Section 5
Founder of Labuan foundation
of Labuan Foundations Act 2010
ActIn forceProvision 5 of 117
Section 5
(1)
The founder of a Labuan foundation may be a resident or non-resident.
Act 706
(2)
The property of the Labuan foundation shall not include any
Malaysian property unless the prior approval of the Authority is obtained or the Labuan foundation is a foundation for charitable purposes.