Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 14
Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 14
s 14 Share of profits
(1) A limited partner has, subject to this Act and the partnership agreement, the right to a share of the profits of the Labuan limited partnership.
(2) A limited partner may receive from the Labuan limited partnership a share of the profits stipulated for such limited partner in the partnership agreement only if, at the time when and immediately after payment is made, the Labuan limited partnership is solvent.
(3) For a period of six months from the date of receipt by a limited partner of any payment representing a share of the profits of the Labuan limited partnership in circumstances where the requirements of subsection (2) have not been met, such payment shall be repayable by such limited partner with interest at the prescribed rate to the extent that such share of the profits is necessary to discharge a debt or obligation of the Labuan limited partnership incurred during the period that the share of the profits represented an asset of the Labuan limited partnership.
Malay text (authoritative)
Perkongsian keuntungan
(1) Seseorang pekongsi terhad mempunyai, tertakluk pada Akta ini dan perjanjian perkongsian, hak untuk berkongsi keuntungan suatu perkongsian terhad Labuan.
(2) Seseorang pekongsi terhad boleh menerima daripada perkongsian terhad Labuan bahagian keuntungan yang ditentukan untuk pekongsi terhad itu dalam perjanjian perkongsian hanya jika, pada masa dan sebaik selepas pembayaran dibuat, perkongsian terhad Labuan itu adalah solven.
(3) Selama tempoh enam bulan dari tarikh penerimaan oleh pekongsi terhad apa-apa bayaran yang merupakan bahagian keuntungan perkongsian terhad Labuan dalam hal keadaan kehendak subseksyen (2) tidak dipenuhi, bayaran itu hendaklah kena dibayar balik oleh pekongsi terhad itu dengan bunga pada kadar yang ditetapkan setakat yang bahagian keuntungan itu perlu untuk menunaikan hutang atau obligasi perkongsian terhad Labuan yang ditanggung dalam tempoh yang bahagian keuntungan itu merupakan suatu aset perkongsian terhad Labuan itu.
Text as at 1 July 2023 (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).
