Act 441 Offshore Companies Act 1990

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O or Co

LAWS OF MALAYSIA

RepRint

A 441

OFFShOre cOMpAnIeS

Act 1990i cor or g o J r 2006

published bythe COmmissiOneR Of law RevisiOn, malaysia

undeR the authORity Of the RevisiOn Of laws aCt 968in COllabORatiOn with

peRCetakan nasiOnal malaysia bhd2006

http://perjanjian.org

Adam Haida & Cohttp://peguam.org



2 l o m A ct 441

OFFShOre cOMpAnIeS Act 1990

d o Ro a ... ... ... … 22 a g 990

d o c o G z ... … 30 a g 990

P revious r ePrint

f r R r ... ... ... ... ... 200





O or Co 3

LAWS OF MALAYSIA

A 441


aRRanGement Of seCtiOns

Part i

pReliminaRy

s c o

. s or

2. i r r o

3. d o o r o g co

4. R co5. no - c o o Co ac 965

6. R o g c r ac o o -r

7. p r r o or cor or o

Part ii

administRatiOn Of aCt

8. R g r r o Co9. lo g g o oc

9a . e c ro c o g or g o oc

9b . e r o c ro c o g or oc

9c . Or g co o o c o r co

0. a ro or

. Co or

2. a ro q or 3. R g r





4 l o m A ct 441

Part iii

COnstitutiOn Of COmpanies

Division

inCORpORatiOn

s c o

4. for o o co

5. R g r o cor or o

6. a c o or r g r o o or g co g co l

7. pr or ro r c

8. R q r o or

D ivision 2

status and name

9. po r o co

20. u r r r c o

2 . n o o or co

22. C g o 23. ar c o oc o

24. a r o o or or r c

25. Co o or r c

26. tr c o o r c

27. pro o g c rr g o o or co or

Part iv

shaRes, debentuRes and ChaRGes

D ivision

pROspeCtuses

28. R r c o o g ro c

29. i o o c

30. R q r o or o c o or r or r ro c

3 . i o o c o o o or o o o orco or or g o or co





O or Co 5

s c o

32. a ro o R g r r, or co c r g o , r g r o ro c

33. a r34. R o o o r- cr o r

35. R g r o o ro c

36. doc co g o r o r o ro c

37. ex r ’ co o o ro c co g

38. C or - ro c

39. Cr or - ro c

D ivision 2

RestRiCtiOns On allOtment

40. tr co g c o r

4 . pro o o o cr o r c

42. a c o o o r o

D ivision 3

shaRes

43. R r o o

44. C

45. R r

46. s r r cco

47. po r o r o g r g48. d g o or co o r , c.

49. C c o o r cq r r o or co

50. i o r co

5 . a r o o r c

52. v o o r ro r

53. s c r o o or r c o o r c

54. R g o o r o r r c r o o r c

55. R r r c r





6 l o m A ct 441

D ivision 4

debentuRes

s c o56. i r r o

57. po r o r

58. O or co o r g r o r o r

59. p r r

60. R o r r

6 . tr or r o r

62. d o r

63. O g o o r c or o orro g co

64. O g o o g r or co o r or o

65. lo o o r o c r

D ivision 5

inteRests OtheR than shaRes, debentuRe,etC.

66. i r r o

67. a ro

68. a ro o

69. i r o o or co or or g o orco o

70. s o

7 . no o ro

72. R g r o r o r

73. p or co r o o d o , c.

74. w g o c , c.

75. l o r

D ivision 6

title and tRansfeRs

76. n r o r

77. n r g o r

78. C r c o c o

79. a o or co r

80. i r o r r r r r o r r8 . d o o or co r c o o c r c





O or Co 7

D ivision 7

ReGisteR Of ChaRGes

s c o82. no - c o o d o

83. R g r o c rg

84. no c o cr o c o o c rg

Part v

manaGement and administRatiOn

D ivision

OffiCe and name

85. R g r o c o o or co

86. n o o c o r o , r , c.

D ivision 2

diReCtORs and OffiCeRs

87. d r c or

88. Co o c r c or

89. v o c o r c or

90. R g r r’ o r o r r r o ro g g o or co -

9 . d c o r o r co r c , ro r , o c , c.

92. d o o c r

93. s cr r

94. R g r o r c or cr r

94 a . O c g ro o o ac co r c or cr r .

D ivision 3

meetinGs and pROCeedinGs

95. m g o r

96. no c o g o r

97. Q or , c r , o g, c., g

98. vo g r

99. ac o co o r r g

00. po r o Co r o r c g o c





8 l o m A ct 441

s c o

0 . s c r o o

02. R o o r q r g c o c

03. lo g o co o c r r o o gr04. m o roc g

D ivision 4

ReGisteR Of membeRs

05. R g r o r

06. w r r g r o

07. Co q c o g08. po r o Co r o r c r g r

D ivision 5

annual RetuRn

09. a r r

Part viaCCOunts and audit

D ivision

aCCOunts

0. acco o

. a cco o or g

2. a cco o o r

D ivision 2

audit

3. a or o o

3a . a or o r q r c r c rc c

4. R o r g o o or

5. R r o o or

6. a or g7. R g o or





O or Co 9

Part vii

aRRanGements and ReCOnstRuCtiOns

s c o8. arr g

9. R g o r c o o r rg r

Part viii

fOReiGn OffshORe COmpanies

20. i r r o

2 . R g r o o or g o or co

22. pro o r r c o o or g o or co

23. R g r o c o or g o or co

24. R r o o g r oc , c., r

25. s r c o or g o or co

26. C o o l

27. l q o or o o o co c o cor or o or or -g

28. n o or g o or co

29. R r or g o or co30. a c o o p r o c r or g co r g r r

Co ac 965

Part viii a

COmpany manaGement

130 a . i r r o

130 b . R g r o g co

130 c . l c g

130 D. a c o or c c

130 e . Gr o c c

130 f . po r o gr x o

130 g . l c g roc r

130 h . a

130 i . R oc o o c c

130 j . acc o or o r cor

130 k . i o c o R g r r

130 l . O c

130 m . tr o





0 l o m A ct 441

Part iX

misCellaneOus

s c o

3 . R c r g

32. s r c o oc o co

33. tr r ro l

34. Co o roc g or Co r

35. s c r or co

36. d o o r o r o r o r o r o

37. po r o gr r

38. irr g r roc g

39. tr o o r

40. d ro ro o

4 . u o or “Cor or o ”, c.

42. G r

43. d

44. Co o g o o c

45. proc r r o o

46. R g o

47. i o c co

48. pro o m r

49. s cr c

50. po r o x o

5 . f , r g o

151 a . Co r c o or , c.151 b . f o R g r r

151 c . e c o r g o

52. no - c o o c r

s cheDule





O or Co

LAWS OF MALAYSIA

A 441


a ac o ro or cor or o , r g r o -r o o o or co or g o or co or r co c r .

[ Oc o r 990, p.u. (b) 59 / 990]

Be It enActeD s r p b g y g -p rago g c co o d n g r d R p r , or o

, o o :

Part i

pReliminaRy

S o i l

1. t ac c O or Co ac990.

I a io

2. ( ) i ac , co x o r r q r —

“ o ” c , , g , co ; “ o ” corr o g g;

“ ” o c - o o or co r o

c o 5(6);

“ r r ” r r r q r o o or co r c o 09 c oc





2 l o m A ct 441

cco g r r ;“ ro or” r o ro r

c o 0( );

“ ro q or” r o ro r c o 2( );

“ oo ” c r g r or o r r cor o or o cco or cco g r cor , o r co , r cor

or or , o c oc ;

“c r ” c r r cr r o r c r oc or o r co r o ;

“c rg ” c or g g gr o g or x c c rg or or g g r o or o r-

;

“co r or ”, r o o o or co , r o o co r o o co

o g o , c o r o r co , r or o r o o

r o o r co r or , c r o go co r or ;

“cor or o ” o c co , o or co , or g co or or g o or co ;

“Co r ” h g Co r or j g r o ;

“ r ” c r oc , o , o o r c r o cor or o r co g c rgo o co or o ;

“ r c or” r o , r c , occ -g o o o r c or o o or co or or g

o or co , c r o ccor c o r c o or r c o r c or o c co

r cc o o c r or r c or;

“ oc ” c o , or r o r g roc , o c r g r;





O or Co 3

“ o r” o r o c rr c o us o a r c ;

“ o c co ” co cor or r

Co ac 965 [ac 25];

“ x r ” c g r, r, cco , or o r r o o ro o or r o g or o

;

“ or g co ” —

( ) co , oc , oc o or o r o cor oro m ; or

( ) cor or oc , oc o or o r oc r o c o or g or

, or o ro r o cr ror o r o c r o oc , oc o or o

o or r o , c o o o c or r c c o m ;

“ or g o or co ” or g co r g rr p r viii;

“ r c ”, r o o r r , , r c r , o r o r o o or co ;

“l ” f r t rr or o l ;

“ o g ” o g ccor c ro o o ac ;

“ or ”, r o o o or co , or o oc o o co or g

orc ; , r o o or g o or co , c r r, , or o oc o or r

co g or g co o o co ;

“m r” m r or g c rg r o or c ;





4 l o m A ct 441

“ o ” r o o r ;

“o c r”, r o o o or co or or g

o or co , c — ( ) r c or, cr r or o o co ;

( ) r c r g r o r o r go co o r o r co

r ;

(c) q or o co o o rg ,

o o c — ( ) r c r o o o g r;

( ) r c r g r o Co r ; or

( ) q or o Co r or cr -or ;

“o or co ” co cor or , or o cor or , r ac ;

“ r o ” c cor or o , r r , o o r o cor or o o ;

“ o ” c co c o , co r r, r g , xor c ;

“ r ” c r or ogr or r ro c c c ;

“ r cr ” r cr or r ac ;

“ ro o r”, r o o ro c or co c-o o or co , ro o r o coo r o r r o o ro c or o

r or o r o , o o c r o r -o o o c g ro o or or c c ;

“ ro c ” ro c , o c , c rc r, r-

or o g c o or o r ro c o cr or or rc , or o r g o c or





O or Co 5

cr o or rc , r or r o , or o r or o r o , o or co

or ro o o or co ;

“R g r r” l O or f c s r c a -or r l O or f c s r ca or ac 996 [ac 545];

“r g o ” r g o r ac ;

“r ” —

( ) r o o r r o , c z or rr o m ; or

( ) r o o o r r o , r o o c o , o r g, m ,

c r o o c r o r ro c o 43 o exc g Co ro ac 953 [ac 7];

“ c r r ” —

( ) r c o c o c rr ; or

( ) r c o r or g o r o r r g o r o o

o r c o r -g o co ( r o o r g

o r o co or o or or g );

“ r ”, r o o o or co , r r c o co , c oc ;

“ r co ” o c co or or g co - cor or or r o o r g or o r g o

r , o or r o , or o o r , r g r r l tr Co -

ac 990 [ac 442].

