65. Distribution of property to beneficiary

Terms defined in s 2

• beneficiary

  beneficiary

  Defined · s 2

  “beneficiary” means a person designated as a beneficiary under the provisions of the constituent document of a Labuan foundation;

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• constituent document

  constituent document

  Defined · s 2

  “constituent document” means the charter and the articles, of a Labuan foundation;

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• Labuan

  Labuan

  Defined · s 2

  “Labuan” means the Federal Territory of Labuan;

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• officer

  officer

  Defined · s 2

  “officer” means the officer of a Labuan foundation appointed in accordance with section 35;

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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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