Section 52
Duty of a fund manager, custodian or trustee to be independent of each other
of Labuan Islamic Financial Services and Securities Act 2010
ActIn forceProvision 52 of 161
Section 52
(1)
A fund manager, custodian or trustee, of an Islamic public fund—
(a)
shall be different persons and act independently of each other;
(b)
shall not be a related corporation of the other; and
(c)
shall not have executive directors or other officers in common.
(2)
Any person who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both.