(2) for r o o ac , r o oo c r r —

( ) r o , r o or og r o r r o , (o r r or, o o ,or o cco o , o r r o ) o r c , r c





6 l o m A ct 441

or r c , r c o r or o x rc , or o co ro x rc o , r g -

c g o r ; or

( ) r o , g cor or o , o cr r o o r cor or o c o ,or r o c o , c r

r - o r .

(3) w r ac r o o g or occ g r c r o c or o o o or r rr o, c

o or r r c , co r r o r , o c r o o r r occ or g o c or o o .

(4) a ro o o ac o rr g or r r g cor- or o ’ r c , xc r o r ro ac , r o o r c orc co co ac , o r c co g o orc r r,

o r o o cor or o ’ or r o o r c .

D fi i io of subsidia y a d oldi g om a y

3. ( ) for r o o ac , cor or o , j co ro o o c o (3), o r

o o r cor or o —

( ) o r cor or o —

( ) co ro co o o o o r o r c oro r - o cor or o ;

( ) co ro or o o g o r o r - o cor or o ; or

( ) o or o r co r - o cor or o ( xc g

r r o c c rr o r g o r c o c o r o o

r ro or c ); or

( ) r - o cor or o r o cor- or o c o r cor or o ’ r .

(2) for r o o c o ( ), co o o o cor or o ’ o r o r c or o co ro





O or Co 7

o r cor or o o r cor or o , x rco o o r x rc o co or co c r-r c o o r r o , c o or r o or jor-

o r c or , or r o o ro o o r cor or o o o r o c o —

( ) r o c o o r c or o x rc o r o r cor or o o c o r; or

( ) r o ’ o r c or o o c rro g r c or or o r o c r o o r

cor or o .

(3) i r g r o cor or o r o o r cor or o —

( ) r or o r x rc o r cor o-r o r or c r c c r

o or x rc ;

( ) j c o r gr (c) ( ), r or o r x rc —

( ) r o o or o r cor or o( xc r o r cor or o co c ro r or c r c c ); or

( ) , or o or, r o o r cor or o , o g r c co -c r o r or c r c c ,

r or x rc o r cor or -o ;

(c) r or o r x rc r o r o ro o o r o r -

o cor or o or o r or c r g o c r r g r ;

( ) r or o r x rc , or oor, o r cor or o or r ( o g

or x rc o r gr (c)) r o or x rc o r cor-

or o or r o o r cor or -o or r , c , c g o o r r or o r

x rc or o c r o or





8 l o m A ct 441

r o o r c o r o or rco r o .

(4) a r r c ac o o g co o cor- or o r r r c o cor or o o c - o cor or o r .

r la d om a i s

4. w r cor or o —

( ) o g co o o r cor or o ;

( ) r o o r cor or o ; or (c) r o o g co o o r cor-

or o ,

r - o cor or o o r cor or o or r o o ac o r o c o r.

no -a li a io of com a i s A 1965

5. exc o r x r ro ac , ro -o o Co ac 965 o o o or

co or or g o or co cor or or r g rr ac .

r sid doi g a y a u d is A d m d o b o -sid

6. a r o m o o c r ac o o c r o o -r or r o o c o 8 o l tr Co -

ac 990.

p mi d u os fo i o o a io

7. ( ) s j c o c o (2), o or co cor or or r o , c rr o , ro

or ro g l c c rr

o m , o c rr o o gor r c or c r c o

o o r c rr orc m .





O or Co 9

(2) a o or co o c rr o , roor ro g l .

(3) no o or co —

( ) c rr o r o m xc r O or b g ac 990 [ac 443]or R g r r;

( ) c rr o g xc r O or b g ac 990;

(c) c rr o m c rr c xc or r g r or x r c o 47 ;

( ) c rr o r c or r r c co - xc r O or i r c ac

990 [ac 444];

( ) c rr o g o r o m ; or

( ) c rr o o r co .

(4) for r o o r gr (3)( ), o or co o r c rr g o r o r

m r o o —

( ) or o r o c rr g o m ;

( ) or ro o co c co or , cco , oo - r, r co ,

o c co o o r co r co o c or -

o r r c or or r cr r o o or co , g co ,

r or o r r r o c rr g o m ;

(c) r r or oo r cor m -;

( ) o , m , g o r c or or r ;

( ) cq r or o o ro r or r o o o r o or cco o o or

o c r or o ;( ) o r , o g o or o r c r

co cor or r ac or o cco ccor c c o 47, or o





20 l o m A ct 441

r , o g o or o r c r or r- o o r c o r o or r co ro co c o g o o ;or

(g) r o m o r o or co - .

Part ii

administRatiOn Of aCt

r gis a of com a i s

8. ( ) s j c o g r r c o co ro o R g -r r o c r r c o o r cr ,

g ac o or or z or r q r o o or g R g r r o or g

R g o R g r r, d R g r r or a R g r r c o or g R g-

r r.

(2) no r o g R g o R g r r, dR g r r or a R g r r co c r o or q r

r r r c o or o r cr , r c or o o o R g o R g r r, d R g r r or a R g r r, o r c c r o ,

c o or o R g r r.

(3) a co r , j g r o c g j c j c o c o g r o R g r r o R g o R g r r, d R g r r or a R g r r.

(4) for r o o c r g r o or coor or g o or co co g ro oo ac , R g r r or r o or z

c oo , oo , r g r or r cor r q r or r ac o co .

(5) a o or co or or g o or co or o c r r o , o g r q r R g r r or r o or z , ro c c oo , r g r

or r cor .

(6) a o or co or or g o or co or o c r r o o o r c or r R g r r or r o or z x rc g o o r

r rr o c o (4).





O or Co 2

(7) a r o o, xc or r o o ac or co r o cr roc g , r cor o ,

or g or co c o o r r o , or -o c cq r r o o c o r c o (4) g o o c g ac .

(8) t r o R g r r c r cr .

Lodgi g of do um s

9. ( ) e r oc r q r or r o o g or R g r r r ro o o ac o g or ro g r co .

(2) e r c o o R g r r or c r c o r ac or or x r c or co o c r c r ac or o oc o g or

R g r r ro g r co :

pro c o o —

( ) r c o r c o o orco or or g o or co r o co oc , c r c , x r cor co or o r o ; or

( ) r c o o or co or or g o or co or c c or r o

o r g or o r g o r o g co r p r viiia .

el o i lodg m o fili g of do um s

9A . ( ) t R g r r ro r c or c ro co g or g o oc r q r ac o o g or R g r r.

(2) a r co co cr r o r c

ro r c o ( ) r cr co c r co o r R g r r.





22 l o m A ct 441

(3) a oc c ro c o g or r c o o r q r or o g

or g oc co c or r o R g r r c r c or ro R g r r.

(4) t R g r r , o c r g, c oc - c ro c o g or .

(5) a oc r q r o c r or c, o c ro c o g or , c r or

c c r c or ro R g r r.

(6) w r oc c ro c o g or R g r r, R g r r or or z g o

or o or g r r o r o o rror or o o o r r or o r r g r-

g oc o r o r r cr rr o c o ( ) c rror or o o

goo or r co r o c rg o o R g r r or o or z g or occ rr or

ro r o c or r o r c or q or ro o o r c .

evid ia y valu of l o i ally lodg d o fil d do u-m s

9 b . a co o or x r c ro oc c ro co g or R g r r r c o 9a c r

R g r r r co o or x r c ro oc c roc g o q

or g oc .

O igi al o i s o b k a offi of us om a y

9 c . ( ) t or g co o oc c or - ro R g r r o c ro c o g or

R g r r r co , , o c o r co .

(2) a r co o co c o ( ) g o o c g ac .









O or Co 25

c g o o r or q o o r c rr c ; or

(c) o co r g o c o .

(5) w r ro q or o o q or o o or co , r Co r or o r

g , or o R g r r r g o r c o or co o c r,

o r or o o o or co or r r,o r or o o o c r o o or co ,

r c co r o o or co .

r gis s

13. ( ) t R g r r , j c o ac , c r g r co r c r c or .

(2) a o c r, r, r - o r, r c or or q -or o o or co or or g o or co , or

o r r o g r r o o c o c r,

r, r - o r, r c or or q or or o co r o R g r r goo r o or o go, , j c o ac o o r cr

—

( ) c oc or o g R g r r r c o co ; or

( ) r q r c r c o r ac or co or x r c ro oc r c o

co o g or g c r R g r r.

(3) a co o or x r c ro oc or o g o c o R g r r, c r o r co or x r c

r o R g r r, , roc g , c o q or g

oc .

(4) i g roc g — ( ) c r c r o R g r r ,

or r g r o c c r c ,





26 l o m A ct 441

o co r g r r ac c c r c r c r

c c or r g r o ,

c , o co r g r r ac ;

( ) c r c r o R g r r r q r o ac c c r c —

( ) or o co or r o c c r c ; or

( ) co c c r c o or ,

r c r c c o r c c r c .

(5) i R g r r o o o oc or o g R g r r—

( ) co r co r r o ;

( ) co r , r r c r, or g or or co x c -

c ;

(c) r o o o o or cr o o co ;

( ) o o co r q r o ac ; or

( ) co rror, r o or r r ,

R g r r r o r g r or r c oc r q —

( ) oc ro r or co r - ;

(g) r oc c ; or

( ) r oc o co , r oc r cr or

o g .





O or Co 27

(6) t R g r r r q r r o o ocor o g R g r r o ro c o R g r r c

o r oc , or o r o R g r r c or o ,

R g r r c r or r o or o or r o r c or r g r oc .

(7) a r o ggr r o R g r r or g r o or co or or g o or co or

o r g r or r c oc , or c or c oo R g r r, r o c oo R g r r o m r, o co r r ,

c or c o or g c r c o r

ro r or o r r r c o o o c or c o o R g r r—

( ) r c o c ro o r o or r x r ro ac ; or

( ) c c r ac o co c or or o oc c r ac

o co c c o c , r or g.

(8) i o or co or or g o or co or r o , g co g —

( ) ro o o ac or o o r cr q r o g g or g r R g r r o r r , cco or o r oc or

g g o o c o o r; or

( ) r q o R g r r o or co r - oc or r oc ,

o goo r r r co co or r o o o c r q r g o o ,

R g r r or r co o c r r o or c r o o goo c

c or r.

(9) t R g r r , o o o o g r c -r or r o r , ro or g o n o

arc —

( ) c o o or co or or g o orco —

( ) r r o o o r or c c





28 l o m A ct 441

o g or or o x r ;

( ) r r or c o g or or o r or

oc cr g or c g c rg or co or r c o o c rg r

or o c o o c rg r g r or o r ; or

( ) o r oc (o r or r c or o r oc c g )c o g , or r g r or o

r ;( ) c o o or co or or g o or

co o or c o r g r or o r , oco g , or r g r ; or

(c) oc r r c o c cor- or r g r R g r r.

Part iii

COnstitutiOn Of COmpanies

D ivision

inCORpORatiOn

Fo ma io of om a i s

14. ( ) s j c o ac , r co or o r r o, cr g or o or co -

g r q r o r g r o , or o orco or r o .

