the laws of the country from which such foundation was redomiciled;

(b)

all properties and other assets of the foundation, including choses in action, shall continue to be vested in the foundation;

(c)

the foundation shall continue to be liable for all of its claims, debts, liabilities and obligations existing prior to its registration under this Act;

(d)

no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due and no cause of action existing, against the foundation or against any council member, officer or agent of the foundation, shall be released or impaired by its registration under this Act; and

(e)

no proceedings, whether civil or criminal, pending by or against the foundation or against any council member, officer or agent of the foundation, shall be abated or discontinued by reason of its registration under this

Act, and the proceedings may be continued, enforced, prosecuted, settled or compromised by or against the foundation or against the council member, officer or agent of the foundation, as the case may be.

Redomicilation in another country