solvency declaration "solvency declaration" means a declaration of solvency by the directors of a Labuan company or foreign Labuan company, as and when required by the provisions of this Act, and is deemed to be a statutory declaration within the meaning and effect under the Statutory Declarations Act 1960 [Act 60] and the Penal Code [Act 574]; ACT 441 - LABUAN COMPANIES ACT 1990 2. Interpretation.