(2) i cr r o or cor or o or rco , or cr cor or oor r co , c , r or

o r o or z o .

(3) e r o or co co

r .

r gis a io a d i o o a io





O or Co 29

15. ( ) a r o r g cor or o o o or co - o g R g r r or r co ro o co o r oc r q r o

o g or r ac , R g r r o o r cr , j c o ac , r g r co r g r g or r c .

(2) t R g r r r q r or c r o o c r o o g g or o r q r

o ac co , R g r r c-c c c r o c c o co c .

(3) O r g r o o or , R g r r c r r co , o ro

c c r c , cor or , co co r .

(4) O ro o cor or o c c r-c o cor or o , j c o ac , cr r o

or og r c o r r o ro o co r o co o

cor or co or , cor o x rc g c o o cor or co -

, o g g , g r cc -o co o , o r o o c o r o r o co r o o

co o g o ro ac .

(5) a c r c o cor or o o co R g r r r c c o co c

r q r o ac r c o cor or o .

(6) a cor or o or co c r cr , o r r ro c

r r o o cor or o .

(7) e r cr r o or o gr o co r o o or co , o

cor or o o co , r r r g r o r r c o r cr or or

or , r o r r o o gro r o co o r o

r g r o r r o co .





30 l o m A ct 441

A li a io fo gis a io of fo ig om a y as b i g o -

i u d i Labua

16. ( ) s j c o c o 7, or g co cor orr o co r o r m , or o

j r c o c co r , , o or z o co r or j r c o , o R g r r

o r g r g co l cor or r ac .(2) u o c o r c o ( ), or c

r co r q c or , R g r r , co o c r or ro or-

o o r o r , r - o r cr or o or g co r q r o co -r or j r c o , co o ro r o c r o

co r or j r c o , o c r g r o o co , r g r c co g o co ,

o r g r , co r r o o or co cor or r ac o c

l :

pro o or g co r g r r c o —

( ) roc o g or q o ;

( ) r c r o ro r o ; or

(c) r c or or r orc r o r or r g o cr or r or r -

r c .

(3) t r g r o o or g co r c o o o r —

( ) o cr g ;

( ) o r j c or c co o co ;

(c) o c ro r o co ;

( ) o r r c g or o r roc g -, or o , or g co or





O or Co 3

o r r o ; or

( ) o c r g , o r , or , , c o , or o g o o co or o r

r o .

(4) u o r g r o o or g co r c o —

( ) o c o co o o , -cor or r ac , r q r ac o c or o oc o ,

o or o oc o

o co ;

( ) o c o co o o o , r o r gr ( ), co r or o oc o ,

o r c o oc o o co ,

c or r c g o co r ccor g .

p io a oval i i i l

17. ( ) a or g co , r or o g or r g r or c o 6, r q c r g r o ro

r c o c r q o r cr, R g r r , co g or r g r o r c o 6, c r c co -

r g ro o co g o r g r j co c o r c o 6 g r o

o o ro o c r c .

(2) t c r c o ro g R g r r r c o ( ) o r or g co o o

ro co g ro o o c o 6 o q c o or r g r o .

r qui m s as o m mo a dum

18. ( ) t or o r o or co r o r r gr o o g:







O or Co 33

r o o —

( ) roc g g o or co r o co or, r co

r c r o g c rg o r or o co ’ ro r , o r o o o r , or r co c g

r or o r o o r , o r r o g o c or co c or r r o ro r o or co ;

( ) roc g co or r o co g r or or r o c r o co ; or

(c) o m r o co .(3) i or z c , co c or r r o g o

r r roc g r r gr (2)( ) gor o r or or r o co r c o c

o or co r , Co r , ro co r c r r o roc g Co r

o j q , r r r-or c o co r c o o co or o

o r r o co r c , c r q r , co oor o or g r o c

r ro g r r g o r or co co r c , c ro o r ro

r or c o co r c o r Co r o or g .

na m s of offs o om a i s

21. ( ) exc co o m r, o or

co o r g r , o oo R g r r, r or , or c ,o R g r r o o r g o cc or r g r o .

(2) a o or co —

( ) or “Cor or o ” or or “i cor or ” or r o “Cor .” or “i c.”;

( ) or “l ” or r o “l .”;(c) or “p c l Co ” or r o





34 l o m A ct 441

“p.l.C.”;

( ) or “soc a o ” or “soc a o ”or r o “s.a.”;

( ) or “a g c ” or r o“a.G.”;

( ) or “n oz v oo c ” or r o“n.v.”;

(g) or “p r ro t r ” or r o “p.t.”;or

( ) ro z c r c r , or or or -o g g o co r c co o jooc co r , or r o

r o ,

r o .(2 a ) a o or co or “(l)” r

o .

(2 b ) no g c o (2), o or co

r o or “b r ” or r o“b .” r or “b r ” or r o “b .”

r o o o or co , o -or co o or “(l)” r o

.

(3) no cr o o o or co q or corr c r o o o r o

or r o c o or or or r rr o

c o (2) c r .

(4) a r o o g R g r r c o r cr or or r r o o o

c o —

( ) o o or co ; or

( ) o c o or co ro o oc g .

(5) i R g r r co r c o o







36 l o m A ct 441

p : O o r gg .

(4) a c g o r o ac o c

o o or co or r g or o g o o co or r r c roc g or g co ; g roc g g

co or co c or g co or r co or co c or g co

.

A i l s of asso ia io

23. ( ) t r o g or o o -or co r c o oc o g cr r

o or r cr g r g o or co .

(2) ar c —

( ) r ;( ) o r r gr ;

(c) g c cr r o or or, cr r co , co

or g o .

Al a io of m mo a dum o a i l s

24. ( ) s j c o ac , o or co , cr o o , r or o or or r c .

(2) a r o or o o or

or r c c ro o c o r - r o o o g R g r r

or g co r j c r or o c r o o .

co i s of m mo a dum a d a i l s

25. ( ) a o or co , o g o r q r

r, r o co o or o r c ( ) o r o c o r c or r o r o c r o r co o r r g r g .





O or Co 37

(2) w r r o or or r co o or co , co o or or r c

o co r o r o

— ( ) co ccor c r o ; or

( ) r co o r o o g r o x o co o or or r c

r c r c or r c c r c .

(3) i co g c o ,

o or co r o c r o co o g o o c g ac .

p : O o r gg .

t a sa io s a d s ablis m of a b a

26. ( ) Co r c o o o or co o o :

( ) co r c c , r r o , o r q r o r g r ,

o o co r g r co o o co ;

( ) co r c c , r r o , o r q r o r g g r

o c rg r , o o co r g g r o c g

r or , x r or ; or

(c) co r c c , r r o , o o g ro o , or c o r g, ro o o co r o c g r or ,

x r or ,

co r c o c co cc or o r r r o

r or c rg r c or z o .





38 l o m A ct 441

(2) a oc or roc g r q r g c o o or co g or z o c r o co o r co o .

(3) a o or co , r g r co o, o r r o r g r or r c o

c r g or or o x c o g c g or or o o co r or r ro r o

co , co ; r o g goo o r r g r ro r

x c o o , o c ccor g .

(4) a o or co , or z r c , r c r o or o -

r c r o m o l .

(5) a o or co r c r o or c o l c co o c

c o co o o co o o c o o r c ;

o r c .

(6) w r o or co r c , r g r c or q

r g or r cr r or r o , o o or or r o o r c r c or o co oc o r ro o or r c

or c o r cr r o o c o x ; j c o r c o or r r c o

o ro o r c or o co , r c o r o co o ror r o co .

(7) a r c r o r c o r o or co r o r c o .

(8) i r or c r or o r c o o or co c

co o o co x r o; o c c c r c x

o r o o r .





O or Co 39

p o ibi io agai s a yi g o busi ss w offs o om-a y as o m mb s

27. ( ) s j c o c o (2), o orco o r c rr o or or

x o o r , r o c r, r , - o or g o co r g o c rro r o x o o o co

o r , or o , jo r , or o o co

co r c r g o c rr o r o x o , c o c r, r , o or g

g o o c g ac co oc rr o r o x o .

(2) s c o ( ) o r c o o c r,r , o or g o o or co c

o r o c rr o o co r o x o , o c r, r , o or g o

o r o r c o o Co r or r r c o

o ro q or o r c o co .

Part iv

shaRes, debentuRes and ChaRGes

D ivision

pROspeCtuses

r s i io o i vi i g i v s m s f om ubli

28. ( ) no r o —

( ) o o c o o o or o o o or co or or go or co ; or

( ) o , or r or o c o , o c o cr or r or r

o or co or or g o or co ,

o r ccor c p r .





40 l o m A ct 441

(2) a r r c ac o o or o r o c co r c g o or o r c

o r xc o r r c c rc o r o .

(3) for r o o c o (2), o or o r o c o co r o r o r r c

c rc o r o —

( ) o or o r r o c -gor o r o o o r c co c

r o g o or o r or o g ; or

( ) r o c gor r o r o o

cc o r r o o o c or o o o r oo o o or o r,

r o r o o o o or o r co c o o xc .

I vi a io o ubli

29. ( ) a o or co or or g o or co c ,or o c r, r c or, g or o r r o o o co o—

( ) o or r or o c o o c or o r o c o cr

or r or r co ; or

( ) o o c or o r o c o o o or o o

co ,

g o o c g ac , —

(c) R g r r g r or r co o g o o or r o o o

or o c o o c;

( ) o or r o o or o c oo c ccor c p r .

p : i r o or r or r o r ggor o .

(2) u o r o r g R g r r, oo o cr or r , or o o o





O or Co 4

or o o o or co or or g o orco , o r o m , xc o or co or or g o or co gr c c

r O or b g ac 990 r o , o r o or co or or g o or co o gr c c r ac , o co r ro o o

c o g o o c g ac .

p : i r o or r r or o r ggor o .

r qui m o issu fo ms of a li a io fo s a s o d -b u s wi os us

30. ( ) s j c o c o 32( ) o c o (2) o c o , r o o , c rc or r or

o c o or r or r o o or coor or g o or co or , c rc -

or r og r ro c co o c r g r R g r r.

(2) s c o ( ) o or o c o

, c rc or r co c o r or r c r o o r o c.

(3) a o or co o , o ro o c r o o , r r o co r c r rr o

ro c , r o j c o roo c r o o .

(4) a r o o co r ro o o c-o g o o c g ac .


I vi a io s o ubli o l d mo y o o d osi mo y wia offs o om a y o a fo ig offs o om a y

31. ( ) a o o c o o o or o o o or co or or g o or co

o , c rc or r co or o r r o —

( ) ro c r o o o r g -r R g r r;

( ) ro c co r g co





42 l o m A ct 441

, o o r cc co o o or o ro r o r o o o , o r o oc -

c c o g , c or co c o g o o co

r c o o or o ;

(c) oc cr or r rr o ro c- o r oc , r co g or

r g o o , —

( ) c r o or c r o o ;

( ) or g g r or c r c o or g gr oc ; or

( ) r or c r c o r oc ,

ccor c c o .

