Labuan Foundations Act 2010 s 11
s 11 Property of Labuan foundation
(1) Any property endowed to a Labuan foundation shall be the property of that Labuan foundation with full legal and beneficial title and shall cease to be the property of the founder and shall not become the property of a beneficiary unless the property is distributed in accordance with the provisions of the constituent document and the provisions of this Act.
(2) The property of a Labuan foundation shall be exclusively managed, including being realised, applied, administered, invested and disbursed in accordance with the constituent document and the provisions of this Act for the attainment of the purposes or objects of the Labuan foundation.
Malay text (authoritative)
Harta yayasan Labuan
(1) Apa-apa harta yang diderma secara kekal kepada sesuatu yayasan Labuan hendaklah menjadi harta yayasan Labuan itu dengan
hakmilik di sisi undang-undang dan hakmilik benefisial sepenuhnya, dan hendaklah terhenti menjadi harta pengasas itu dan tidak boleh menjadi harta seseorang benefisiari melainkan jika harta itu dibahagikan mengikut peruntukan dokumen konstituen dan peruntukan Akta ini.
(2) Harta sesuatu yayasan Labuan hendaklah diuruskan secara khususnya, termasuk direalisasikan, digunakan, ditadbirkan, dilaburkan dan dibelanjakan mengikut dokumen konstituen dan peruntukan Akta ini bagi mencapai maksud atau matlamat yayasan Labuan itu.
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Find Act 706 on lom.agc.gov.my ↗
Text as at 1 August 2015 (LOM reprint); amendments made after that date may not be incorporated.
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).
