Labuan Foundations Act 2010 · Updated to 23 Apr 2025 · Part V · Council, Officers and Secretary
38. Duties of officers
Feedback & supportAn officer of a Labuan foundation shall take all such steps and do or cause to be done all such things as may be necessary to
officer
“officer” means the officer of a Labuan foundation appointed in accordance with section 35;
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properly administer the Labuan foundation to achieve the purposes or objects of that Labuan foundation.
The officer of a Labuan foundation shall exercise reasonable care and skill in the conduct of the affairs of the Labuan foundation, including exercising reasonable care and skill in the management and investment of the property of the Labuan foundation.
property
“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;
The officer of a Labuan foundation shall act in accordance with the provisions of the constituent document of the Labuan foundation and the provisions of this Act.
constituent document
“constituent document” means the charter and the articles, of a Labuan foundation;
In the absence of the appointment of a council or supervisory person, the officers of a Labuan foundation acting jointly shall be the governing body of the Labuan foundation and, as against a third party, the officers so acting shall represent the Labuan foundation.
supervisory person
“supervisory person” means any person or body of persons having supervisory powers over the Labuan foundation and is appointed under the charter of the Labuan foundation;
Except where the constituent document of a Labuan foundation otherwise provides and subject to the provisions of this Act, the officers of the Labuan foundation shall act unanimously and may so act by circulation of a written document duly signed by each officer.