(2) for r o o d o , o or coor or g o or co c cc or gr o cc

ro r o o o o or o o o o c o o o or o o co or ro o co .

(3) no g c o (2), o or co or or g o or co o r q r o ro c

o , o , r ( r or o c r or r ) o r o cc

o o or o ro or r o .

(4) w r , r o o r rr o c o( ), o or co or or g o or co

cc ro r o o o or o ,

co , o o r cc c o o , o r o oc c —

( ) c o g , c or co c o g - o o co r c o

o or o ;

( ) co cr o co ro c- r g o co o c

oc o cr o .

(5) no g c o o r cr co o g ac r q r ro c o





O or Co 43

co c o o o c o o o r cr co .

(6) i c o , “ r cr co ” — ( ) o or co or or g o or co

gr c c r O or b g ac 990;or

( ) o or co or or g o or co or r co c c r m r

o c G z o r crco or r o o c o .

(7) a r o o co r or o co o ro o o c o o c r o o orco or or g o or co o ,

g o o c g ac .


(8) for r o o c o , oc orro g co c r g r o r r c o o or o o co r g -

r o r o c r or —

( ) o c r o or c r o o ;

( ) o or g g r or c r c o or g g - r oc ; or

(c) o r or c r c o r oc ,

co o or j c o r co oco r r rr o or c r c

o oc c g o co r c o o or o .

A oval of r gis a , o om lia wi gula io s, asga ds issu of os us s

32. ( ) u r g o r g o o ro c , o ro c

ro o or co R g r r.





44 l o m A ct 441

(2) u o r g o r g o o ro c -g , ro c o ccor c

ro o o c r g o .

Adv is m s

33. ( ) no r o r g, or c g o o o -r or o r o , r or r o o or

co or or g o or co or ro o o orco o c or cr o or rc

l or r ro R g r r; r c r co

c m r r q ro cc g o r.

(2) a c o or ro o r o g R g r r og r co o r -

r c r R g r r r c .

(3) a r o o or c o l or r r o r or roo R g r r r c o ro o o c o ( )

g o o c g ac .

p : t o r gg .

r io of ov -subs i io s i d b u issu s

34. ( ) a o or co o cc or r cr -o o r xc o o o c o ro c co c

ro c — ( ) x r r r r g o cc or r

o r- cr o ;

( ) o o o o r- cr o cc or r .

(2) s j c o r g o , r o or coc ro c r g o r

r r r g o cc or r o r- cr o —

( ) co o , or z or r or r r c o - c g or

o or co ro c r g





O or Co 45

o , o r or r r c o o o o co

o g r or co ( );

( ) ro c co or r r c o o o o co

o o r- cr o o c ro c r cc or r .

r gis a io of os us

35. ( ) a ro c o , c rc or r r o co r o r r g r

R g r r.

(2) t R g r r o r g r co o ro c co or r c o o

g or co x c c —

( ) co g r r c or r r o o r ro o r c or o co

or g or z r g o g

R g r r o or or o ;( ) ro c r o co r q r o

ac r g o or R g r r r r ro r q r o ac or

r g o c ro c j o r o g o o

co ;

(c) r o g R g r r co , r r cr , o co r q r c o 37 o

o ro c r co r cr rr o ro c or, c o c co r c o r c o r g, or g g

r c r r o , r r cr .

(3) i ro c o co r o g o r g r , o or co or or g o or co

r r o o o g r o o ro c g o o c g ac .






46 l o m A ct 441

Do um o ai i g off of s a s o b d m d os -us

36. ( ) w r o or co or or g o or coo or gr o o o r o r or r o co o or o g o r or

o c, o r o c ro g r co oc c o r or o c or r o o

ro c co , r ro o co o ro c o r c o r o - c o r

ro c , or o r r g o ro c ,

c ccor g r or r o r o c r o cc g o r

r c o r or r r cr r r or o r j c o ( ) o r o

o o r r c o or o - c o-r oc or o r .

(2) for r o o ac , , co r r ro , c o o , or gr o

o , r or r o or co or or g o or co o r or r

g o r or o c o —

( ) o r o r or r or o or o c x o r

o or gr o o ; or

( ) o r o r or ror o o or o c ,

o co r o o r c co

r c o r or r o or c .

(3) t r q r o d o o ro c c o g r o g o r o c

c o r r r o ro c r c oro o or co or or g o or co .

(4) i o o co g o r r q r o d o , oc g o r —

( ) o o co r o r c or o r c o or co or or g o orco g o r r c o r or

r o c o r r ;





O or Co 47

( ) c c co r c r c r or r or r o o

c .

(5) w r o r o c c o r o or co or or g o or co ,

c oc r rr o c o ( ) go o co o r c or o co

c r c or g g or z r g.

ex ’s o s o issu of os us o ai i g s a mby im

37. ( ) a ro c g cr o or or rc o r or r o o or co or or g o -

or co c g r or g o x r or o o x r

o —

( ) g o , or r o coo ro c or r g r o , r rco o r o c

or co x c c ;

( ) r r ro c g o r co .

(2) i ro c o or co or or g o or co co r o o c o ,

co r r o o o g r o r o g o o c g ac .


civil liabili y fo mis-s a m i os us

38. ( ) s j c o c o , c o o o g r o o co o o r o o cr

or or rc r or r o or coor or g o or co o o ro c or

o or g r o o r r , or r o o o - c o r r o

r o c o g c o





48 l o m A ct 441

r , o o r r o o—

( ) r c or o co o o ro c ;

( ) or z or c o ro c r c or or g gr o

co r c or r or r ro ;

(c) ro o r o co ; or

( ) or z or c o ro c .

(2) no g g c o ( ), r co o x r r q r o o ro c

g co , o r o o r o r o o or z or c o

ro c xc r c o r r or g o x r , c o ro co o r o r or r - o r , or,

r, rr r, oc or o c or or oc or r ro r o or r o o co r or z o

c r o or o ro c .

(3) no r o o ro —

( ) , g co o co r c or o co - , r co or o ro c , o oror co ;

( ) ro c o o g or co g r o c o c r o

or r c r o ;

(c) r o ro c or o - or r r , o co g r o

r r , r co gr o c o c o r o r o r or; or

( ) —

( ) r g r r r o r or go o or o x r or o c o c oc or ,

r o gro o , o o o or o r or





O or Co 49

r , r ;

( ) r g r r r r or g o x r or o o

x r or co r or o co o or x r c ro r oror o o x r , r r r

, or corr c r co o x r c ro r or or o ,

r o gro o . o o o ro c ,

x r g coo x r g

co r q r c o 37 o o ro c o r co or r o co o ro c or r g r o or, o r o ’ o g , or

o or r r;

( ) r g r r r r or g o o c r o or co r or o co o or

x r c ro c o c oc , corr c r r r o o

or co o or x r c ro oc .

(4) s c o (3) o c o r o -, r o o g g co r q r o

c o 37, r o o or z or c o ro c r c o r r or g o

x r .

(5) a r o o r ro c o o r

c o ( ) , r o o g g cor q r o c o 37, r o o or z o ro c r c o r r-

or g o x r o o ro —

( ) , g g co r c o 37 o - o ro c , r r g or

co o ro c o g R g r r;

( ) , r co o ro c o g R g r r or o or r r, o

co g r o r , r co r g g r o c o c o







O or Co 5

co r q r d o o c o r o r or g o x r .

Division

2RestRiCtiOns On allOtment

t us om a y as ag i ubli off

40. ( ) no o o r o o orco o r o c r o r

o c ro g r co .

(2) a r co g o o or coc o r r o c ro g r co

o r c c o or o o r o cr ro c .

(3) a o o c o or r o or co o r co c g

g or o or co , g r c r co o o o cr o , o o r c o r or c ,

o o cr o o r c r co ro c ,

r co , j c o r g r r o ro c o c co c rg o g o or o R g r r co c o ro c or o r or

c g ro r r, r r c o oor c ro or o r o r r g c o (

) ccor c r o ro c o -c ro r o r c o .

(4) u o r c r co c g g or o or co o o o cr oo o co r co , j c o

r g o c ro c o ro r r r o r , o c o r r c o

o g or co .

p o ibi io of allo m u l ss mi imum subs i io -

iv d

41. ( ) no o o r o o orco o r o c —

( ) cr o cr ;





52 l o m A ct 441

( ) o c o or r o -cr r c co ,

c q or r c co , o o r c co c q o c

r .

(2) t cr o —

( ) c c o o o c r , r r r r , o o

o , o o r o , cr ;

( ) r c o xc o o o r c .

(3) t o o c o o c r o r o c o r c o o

o o r or o r c , c .

(4) a co o r q r g or g c or ro co c r q r o c o

o .

(5) no o or co o , o o c r or ro o r o o or co or ro o o or co

or z or r o o , r or r o c o o ro c r x r o o o r

o ro o ro c .

p : i r o or r r or o r gg

or o .

A li a io mo ys o b ld i us u il allo m

42. ( ) s j c o c o 40(3) (4) c o4 ( ), c o o r o r or o o

c o cco o r or r o r o c o or co , o o

c r or r , o r or c

c o o r rcco , g o , co rc ro R g r r r g.

(2) i co g c o , ro c r o co o o o g







54 l o m A ct 441

r o o r .

r s v liabili y

45. a o or co , c r o o , r or o o c r c o c

o g c xc o co g o, o c r o o r j c r g cq r

r o or g o r o o .

S a mium a ou

46. ( ) w r o or co c o c ro ro o o O or b g ac 990 r r , r or c or o r , q o

ggr g o or o r o o r r rr o cco o c “ r r c-co ”, ro o o ac r g o r c o o

r c o o or co , xc ro c o , r r cco r r c o co .

(2) w r r cq r o r o o or co o co r o r cor , o

cq r , o or r o c r , r c r

o r o o cq r r rr o r r cco .

(3) t r r cco , o g gco c o ( ), o or co -

— ( ) g r o o r o

co o r ;

( ) r g o —

( ) r r x o co ; or

( ) x o , or co o or coo o , o r , or r

o , co ; or

(c) ro g or r o r o o r or r r r c r .





O or Co 55

(4) w r r r or co r o o r cr c o (2), r o o —

( ) r g co g co r o r or ; or

( ) co g co r o r -rr o co ; co r r rr o co —

( ) c o goo , o r or ro -r r o co or r r o ;

( ) c o go r , co co o orc r go o o

co c rr c o o r r o ;

( ) o r c , o r or r r g gr o co r

g .

pow o issu s a s a d vo i g ig s

47. ( ) a o or co o r o r o r or , c oo or or c , c g o , r r c , -

o r r g or ro or r c , r c g r c o r

x r c rr c o r m c rr c .

(2) t r c or o g r g o , or roc o g r g or, r o c or r

c o x o co ro -o o ac or r g o .

D ali g by a offs o om a y i i s ow s a s, .

