5. Founder of Labuan foundation

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;

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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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• 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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• 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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• resident

  resident

  Defined · s 2

  “resident” means any person— (a) who is a citizen or permanent resident of Malaysia; or (b) who has established a place of business and is operating in Malaysia, other than a Labuan company or a foreign Labuan company incorporated or registered under the Labuan Companies Act 1990, a Labuan foundation established under this Act, a partnership registered under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010, and includes a person who is declared to be a resident pursuant to section 43 of the *Exchange Control Act 1953;

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