Section 32
In this Part, unless the context otherwise requires—
of Labuan Islamic Financial Services and Securities Act 2010
“investor” means a person, including a custodian and an underwriter, who is the owner of securities issued by an Islamic mutual fund but does not include a person who only takes the initiative in forming or organizing the business of the Islamic mutual fund and does not have any ownership in the fund;
“operator”, in respect of an Islamic mutual fund, means—
(a)
where the Islamic mutual fund is a corporation, a director of that corporation;
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(b)
where the Islamic mutual fund is a limited partnership, a general partner in that limited partnership;
(c)
where the Islamic mutual fund is a limited liability partnership, the designated partner in that limited liability partnership; or
(d)
where the Islamic mutual fund is a unit trust, a trustee of that trust;
“promoter” means a person acting alone or in conjunction with others directly or indirectly who takes the initiative in forming or organizing the business of an Islamic mutual fund, but does not include a custodian or an underwriter who receives underwriting commission without taking part in the founding or organizing of the Islamic mutual fund business;
“registered Islamic public fund” means an Islamic public fund registered under section 38;
“shares” means one or more of the shares in the share capital of an Islamic mutual fund company including, in the case of a company limited by guarantee, the interest of a member of such company and includes an interest in an Islamic mutual fund partnership and a unit in an Islamic mutual fund unit trust.