48. ( ) a o or co ro c c ,r r c or r c , or r o o or co c o

rc o o r or r o o r or o o g co —

( ) or r co r o , g o o r o or r o o orco ;

( ) r r c o ro cr o o o co , r c or c r -





56 l o m A ct 441

o g, r g, o c rr o r o gro or g —

( ) co , or o r g g c

c , o ; or ( ) r z o co ’ , x-

c g o o c c or o o or o

g or c r o c r g r ,o , r g g c c or o , ggr g o co ’

c ; or

(c) o o (o r o o o -r c or) o co or o o r or o o g co .

(2) a o or co rc , , r c or o -r cq r , o , o , g , r r or o r o

o o r , or r o o r or o o g co , rc r o , r r c

or r c , o o x o r r r r c r r r or; r c

o ro , or r o o o r o r - o r o r o o r o , o

x o r r r r c c r r or.

(3) no g c o (2), ro r r or o gro or g co , or o

r , o or r z o co ’ o , r , g-

gr g o c , o or co rc or o r cq r o r or r oo —

( ) g r c o r ;

( ) g g r o r o or r r r ro o o ac or

r g o ; or

(c) c g, j c o ac , r r o r -

r r o or rc r c oxc g r o r c .





O or Co 57

ca lla io of a qui d s a s by a offs o om a y

49. a o or co , r o o o

r c or , c c or r o r o co o c r cq r , o r r r ror rc , c o c c o

o g R g r r r ro o c c o .

Issu of s a s a a dis ou

50. ( ) s j c o c o , o or co

co r o co o c r .

(2) no r co o r or r ro o R g r r.

(3) a c o o r co o r co , cco

r o r og r o c r oo r o g o ro o c -

g x r o co c r r o .

(4) t r co o c c o , or c o c o o c , c o o c

or r o o r r o j c o co o o r c rco or - o ro o o c .

(5) O x r o x ro o c o o c r rr o c o (3), r co

o g c o , og r o j c o r c , R g r r.

(6) w r c c o , R g r r ,, g r g r o c rc c o c o -

j c o , ro r o o o, ro o cr co o .

Al a io of s a a i al





58 l o m A ct 441

51. ( ) a o or co , c r o o , r co o o or r c o or oro o o g :

( ) cr g r c cr o o ro c o x ;

( ) co o g g or o r co r o rg r o x g r ;

(c) g r or o o r o r o x or

r c , o o r o ro or-o o o ( )

o c r c r c o r ro c r cr r ;

( ) co r g or o - r o oc r co r g oc o - r o o o ;

( ) c c g r c , o g o r o o , o or

gr o r o , g o o r c o o r

o c c ;

( ) r o g c rr c o r co -r o o r o o c rr c o

r o r o o r c rr c r or r co o cr or, .

( a ) a r o o o c rr c o r r r gr ( )( ) o o c c c o o

x g r o r r .

(2) a c c o o r r r gr ( )( ) o o r c o o r c go ac .

(3) w r , r c o ( ), o or co cr r c o c o-

r r o x o , , o o

r g o r o o or z g cr , co o g R g r r o c r cr or o cr .





O or Co 59

(4) i o or co o co ro oo c o (3), co r o c r o co

o g o o c g ac .p : O o r gg . d .

Valida io of s a s im o ly issu d

52. w r o or co r or o or or , or o o o r

r o o ro o o ac or o oror r c o co or o r , or r o or o r co or or z c

ro o , Co r , o c o o g co or o r or or g g o o o r or

cr or o co , o g c rc c j q o o o, or r

g or o o o r , or co r g r o or o r o , or o , j c o c

co o , , o , o c or r g co r o g o g co or

c o r, or g g or cr or R g r r, o r o or o o r o or o r o r co o , , o Co r .

S ial solu io fo du io of s a a i al

53. ( ) s j c o co r o Co r , o or co, o or z r c , c r o o r c

r c r c r, o g g r o or go g, —

( ) x g or r c o o r r c o r c o ;

( ) c c - c c o or r r ; or

(c) o - r c c xc o o co , or c o r

r o co o o o ,

, o r c r , r or r c g









62 l o m A ct 441

cr or , r r c o o or co , g o ro o o ac r c

o g Co r , o o o or

c — ( ) r r o o r o o or co -

o o g g o co o or r o Co r or r c o o co r

or o or c o oo xc g c o o

co r co co c o o o or ;

( ) o or co o , Co r , o

c o o c cr or roo o g o-r c o roc g or r c o or o r r c o c , o r o

o o co r , orc c or r o co r or o ,

r or r co r or g ,

o g c o c r g o co -r or o g .

( 0) a o c r o o or co o—

( ) co c o cr or oo j c o r c o ;

( ) r r r or o o or c o cr or; or

(c) , or r o c co c or -r r o ,

g o o c g ac .


rig s of old s of f s a s o b s ou i a -i l s

54. ( ) no o or co o r r c r , or

co r r o r r c r , r o r c r g o o r o c r

r c o r o c , r c o r ro , c or o -c , o g

r or o o c r o o o r





O or Co 63

r or o r c o r r c r .

(2) t o or co o r r c r

r g r x g r r c r co o r o o r g co o x g r r c r o r

o r or z r o o x -g r r c r or r c orc

x g r r c r r .

(3) i co g c o , o or co r o c r o co o

g o o c g ac .

r d mabl f s a s

55. ( ) s j c o c o , o or co g r c , o or z r c , r r-

c r c r , or o o o co r o , o r , r o co o c r c r r ro

r c .

(2) t r o o r c g oo or z r c o co .

(3) t r o r —

( ) xc o o ro c o o r or , or o o roc o r o

r or r o o r o ;

( ) r .

(4) t r , , o r o ro- or o o ro or r r cco or

r r r .

(5) w r c r r r o r oo roc o r , r , o o ro c

o o r or , r rro r r c “c r o r r ” q

o o o o r r , ro oo ac r g o r c o o r c o o or co , xc ro c o ,

c r o r r r - r co co .





64 l o m A ct 441

(6) w r , r c o c o , o or co r , or o o r , r r c r ,

r o o o o r r

or o r o r r , ccor g r c o co o , or r o o r ac , o cr c , r r r or r -

o o o r , r o , o r r o r ac , o

r c o c o o r r o o r o r .

(7) t c r o r r g

r o co o o r o co o r .

(8) i o or co r r r r cr , , o o r o o g, g o cr o o R g r r c g r r .

D ivision 4

debentuRes

I a io

56. i d o , co x o r r q r —

“ orro g co ” o or co or r , r or o c r -

or r , o r o r c or o r c r o o o o c o cr or or

rc r o co ;

“g r or co ”, r o o orro g co , o or co g r , or gr o

g r , r o o r c or o r c orro g co r o o o o c o cr or or rc r o orro gco .

pow o issu d b u s

57. ( ) s j c o d o o r co -o o or r c , o or co

o r o r o o -r o mo c r co o r c r,







66 l o m A ct 441

(4) a r g r o r o r , o r o r , o or co , r q ,

co co o r g r o o r o r o co or r r o , o -

o c o , o xc g o r , co r q r , co o c r c r o r o r o r r

r .

(5) a co o r r g o or or c r g o r o or co or r

co o o r o o r r q ,o o c o , o xc g o r , co r q r .

(6) i c o r , or co r or o or-r , r o ( o or o o )

r r q r o c o , o orco r o c r o co o

g o o c g ac .

p : O o r gg . d .

(7) e r o or co c r , r c r r c c ,

o g R g r r, o c r c r r, r r o r g o r cr r c r .

p ual d b u s

59. a co o co r , or or

c r g r , o r o o r r rr or r oo g o co g c , o r r o , or o

x r o o r o , o r o g, r o or qo co r r o g.

r issu of d m d d b u s

60. ( ) w r o or co r -r —

( ) ro o o co r r , r x r or,, co co r c r o







68 l o m A ct 441

Du i s of us

62. ( ) a r co c g r or o ro r —

( ) x rc r o g c o c r r or o o orro g co co g r or co , c r or -

o c r or o r , r c ,or r o or co c , o c rg

r c co ;

( ) c ro c r g o r o o co r c -

co r o r or r r ;

(c) x rc r o g c o c r r or o orro g co c o g r or co co r c o co ,

r ro o o r or r;

( ) xc r r c o co -, r ro o o r or r o o r r j c c r (

) or r or r o o ro r , o c

g o r o o o c orro gco o g r or co o r

r c o o co , r ro o ;

( ) r orro g co or o g r or co , o r q r r co ,

o r r c o co , r ro -o o r or r , c

r or g o o r o r , c ro o or ro c o o r -

r co co r c r ro r o r c o o o r

r o r o;

( ) r orro g co o o o -r co ro or rr g , g

x g c o co ro or rr g , , r co o ro r co r o c o o

r o r o.

(2) w r , r q r , r co c g r







70 l o m A ct 441

(c) r r o o orro gco o o r o r o coor o c o c o r ;

( ) o r c r o c o ro r co c r ( ) or r or r r o ;

( ) g c r r r c o ro o c r o ro c r o o r o

r , r o orro g co or o g r or co or c,

g c or r Co r r g r o r g o cr or o orro g co .

(5) t Co r r or r c or r r c o (4) .

(6) a r co g c o o R g -r r or Co r r g r o r o

c r g r r o r o c,, o c r g , r g r o o o

o o r o r c r cr or o orro g co .

(7) a r co r o c r c or r org or oc , or or o c r o

orro g co or g r or co r ogro or g c oc , or or o c r co o g or c r c , r or or .

Obliga io s of di o s of bo owi g om a y

63. ( ) w r r co c r or o ro r o orro g co , r c or o

orro g co —

( ) o r o o xc g r o go c r co r r q r o

o o orro g co r g;

( ) o c cc g r o r r, g r o o r o or c or r r

co , c c rc c , o , r r r or r o r o co r q r o c o (2) , r r

o c c r o , o g co o r or r g o r o R g r r r co .





O or Co 7

p : t o r gg . d .

(2) t r or r rr o c o ( ) g o o o r c or o o o o r r c g c r

or r o o r o r , oc g g r o or go g, —

( ) r or o o o o co orro xc ;

( ) r or o orro g co c o g r or co o r r or

co ro o g o r c or r o r or r ;

(c) r or o c cor co c r or ro o o r r o co orc , o,

r c r o ;

( ) r or o c rc c c g orro gco , r or g r or co or

o occ rr c r c c r or c rg cr r or r

, o, r c r o o c rc c ;

( ) r or o r c g r o o orro g co or o r or o g r or coc r r r o c c o r o r or o r q r

c o , o, r c r o c g ;

( ) r orro g co o o ,or o o, or o , co

c r o c o 4 o r o orro g co , r c r o —

( ) o o o o or xo o r g r oco r r or ;

( ) o o o g o orro g co r c o o o o or

x o o o r o co r r or ,

g g o , o o o - c r c r o c r c r , o

c g o or o o or





72 l o m A ct 441

o o co co g r r - o r o orro g co

c r g r c rg o r o r o r co c g r or o r o r

o orro g co .

