69. Distribution of property

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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• Malaysia

  Malaysia

  Defined · s 2

  “Malaysia” means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non living;

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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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• remaining beneficiary

  remaining beneficiary

  Defined · s 2

  “remaining beneficiary” means a person or persons who, according to the constituent document of a Labuan foundation, shall be entitled to receive any remaining property after the dissolution of the Labuan foundation;

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