Section 65
Distribution of property to beneficiary
of Labuan Foundations Act 2010
ActIn forceProvision 65 of 117
Section 65
(1)
Except where the constituent document otherwise provides, no distribution to a beneficiary shall be validly made unless it is signed by all the officers then appointed.
(2)
The officers of a Labuan foundation shall authorize a distribution to a beneficiary only in accordance with this Act and the constituent document of the Labuan foundation.
(3)
No distribution to a beneficiary shall be made for the purpose of defeating, or where the effect of so doing would be to defeat, the claim of any creditor of the Labuan foundation.
Act 706