(3) w r r co c r or o r o r orro g co , orro g

co c g r or co c g r r o o r o o r

, -o r cr o o c rg ,r r co o o o r o -r , r or o r or ,

r c r r g o c rg cr coor g r or co , c r q r , o o c o c r o c rg -r ( r c ) r c r

o o or o c c , r cc r rg c rr cco r or r

cr or , c or r c r o oo g r c o c c o r r

r o .

(4) t r c or o r orro g co c - r o c o r g r or coc g r r o o r

o r o c , o o r o , or c o r c r co , or c o r r o or g x

R g r r co o r co c g o o r o r or co , r x r oo c c r o co , c o o

o g R g r r r co ro

o cco og r o o -g r c r or r o ro

o c r x r o o x o r o c r c o r o o c ro o cco r .

(5) w r g r or co , g co c cor or or rr or o or r o

o c o m r, o g ro ror c o or rr or ro

o cco c or r r o , c co c r q r o c o (4)

, co o r co c g r or o r o r o orro g co , r

o g R g r r r co c r co







74 l o m A ct 441

(3) w r r o r co o c r or r orro g co c r o or roj c

o c or co ro c c r o or roj c o cor co or, r o c , r o , r co , , o o

c r or ro c o o r o o r o r , r co , g o c r g

o co r q r g o r o o r c co , o o r c o c g ,

o g R g r r co o c o c .

(4) a r co o g o c r oc o (3) —

( ) r o or roj c cor co ;

( ) r o o r o r o r r j c r o c or co r o or roj c

ro c or r o ; or

(c) r o c or co r o or roj c o c rc c , o r or g

o , o co ro o co coo r o or co ro c .

D ivision 5

inteRests OtheR than shaRes, debentuRes, etC.

I a io

66. i d o , co x o r r q r —

“ r ” r g o r c , or r ,r orc or o , r c , ro c or

co g —

( ) ro , or r z o o c or r g or c r m or

r ;

( ) co o r r , r m or -

r , c o r o r g or r o x c ro , r or r ro or

o ro o r o r r or r r ; or

(c) co r c ,

r or o r g or r c or





O or Co 75

oc , r or o r g or r r o c , o o c —

( ) r or r o cor or o ;

( ) r , or r g o o , o c o r-c ;

( ) r r r gr gr -—

( ) r o r g, c , r r or co r c ro o , or o o ,

r o o or r or c ro o o o r r g , c ,

r r or co r c ; or

( ) gr , or c o gr , r cr r g o or r o o r gr ;

“ co r c ” co r c , c or rr g - c c rr c o or r o

o o o or r c c rc c or cq r or cq r r or r g

r c o ro r c , r or ccor c r o , or , o o o or,

or o co o o r r or r g r c o ro r cq r or r c rc c ;

“ g co ”, r o o r or r o r or ro o o

, co or o o c r or r ro o o , c r o

or g x rc g c o o gco .

A ov d d ds

67. for r o o d o , - ro —

( ) R g r r gr ro o r

d o ; ( ) R g r r gr ro r d -

o o r co o or r oo c g r or r r ,

ro o r o r or





76 l o m A ct 441

r r o c o o o c .

A oval of d ds

68. ( ) w r ro o or o o r co r or or r r o o r o

r or ro o o o or coor or g o or co , R g r r , j c o

c o , gr ro o .

(2) t R g r r o gr ro o —

( ) o r o r o c r o r o r o m ;

( ) co r q r o d o ;

(c) ro o or c o r r g rr q r or r r g o o c

, r g o r cr g c rg g co ,

ro —

( ) c rg o gco o o xc c rc g or

o r r cr ;

( ) r c c r o c r r o o or rc g co r co

r g o r g o o r c .

I s s o b issu d by a offs o om a y o a fo igoffs o om a y o ly

69. no r o , xc o or co or or g o -or co or g o c co or z

r o co , or o r o c or cr o or rc , or c o

cr or or rc , r .

S a m o b issu d

70. b or o or co or or g o or coor g o c co or o r o c or

cr o or rc , or c o cr or





O or Co 77

or rc , r , co , or c o , r g co c o r , c

or r o o ro c

co , ro o o ac r o r g o ro c or o o r g or o o r g o r or cr o or rc o c ,

c o r c r , c c-cor g r r r o r or o o r o c or cr o or rc , r o

cc g o r or o r c o or cr g or or rc g c r r cr r or r .

no issu wi ou a ov d d d71. ( ) no r o or o r o c or cr -

o or rc , or c o cr or or rc , r , o , o r or or orc , r o o r , ro .

(2) a r o o , , ro c , ,r or o r oc r g o r ,

r r c o ro o or o r or r r - gr r d o .

r gis of i s old s

72. ( ) t g co , r c o c c co co c r , r g r o

o r o r r r r —

( ) r o o r ;

( ) x o o g o c o r , -r co o c c r ro r ,

cr o o ro r oc o c o ;

(c) c o c r o r r g r o r;

( ) c r o c o o r.

(2) d o 4 o p r v , o r c c o r c r , o r o o

r g r.

p al y fo o av io of Divisio , .





78 l o m A ct 441

73. ( ) a r o o —

( ) co r or o co d o ; or

( ) o co co co , or o co , or

ro .


(2) no r o r ro o o r o r r o o co r o o , or r o

co , d o .

Wi di g u of s m s, .

74. ( ) w r g co r q-o or r , o o o r or r r ,

g co c o c rr o or ,o r j c o o r o r o c r ,

o co , r or r r o g o o r .

(2) a g r c o ( ) o —

( ) g o o c o ro o g, -o or ro o g, o

c o r o r , or, co jo o r , o jo o r o

r co ’ r cor ;

( ) g, -o or ro- o g, r g g o c o

g r c rc g l .

(3) i c g r o o jor r r r g r - o r o o r o

r r o g, r r o or rox , g r g, c , r r , co r c or

rr g o c r o , r

or r r o Co r or or r co r g r o o .

(4) O c o r or r r Co r, r o o r o





O or Co 79

r , co r r o o c or r c r or x or c g o

r g, c , r r , co r c or rr g .

Liabili y of us s

75. ( ) s j c o c o , ro o co , or co r c o r o r o c

c r , o o r o c o x g r or r r r

ro , or g r or r r g , - or r c o r r r or r r

o o gr o c r g c r q r o ror r r .

(2) s c o ( ) o —

( ) r o r g r c o go , or o o o , r or r r -

or g g o r ; or

( ) ro o g c r o g —

( ) o gr r o o jor o o

r - o r o o r o r o r o or rox g -o or r o ;

( ) r r c o c c c or o o , or o r or r r c g o c .

D ivision 6

title and tRansfeRs

na u of s a s

76. t r or o r r o r o orco o ro r , r r r

ro r c , o o r o -o ro r .

numb i g of s a s

77. ( ) e c r o or co g ro r r.

(2) no g c o ( )—

( ) r o or co -





80 l o m A ct 441

, or r r o r c r c ,r r r or r o ,o o o r r r g -

g r o o g r r r or r o r o c or g ; or

( ) r o or co r c c r c ccor c c o 78 cc r c g ro r r

r r cor r g r o r , oo o r g g r.

c ifi a o b vid of i l

78. ( ) a c r c , r o o or co or r c r o , c g r r

r c c o o r .

(2) e r r c r c r o o orco or r c r o —

( ) o co or r c

co co ;( ) r o r g r o c o co

l or, r c r c r c o co , r o r c ;

(c) o x o c r r ;

( ) c o r .

(3) f r o co c o o c r go o r o r .

(4) i co g c o , o -or co r o c r o co o

g o o c g ac .

A offs o om a y may av s a s al

79. a o or co , or z r c , c o c o co

or “s r s ”, r c r c r c o co o o co -

or r o o ac .





O or Co 8

I s um s of a sf a d a sf by so al s a-iv

80. ( ) a o or co o r g r r r o ror r ro r r o r r -r o co , c o o r j c

o r o r g r r o r or r o r r oo o r g o r , or r o , co

r o r o o .

(2) a r r o r , r or o r r o -c r o r o r r , o g

r o r r o r o co -

, c r o x c o o r o r r.

(3) t ro c o o o or co o occ c c o ro o , or -

r o r o o , o c r o g gr o o r o cc co ,

o g g r c , c c gr .

(4) i c o “ r o r r” c rc o or r o o r , r or o r r

o r o r r .

Du i s of offs o om a y wi s o issu of ifi-a

81. ( ) e r o or co , o o r o o o r or r , o

o r o c r r (o r c r r co , or r o , o r o r g r

o o r g r) o o r or r o g co , co r or r

ro r c r c r co c o o or r r, co o o o r or

r o r ro .

(2) i co g c o , o -

or co r o c r o co o g o o c g ac .

p : O o r gg . d .

(3) i o or co o c o c r





82 l o m A ct 441

r q r g o goo co g ro o o c o o goo

-o r r c o o c , Co r ,

o c o o r o o c r cor r or r r o , r c co r o c r o co o goo

c c r c o , r c o ro co x o c o - c o or co o c r o

co c ro or o Co r .

D ivision 7

ReGisteR Of ChaRGes

no -a li a io of Divisio

82. no g d o o c rg cr or g o or co o ro r o m .

r gis of a g s

83. ( ) e r o or co or or g o or co r g r o c r g r o c rg r

c rg c c c g ro r o co o o r cr o o c c rg , g g

c c or cr o o ro r c rg , oc r c rg , o c rg or r o -

o c c rg , r c r r g o c oo or r ro c c rg .

(2) i ro r o o or co or or g o orco c rg o c r r q r c o( ) g , r o c r o co o o g

or z or r o o o c r g o o c g ac .

p : t o r gg .

(3) e r o or co or or g o or co

c co o r r cr g c rg o r g r o c .





O or Co 83

(4) t r g r o c rg co o r r c o c o o o c o

cr or or r o co r o o

c rg .(5) i co g c o (3) or (4),

o or co or or g o or co ro c r o co o g o o c g ac .

p : t o o r gg . d .

no i of a io a d sa isfa io of a g

84. ( ) e r o or co or or g o or co, o o r cr o o c c rg , o g

o r cr r c r R g r r, o o r c c rg or r , o g

o c r cr or R g r r.

(2) i co g c o , o -or co or or g o or co r o c r

o co o g o o cg ac .

p : t o o r gg . d .

Part v

manaGement and administRatiOn

D ivision 1

OffiCe and name

r gis d offi of a offs o om a y

85. ( ) e r o or co r g -r o c l , c o c r c o c

o r co .

(2) no c o o o o or co ’ r g ro c g r cr or o R g r r o o r o co ’ cor or o .





84 l o m A ct 441

(3) w r o or co c g r g r o -c , g o c o c c g r cr or

o R g r r o o o c g .(4) a r co r c o c ,

co c o o o ro z r g , o o or co g r r g r o c

r .

