Section 68
Power of Court to order dissolution
of Labuan Foundations Act 2010
ActIn forceProvision 68 of 117
Section 68
(1)
Without prejudice to section 65, the Court may, on the application of the Labuan foundation, or by a creditor or creditors of the Labuan foundation or by the Authority, order the dissolution of a Labuan foundation if the Court is of the opinion that it is just and equitable that the Labuan foundation be dissolved.
(2)
Where a Court orders that a Labuan foundation be dissolved under this section, the Court may appoint a person who is an approved liquidator under section 12 of the Labuan Companies
Act 1990 to supervise the dissolution of the Labuan foundation and may, from time to time, direct the manner in which the dissolution is to be conducted.