Section 55
Liability of council member, supervisory person, officer and secretary
of Labuan Foundations Act 2010
No council member, supervisory person, officer or secretary of a Labuan foundation shall be personally responsible for any liability of a Labuan foundation unless such liability had been incurred as a result of his own gross negligence, wilful default or misconduct, fraud or dishonesty.
Labuan Foundations 41
(2)
Subject to section 56, any provision contained in the constituent document or in any contract with the Labuan foundation or otherwise, which exempts any council member, supervisory person, officer or secretary of the Labuan foundation or indemnify him against, any liability which by virtue of any rule of law would otherwise attach to him in respect of any negligence, default, misconduct or breach of duty of which he may be guilty in relation to the Labuan foundation, shall be void.