(5) i co g c o , co - r o c r o co o g o o c g ac .

p : O o r gg . d .

nam o b dis lay d a all offi s a d o a a o s als,l s, .

86. ( ) e r o or co or or g o or co or x, or x ,

co c o o o , ro z r g , o

o o r o c or c c c rro .

p : O o r gg . d .

(2) t o o or co or or g o orco ( r or o c rr g o r

) r g ro z r o —

( ) ;

( ) r , o cco , o c , o -c o c , c o , o xc g , ro or

o , or , c q , or r , r c ro cr o , or r or g o or g or o o , co ,

co g c o , co g o o c g ac .

(2 a ) t o o or co or or g o orco ( r or o c rr g o r ) r g ro z r

co r o o or co or or g o orco r o or r c o o-







86 l o m A ct 441

D ivision 2

diReCtORs and OffiCeRs

Di o s

87. ( ) e r o or co o r c or o r r c or.

(2) no r o , o r o c r o r co or o c co o o r co

or o r co , c or o r r c or o o or co :

pro o c r o o c or or g cogr c c or r g r r *i r c ac 963[ac 89], i c b g ac 983 [ac 276], t ac 984[ac 3 2] or b g f c i o ac 989[ac 372] or o c o cor or g co , c , c or o

r r c or o o or co c c o-c or or g co o r .

(3) a c c c r c or , o r r co o or co o o o r ro ,

r o o co g r c or or r c or or, r o co g r c or, R g r r o c o

r o co .

(4) s j c o co r r ro o r c o o or co , r c or o o or co

cor or o c cor or o c or ro g o o r g o or c

r c or o or o co .

(5) a r r c or o o or co o j c o r r , , o gr

r co c or o o or co o c o r

r c or, r c o r o c r o r co

. (6) a r r c or o o or co

*nOte—t i r c ac 963 [ac 89] c r i r c ac 996[ac 553]– c o 2 4 o ac 553





O or Co 87

o o o r o o o o r o r c or oc o g r r c or o o r o or co -

.

(7) no c r c r r c or o o or co - o o o c o co

g o r r c or c c o c o co .

(8) a r c or o o or co o c o o r o , or or r o , or o o r oo o c xc ccor c r c or o

co o r co o o

o, r c or c o o ro r c o c r m , or o r m , or o

o g c o gg r g or o r c co or

o r or r c or or o co or o r .

(9) a r c or o o or co o, co r o o c o (8), c o o r o , or or r o ,

or o o r o o o c go o c g ac .

( 0) t o r r c or o o or co o or co o r co

c or o c r c gr r co o or co .

( ) no g o r ro o o ac or

r g o o co r r , o r ro r c o o or co , r r c or o o orco o o ro or r

ac or g c o or r r o ,o o r r g, o r r o o -

co c , or g c .

co s o a as di o

88. a r o o o or r c or or ro o r c or r c o o or co or ro c , or r g r o o r c or o ro c , , or g or z

r g or r o , g c o o g R g r r co r g o c r c or.







O or Co 89

o r r c or r c r o r .(2) s c o ( ) o c r r-

o r c or o o or co co o

g r or cr or o o r o or co c r co r c or ro o co r c r -

o co , r ro r r g r o g r r .

(3) for r o o c o , r r c or o r co r c or ro o co r c

o or co o c r c or o x ro r q r o c rc o o o c or c -

r o r g; or c r o o c co c ro o o c o

( ).

(4) s j c o co r r ro o r c o o or co , r c or o co o , or

r o o c o , o r or o r co r c or ro o co r c ,

r o co r c or ro o co r c — ( ) or ;

( ) or o ; or

(c) o o ,

co c , r o ro o o c o 4, o r co , o r c or

o co .

(5) for r o o c o ( ), g r o c go r c or o o or co r c or o c

o c r or r o c o or coor r o c r o r g r -

r co r c c , r o o c , co or r o -

c c r o o r r o o co r c o

o c o c o c r g g o r c or or r c or r o o r ro g r x g o

r c or r g .(6) e r r c or o o or co o o





90 l o m A ct 441

o c or o ro r r , r r c or r c , or r g cr co c

or r r c or, c r g o

r c or o co or c o c rc r g o o r r c or c r , c r c r x

o co c :

pro c o o o r -r c or r c o co o r ro .

(7) t c r o r q r o r c or r c o (6) r g o r c or —

( ) r co r c or; or

( ) ( r r c or) r co c o o o c or o o ro r ,

c r c rc r g or g.

(8) e r c r o r c o r cor o g c .

(9) t c o o o o rog o o o r o o r o or ro o r c

o o or co r r c g r c or o coro g r co r c co or roo g o c or o g ro r o g or r-

co c or r r c or:

pro c o o o o r -r c or r c o co o r ro .

Du y a d liabili y of offi s

92. ( ) e r o c r o o or co

c o r o g c c rg o o o c .

(2) a o c r o o or co o ro r









O or Co 93

( ) o o r cor or o , r r r cr or co g, r o o r c or

cr r , r c r r q r o c

r g r;( ) o o r r o r r c

o r c or or cr r o co , r r r cr or o g R g r r o

c g co g r c o c r c or or cr r o co r c r r q r o

c r g r o c o ;

(c) o o r r o co r c or or cr r o co , r r r cr

or o g R g r r o c co g r c r r q r o c r g r o o ;

( ) o o o c g r cr r-c r o r c or cr r , o c

r cr or o g R g r r o c g .

(6) i o or co co g ro o o c o , co r o c r

o co o g o o cg ac .

p : O o r gg . d .

(7) i c o , “ c o ” , c o r o c r , r o c r , c o r o o c r , r c r o or or c o r r c o

c o .

Off agai s a y ovisio of is A ommi d by di -o s a d s a i s

94 A . w r o c g ro o o ac co o c co

r co o c or o r r c or or r cr r o o or co , r o o

o co o o o c r c or or o c r o r co or r or g o c cc c ,or r or o x r o or

g o o r o c r co , or g c g , g o o c







O or Co 95

( ) o o o r r o or rox , o o o o ;

(c) o or or o r r r o or rox ,

o o .

no i of m i gs of m mb s

96. ( ) s j c o r q r or or r-c o g o g r o c , r c or g o

’ o c o g o r o o r oo o o c g r r

r g r o r r rr o c o 05 o

r o o g.

(2) no g c o ( ), j c o -o or or r c , g o r co r o o r q r o g o c

r o g r c jor , or c r jor c or or r c ,

o —

( ) o r o r o r o

o o r o co r g;or

( ) o o c c or r o r r rr o o r o c or r og r

o jor o r g o ,

o c o g; or r o , r -c o r g o co

r o r .

(3) t r r o r c or o g o c o g o r, or c r o r c

o c , o g.

Quo um, ai ma , vo i g, ., a m i gs

97. ( ) exc o r ro r c o o orco , r o or co or o r,

o or or r r r g o r , r r q or , g—

( ) r c o r c rr o ;









98 l o m A ct 441

Co r , r o o o o or o c o o r c or or o r o o o o

g or o r o r r o c r,or r

g o c , co c c r Co r , Co r g c c r or co q r c o x .

(2) a g c , co c ccor c r c o r o c o , or r o ,

o g c , co c .

S ial solu io

101. ( ) a r o o c r o o jor o o r - o r o c

r , g o o o, o r o or, r rox r o , rox , g o r o c

o -o ’ o c c g oo ro o r o o c r o o

g .

(2) no g c o ( ), o gr

jor r o r g r g o o g, g jor c og r o ggr go - r c o o o o

r o o , r o o ro o c r o o g o c

-o ’ o c g .

r solu io qui i g s ial o i

102. w r ac c o c r q r o r o -o , r o o o c o c o o o o g o o or co

o - g or g c o , co g r o c o c r o o r

g o c o g or, o r c c , g o c r o r o r c

o o r or g, , r o-c o o o o c r o o g

o co , g c or - g or r o c g , o c , o g og o co r q r c o ,

o ro r g .







00 l o m A ct 441

p : t - r gg or c co r c o c .

(7) for r o o c o (5) (6), q or o o or co o o c r o co .

Mi u s of o di gs

104. ( ) e r o or co c o ro-c g o g o r o g o r c or

o r oo or r o .

(2) u R g r r o r r c , ooo o or co r g r o c o

co c o oo or o r o or c o

r o c rg .

D ivision 4

ReGisteR Of membeRs

r gis of m mb s

105. ( ) e r o or co r g r o r r r —

( ) , o r , o r r or o r c r , o r ,

o r c r,

g g c r r ( ) or r ( ) o c r c c g r’ o g o o or gr o

co r o r o c r;

( ) c o c r o r r g r r;

(c) c r o o c o - r r g r o r o c o

r;

( ) o r o o r o r r o r co r c o .





Offshore Companies 101

(2) The register of members shall be prima facie evidence of any matters inserted therein as required or authorized by thisAct.

(3) If default is made in complying with this section by anoffshore company, the company and every officer of the companywho is in default shall be guilty of an offence against this Act.

Penalty: Two thousand ringgit. Default penalty.

Where register to be kept

106. (1) Unless the Registrar otherwise directs, the register of members of an offshore company shall be kept at the registeredoffice of the company and shall be open for the inspection of any member without charge.

(2) Every offshore company shall, within one month after theregister is first kept at a place other than the registered office of the company, lodge with the Registrar notice of the place wherethe register is kept and shall, within one month after any changein the place at which the register is kept, lodge with the Registrar

notice of the change.

Consequences of default by agent

107. Where the register of members is kept at some place other than the registered office of an offshore company and, by reasonof any default of the person in charge of such office, the companyfails to comply with section 106 or with any other requirementsof this Act as to the production of the register, that person shall

be liable to the same penalties as if he were an officer of thecompany who was in default.

Power of Court to rectify register

108. (1) If, in relation to an offshore company—

(a) the name of any person is, without sufficient cause, en-tered in or omitted from the register; or

(b) default is made or unnecessary delay takes place in enter-ing in the register the fact of any person having ceasedto be a member,





102 Laws of Malaysia A ct 441

the person aggrieved or any member of the company may applyto the Court for rectification of the register, and the Court mayrefuse the application or may direct rectification of the register

and payment by the company of any damages sustained by any party to the application.

(2) On any application under subsection (1), the Court maydecide—

(a) any question relating to the right or title of any person whois a party to the application to have his name entered inor omitted from the register, whether the question arises

between members or alleged members on the one hand

and the offshore company on the other hand; and(b) generally, any question necessary or expedient to be de-

cided for the rectification of the register.

(3) The Court when making an order for rectification of theregister shall, by its order, direct a notice of the rectification to

be lodged with the Registrar.

(4) No application for the rectification of a register in respectof an entry which was made in the register more than thirtyyears before the date of the application shall be entertained bythe Court.

D ivision 5

ANNUAL RETURN

Annual return

109. (1) An offshore company shall make an annual return con-taining the prescribed particulars and accompanied by such copiesof documents as are required to be included in the return.

