'Erstellung des Array - zunächst leere Elemente (Nothing) 
   Dim mylabels(49) As Label
 
   'Füllen des Array mit frischen Labels
   For i As Integer = 0 To mylabels.Length - 1
       mylabels(i) = New Label With _
           {.Name = "Label" & i.ToString, .Text = i.ToString}
       mylabels(i).Parent = Me
       mylabels(i).Top = i * 30
       AddHandler mylabels(i).Click, AddressOf Mylabels_click
   Next i
 
   'Zugriffe auf Label am Index 49
   mylabels(49).BackColor = Color.LightGray
   Dim str As String = mylabels(49).Text
 
   .....

Private Sub Mylabels_click(sender As Object, e As EventArgs)
   MessageBox.Show(DirectCast(sender, Label).Text & " ist geclickt worden")
End Sub