Labuan Islamic Financial Services and Securities Act 2010 s 52
s 52 Duty of a fund manager, custodian or trustee to be independent of each other
(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.
Malay text (authoritative)
Kewajipan pengurus dana, penjaga atau pemegang amanah untuk bertindak bebas daripada satu sama lain
(1) Seorang pengurus dana, penjaga atau pemegang amanah, suatu dana awam Islam—
(a) hendaklah orang yang berlainan dan bertindak bebas daripada satu sama lain;
(b) hendaklah bukan suatu perbadanan berkaitan bagi orang yang satu lagi itu; dan
(c) hendaklah tidak mempunyai pengarah eksekutif atau pegawai lain yang sama.
(2) Mana-mana orang yang melanggar seksyen ini melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi tiga juta ringgit atau dipenjarakan selama tempoh tidak melebihi lima tahun atau kedua-duanya.
Read this section in the full act → · Open Chapter 5 →
Find Act 705 on lom.agc.gov.my ↗
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).
