Beneficiaries
(1) Subject to subsection 4(3), a beneficiary shall be—
(a) identifiable by name; or
(b) ascertainable by reference to a class or to a relationship to some person, whether or not living at the time which under the terms of the offshore trust is the time by reference to which members of a class are to be determined.
(2) Where there are no beneficiaries identifiable or ascertainable in accordance with subsection (1), the trust shall not be valid unless the purpose is a charitable purpose.
(3) A settlor or a trustee of an offshore trust may also be a beneficiary of the trust, but if he is the sole trustee, he shall not also be a beneficiary thereunder.
(4) The terms of an offshore trust may provide for—
(a) the addition of a person as a beneficiary;
(b) the exclusion of a beneficiary from benefit; or
(c) the imposition on a beneficiary of an obligation as a condition for benefit.
Disclaimer
(1) A beneficiary may disclaim his whole interest.
(2) A disclaimer made under subsection (1) shall be in writing and shall be irrevocable.
(3) Subject to the terms of the trust, a beneficiary under an offshore trust may disclaim part of his interest, whether or not he has received some benefit from his interest.
(4) A disclaimer made under subsection (3) may, subject to the terms of the trust, be revocable and it shall be exercisable in the manner and under the circumstances so expressed.
Interest of beneficiary and dealings thereof
(1) Notwithstanding that the trust property of an offshore trust may include immovable property, the interest of a beneficiary of any offshore trust shall consist of movable property only.
(2) Where the terms of the trust so provided, a beneficiary may, by instrument in writing, sell, charge, transfer or otherwise deal with his interest in any manner.
Class interest
(1) Subject to the terms of the trust, the following shall apply where a trust, or an interest under a trust, is in favour of a class of persons:
(a) a class closes when it is no longer possible for any other person to become a member of the class;
(b) a woman who is over the age of fifty-five years shall be deemed to be no longer capable of bearing a child;
(c) where any class interest relates to income and for any period there is no member of the class in existence, the income shall be accumulated, and subject to section 16, shall be retained until there is a member of the class in existence or the class closes.
(2) In this section, “class interest” means a trust or an interest under a trust which is in favour of a class of persons.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
