Section 7

Notwithstanding subsection (1), the purpose or object of a

Labuan foundation may include any purpose or object which is not unlawful, immoral or contrary to any public policy in Malaysia and such purpose or object may be charitable or non-charitable.

The purpose or object of a Labuan foundation shall be clearly stipulated in its charter.

A Labuan foundation may, in the course of the management of its property, do such things and exercise such powers as are necessary for the proper administration of its property, including but not limited to buying and selling of such property and engaging in any other acts or activities that are not prohibited under any law for the time being in force in Malaysia, but such acts and activities shall be ancillary or incidental to the purpose or object of the Labuan foundation.

Labuan Foundations 15

Charter of Labuan foundation