Malaysia legislation
Section 53
Section 53
(2)
Any contract made according to this section shall be effectual in law, and shall bind a Labuan foundation and all other parties to the contract and may be varied or discharged in the manner in which it is authorized to be made.
(3)
A document or proceeding requiring authentication by a
Labuan foundation may be signed by an authorized officer of the Labuan foundation and need not be under its seal.
(4)
A Labuan foundation may, by writing—
(a)
if the Labuan foundation has a seal, under that seal; or
(b)
signed by the authorized signatories of the Labuan foundation, each signing or under the seal of the signatory, as the case may be, empower any person either generally or in respect of any specified matters as its agent or attorney to execute any deed, instrument or other document on its behalf and any deed, instrument or document signed by such agent or attorney on behalf of that
Labuan foundation under his seal or by the authorized signatories of the agent or attorney, shall bind the Labuan foundation; and all persons dealing in good faith shall be entitled to presume the regular and proper execution of the deed, instrument or other document and to act accordingly.
Labuan Foundations 39
Disclosure of interest