Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 26
s 26 Dissolution of Labuan limited partnership on death of general partner
(1) Notwithstanding any provision, express or implied, in the partnership agreement to the contrary, but subject to subsections (2) and (3)—
(a) where the sole or last remaining general partner is an individual, his death, legal incapacity, bankruptcy, retirement or withdrawal from the Labuan limited partnership; and
(b) where the sole or last remaining general partner is a corporation, its winding-up or dissolution in other form, bankruptcy or withdrawal from the Labuan limited partnership,
shall cause the immediate dissolution of the Labuan limited partnership which shall forthwith be wound up—
(A) in accordance with the partnership agreement; or
(B) in accordance with the directions of the court on the application of a limited partner or a creditor of the Labuan limited partnership.
(2) A Labuan limited partnership shall not be required to be wound up under subsection (1) if, within sixty days of the dissolution, the limited partners, either unanimously or as otherwise provided for in the partnership agreement, elect one or more general partners, in which event the Labuan limited partnership shall be deemed not to have been dissolved and the activities of the Labuan limited partnership may be taken over and continued as provided for in the partnership agreement or a subsequent partnership agreement.
(3) If a Labuan limited partnership is dissolved under subsection (1), and the activities of the Labuan limited partnership are not taken over and continued in accordance with subsection (2), a notice of dissolution signed by a limited partner shall be filed within thirty days by that limited partner to the Authority who may thereupon cancel the registration of the Labuan limited partnership.
(4) If the notice required to be filed under subsection (3) is not so filed, each of the limited partners shall be liable to an administrative penalty as specified by the Authority.
Malay text (authoritative)
Pembubaran perkongsian terhad Labuan kerana kematian pekongsi am
(1) Walau apa pun apa-apa peruntukan, secara nyata atau tersirat, dalam perjanjian perkongsian yang berlawanan, tetapi tertakluk pada subseksyen (2) dan (3)—
(a) jika pekongsi am tunggal atau terakhir ialah seorang individu, kematiannya, ketidakupayaannya di sisi undang-undang, kebankrapannya, persaraannya atau pengunduran dirinya daripada perkongsian terhad Labuan; dan
(b) jika pekongsi am tunggal atau terakhir ialah suatu perbadanan, penggulungannya atau pembubarannya dalam bentuk lain, kebankrapannya atau pengundurannya daripada perkongsian terhad Labuan,
hendaklah menyebabkan pembubaran serta-merta perkongsian terhad Labuan itu yang hendaklah dengan serta-merta digulung—
(A) mengikut perjanjian perkongsian; atau
(B) mengikut arahan mahkamah atas permohonan pekongsi terhad atau pemiutang perkongsian terhad Labuan itu.
(2) Sesuatu perkongsian terhad Labuan tidak boleh dikehendaki supaya digulungkan di bawah subseksyen (1) jika, dalam masa enam puluh hari dari pembubaran itu, pekongsi-pekongsi terhad, sama ada sebulat suara atau sebagaimana yang diperuntukkan selainnya dalam perjanjian perkongsian, memilih seorang pekongsi am atau lebih, yang dalam hal itu perkongsian terhad Labuan itu hendaklah disifatkan belum dibubarkan dan aktiviti perkongsian terhad Labuan itu boleh diambil alih dan diteruskan sebagaimana yang diperuntukkan dalam perjanjian perkongsian atau perjanjian perkongsian yang berikutnya.
(3) Jika sesuatu perkongsian terhad Labuan dibubarkan di bawah subseksyen (1), dan aktiviti perkongsian terhad Labuan itu tidak diambil alih dan diteruskan mengikut subseksyen (2), suatu notis pembubaran yang ditandatangani oleh pekongsi terhad hendaklah difailkan dalam masa tiga puluh hari oleh pekongsi terhad itu dengan Lembaga yang boleh selepas itu membatalkan pendaftaran perkongsian terhad Labuan itu.
(4) Jika notis yang dikehendaki supaya difailkan di bawah subseksyen (3) tidak difailkan sedemikian, setiap pekongsi terhad boleh dikenakan suatu penalti pentadbiran yang dinyatakan oleh Lembaga.
Read this section in the full act → · Open Chapter 3 →
Find Act 707 on lom.agc.gov.my ↗
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).
