Section 38

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.

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.

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.

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.

Act 706

Cessation of officer