Labuan Foundations Act 2010 s 67
s 67 Dissolution
(1) A Labuan foundation shall be dissolved on the occurrence of the following events and upon the officers passing a resolution to that effect:
(a) the Labuan foundation is established for a fixed duration and that duration expires;
(b) the purpose of the Labuan foundation is fulfilled or becomes incapable of fulfillment, or
(c) any provision of the charter of the Labuan foundation so requires.
(2) Where it is proposed to dissolve a Labuan foundation pursuant to the provisions of subsection (1), the officers, or such other person as may be authorized by the charter of the Labuan foundation to supervise the dissolution of the Labuan foundation shall make a declaration to the effect that they have made an inquiry into the affairs of the Labuan foundation and have formed the opinion that the Labuan foundation will be able to pay its debts in full upon its dissolution.
(3) A declaration so made under subsection (2) shall have no effect unless it is made within thirty days immediately preceding the passing of the resolution under subsection (1).
(4) The officers shall cause to be lodged with the Authority the declaration made pursuant to subsection (2) together with a copy of the resolution made pursuant to subsection (1) within thirty days from the passing of the said resolution.
(5) Unless the Court otherwise directs under subsection 68(2), the officers shall do all things that are necessary for the orderly winding up of the affairs of the Labuan foundation, and shall collect the properties of the Labuan foundation, and after discharging or making adequate provision for the discharge of the obligations of the Labuan foundation, shall distribute the remaining properties in the manner provided in section 69.
Malay text (authoritative)
Pembubaran
(1) Sesuatu yayasan Labuan hendaklah terbubar apabila berlaku hal-hal yang berikut dan apabila pegawai meluluskan suatu ketetapan yang memberi kesan demikian:
(a) yayasan Labuan itu ditubuhkan bagi jangka masa tertentu dan jangka masa itu telah habis tempoh;
(b) maksud yayasan Labuan itu telah dicapai atau sudah tidak berupaya untuk dicapai; atau
(c) mana-mana peruntukan piagam yayasan Labuan itu menghendaki sedemikian.
(2) Jika dicadangkan supaya dibubarkan sesuatu yayasan Labuan menurut peruntukan subseksyen (1), pegawai, atau mana-mana orang lain yang diberi kuasa oleh piagam yayasan Labuan itu untuk menyelia pembubaran yayasan Labuan itu hendaklah membuat perisytiharan yang bermaksud bahawa mereka telah menjalankan siasatan mengenai hal ehwal yayasan Labuan itu dan berpendapat bahawa yayasan Labuan itu akan dapat membayar sepenuhnya hutangnya apabila dibubarkan.
(3) Suatu perisytiharan yang dibuat sedemikian di bawah subseksyen (2) tidak mempunyai kesan melainkan jika ia dibuat dalam tempoh tiga puluh hari sebaik sebelum diluluskan ketetapan di bawah subseksyen (1).
(4) Pegawai hendaklah menyebabkan supaya diserahkan kepada Lembaga perisytiharan yang dibuat menurut subseksyen (2) berserta dengan suatu salinan ketetapan yang dibuat menurut subseksyen (1) dalam tempoh tiga puluh hari dari kelulusan ketetapan itu.
(5) Melainkan jika Mahkamah mengarahkan selainnya di bawah subseksyen 68(2), pegawai hendaklah melakukan segala benda yang perlu bagi penggulungan teratur hal ehwal yayasan Labuan itu, dan hendaklah mengumpul harta yayasan Labuan itu, dan selepas menunaikan atau membuat peruntukan yang secukupnya bagi penunaian obligasi yayasan Labuan itu, hendaklah membahagikan harta yang tinggal mengikut cara yang diperuntukkan dalam seksyen 69.
Read this section in the full act β Β· Open Part VIII β
Find Act 706 on lom.agc.gov.my β
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).