(2) The annual return shall be in accordance with the form prescribed for the purpose or as near thereto as circumstances permit and shall be made up to a date not earlier than fourteendays before the date of lodgement.

(3) The annual return signed by a director or secretary of the






company shall be lodged with the Registrar, once in each cal-endar year, not later than thirty days prior to the anniversary of the date of its incorporation.

(4) Subject to section 113 a , the annual return lodged with theRegistrar shall be accompanied by a certificate from an approvedauditor stating that—

(a) proper accounts of the company for the financial periodending on the date specified have been kept and a bal-ance sheet and profit and loss account for that periodhave been prepared and audited by that auditor; and

(b) the director giving the certificate under subsection (5)has been furnished with a copy of those accounts,

and the approved auditor shall retain for seven years a copy of the accounts to which his certificate relates.

(5) An annual return of an offshore company shall be ac-companied by a certificate from a director stating that he hasconsidered the audited accounts mentioned in subsection (4)

or the company’s unaudited accounts, as the case may be, andcertifying, with or without qualifications—

(a) that those accounts show that the company was solventat the date to which they were made up;

(b) that he is unaware of any circumstances which render those accounts untrue; and

(c) that no circumstances have occurred since the date to

which those accounts were made up which would render the company insolvent,

and if such a certificate cannot be given without qualification,the respects in which it is qualified shall be set out.

(6) If an offshore company fails to comply with this section,the company and every officer of the company who is in defaultshall be guilty of an offence against this Act.

Penalty: Two thousand ringgit. Default penalty.






P art vi

ACCOUNTS AND AUDIT

D ivision 1

ACCOUNTS

Accounts to be kept

110. (1) An offshore company shall cause to be kept proper accounting and other records as will sufficiently explain thetransaction and financial position of the company.

(2) Every company and the directors thereof shall cause ap- propriate entries to be made in the accounting and other recordsof the company within sixty days of the completion of the trans-actions to which they relate.

(3) The accounting and other records of an offshore companyshall be kept at the registered office of the company or at suchother place in Labuan as the directors think fit and shall at all

times be open to inspection by any director and shall be kept insuch manner as to enable them to be conveniently and properlyaudited.

(4) The Registrar may, in any particular case, direct that theaccounting and other records of an offshore company be opento inspection by an approved auditor acting for a director, butonly upon an undertaking in writing given to the Registrar thatinformation acquired by the auditor during his inspection shallnot be disclosed by him except to that director.

(5) Any director of an offshore company who fails to takeall reasonable steps to secure compliance by the company withthe requirements of this section and sections 112 and 113, or aresident director who has by his own wilful act been the causeof any default by the company under the said sections, shall beguilty of an offence against this Act.

Audited accounts to be laid before meeting

111. (1) The directors of an offshore company shall cause to belaid before the company at a meeting of members the audited ac-counts or unaudited accounts, as the case may be, of the companynot more than nine months after the date to which the auditedaccounts or unaudited accounts are made up.










Rights and duties of auditors

117. (1) Every auditor of an offshore company shall report to themembers whether, in his opinion, the accounts of the companyare properly drawn up so as to give a true and fair view of thecompany’s affairs.

(2) Every auditor of an offshore company shall be entitled to be furnished with a copy of the memorandum and articles of thecompany and shall familiarise himself with the terms and condi-tions contained therein.

P art vii

ARRANGEMENTS AND RECONSTRUCTIONS

Arrangements

118. (1) In this section “arrangement” means—

(a) a reorganization or reconstruction of an offshore companyincorporated under this Act;

( b) a merger or consolidation of one or more offshore companies with one or more other offshore companies, if the surviving company or the consolidated company isan offshore company;

(c) a separation of two or more businesses carried on by anoffshore company; or

(d) any combination of any of the things specified in para-graphs (a) to (c).

(2) The directors of an offshore company may, by a resolu-tion of directors, approve a plan of arrangement that contains thedetails of the proposed arrangement.

(3) Upon approval of the plan of arrangement by the directors,the offshore company shall make an application to the Court for approval of the proposed arrangement.

(4) The Court may, upon an application made under subsection (3), make an interim or final order, and in making theorder the Court may—

(a) determine what notice, if any, of the proposed arrange-ment is to be given to any person;






(b) determine whether approval of the proposed arrangement by any person should be obtained and the manner of obtaining the approval;

(c) determine whether any holder of shares, debt obligationsother securities in the company may dissent from the

proposed arrangement and receive payment of the valueof his shares, debt obligations or other securities;

(d) conduct a hearing and permit any interested persons toappear; and

(e) approve or reject the plan of arrangement as proposed or approve it with such amendments as it may direct.

(5) Where the Court makes an order approving a plan of ar-rangement, the directors of the offshore company, if they arestill desirous of executing the plan, shall confirm the plan of arrangement as approved by the Court, whether or not the Courthas directed any amendments to be made thereto.

(6) The directors of the offshore company, upon confirmingthe plan of arrangement, shall—

(a) give notice to the persons to whom the Court has requirednotice to be given; and

(b) submit the plan of arrangement to those persons for approval if required by the order of the Court.

(7) After the plan of arrangement has been approved by those persons from whom approval is required by the order of the Court,the articles of arrangement shall be executed by the offshorecompany and shall contain—

(a) the plan of arrangement;(b) the order of the Court approving the plan of arrangement;

and

(c) the manner in which the plan of arrangement was approved,if approval is required by the order of the Court.

(8) The articles of arrangement shall be lodged with the Reg-istrar who shall retain and register them in the register.

(9) Upon registration of the articles of arrangement, the Reg-istrar shall issue a certificate under his hand and seal certifyingthat the articles of arrangement have been registered.






(10) A certificate of arrangement issued by the Registrar under subsection (9) shall be prima facie evidence of compliance withall the requirements of this Act in respect of the arrangement.

(11) An arrangement shall be effective as from the date thearticles of arrangement are registered by the Registrar or on suchdate subsequent thereto, which date shall not be more than thirtydays from the date the articles of arrangement are registered withthe Registrar, as is stated in the articles of arrangement.

Regulations in respect of takeovers and mergers

119. The Minister may make regulations for the supervision andcontrol of takeover and merger transactions.

P art VIII

FOREIGN OFFSHORE COMPANIES

Interpretation

120. (1) This Part applies to a foreign company only if it hasa place of business or is carrying on business in Labuan and isnot registered under the Companies Act 1965.

(2) In this Part the expression “carrying on business in Labuan”includes—

(a) carrying on business in, from or through Labuan;

(b) establishing or using a share transfer or share registra-tion office in Labuan or administering, managing or otherwise dealing with property situated in Labuan as an

agent, legal personal representative or trustee, whether by servants or agents or otherwise; and

(c) in the case of a foreign offshore company which theMinister has by notice published in the Gazette specifiedfor the purposes of this paragraph—

(i) permitting or suffering the company’s own sharesto be, in Labuan, dealt with, issued, transferredor made the subject of options or agreements;

(ii) permitting or suffering to be made in Labuan trans-fers of, or dealings in respect of, or agreementsor options to sell or purchase, securities, notesor rights issued by it to the public; or






(iii) permitting or suffering to be made in Labuan trans-fers of, or dealings in respect of, or agreementsor options to sell or purchase, securities, notes

or rights, by reason of which transfers, dealings,agreements or options the public might acquirean interest in the company.

(3) Notwithstanding subsection (1), a foreign offshore companyshall not be regarded as carrying on business in Labuan by reasononly of the fact that in Labuan it—

(a) is, or becomes, a party to any action or suit or any ad-ministrative or arbitration proceedings or any claim or

dispute; or (b) conducts unsolicited isolated transactions that are com-

pleted within a period of thirty one days, not being oneof a number of similar transactions repeated more thantwice.

Registration of foreign offshore companies

121. (1) A foreign company shall not have a place of businessin Labuan or carry on business in Labuan unless it is registeredas a foreign offshore company under this Part, and a foreigncompany which acts, and every officer thereof who permits theforeign company to act, in contravention of this subsection shall

be guilty of an offence against this Act.

(2) Every foreign company shall, prior to establishing a placeof business, or carrying on business, in Labuan, lodge with theRegistrar for registration—

(a) a certified copy of the certificate of its incorporation or registration in its place of incorporation or origin, or adocument of similar effect;

(b) a certified copy of its charter, statute or memorandumand articles or other instrument constituting or definingits constitution;

(c) a list of its directors and officers containing similar par-ticulars with respect to its directors as are required to becontained in the register of the directors and secretariesof an offshore company under section 94;








(2) The Minister may, by notice published in the Gazette, order that any foreign offshore company be restricted from carrying onany specified business in Labuan and may, by notice published

in the Gazette, impose conditions subject to which any specified business may be carried on by a foreign offshore company inLabuan.

Registered office of foreign offshore companies

123. (1) Every foreign offshore company shall at all times havea registered office in Labuan, which office shall be the principaloffice of a trust company.

(2) Notice in the prescribed form of the situation of the reg-istered office and any change thereof shall be lodged with theRegistrar within one month after the date of registration of theforeign offshore company or the date of the change, as the casemay be.

(3) If default is made in complying with this section the for-eign offshore company and every officer of the company who isin default shall be guilty of an offence against this Act.

Penalty: One thousand ringgit. Default penalty.

Return to be lodged where documents, etc., altered

124. (1) Where any change or alteration is made in—

(a) the charter, statute, memorandum or articles of a foreignoffshore company, or other instrument relating to thecompany, lodged with the Registrar;

(b) the directors of a foreign offshore company or in thename or address of any director;

(c) the address of the registered office of a foreign offshorecompany in its place of incorporation or origin;

(d) the name of a foreign offshore company;

(e) the powers of any directors resident in Labuan who aremembers of the local board of directors of a foreignoffshore company; or

(f) the trust company or the name or address of the trustcompany referred to in paragraph 121(2)(e),

the foreign offshore company shall, within one month after thechange or alteration, lodge with the Registrar particulars of the






change or alteration and such documents as the regulations mayrequire.

(2) Upon receipt of the aforesaid particulars of the change or alteration, the Registrar shall, subject to this Act, register thechange or alteration.

(3) On the lodging with the Registrar of particulars of anychange or alteration of the name of a foreign offshore companyreferred to in paragraph (1)(d), the Registrar shall issue a cer-tificate in the prescribed form under his hand and seal, and thatcertificate shall be prima facie evidence in all Courts as to thechange or alteration of the name of the company.

(4) If a foreign offshore company increases or decreases itsauthorized share capital, it shall, within thirty days after suchchange, lodge with the Registrar notice of the amount from whichhand to which it has been so changed.

(5) If a foreign offshore company not having a share capitalincreases the number of its members beyond the registered num-

ber, it shall, within thirty days after the increase was resolved onor took place, lodge with the Registrar notice of the increase.

Service on foreign offshore companies

125. Any process or document required to be served on a for-eign offshore company shall be sufficiently served if addressedto the foreign offshore company and left at or sent by post toits registered office in Labuan, but—

(a) where any such company makes default in filing with theRegistrar the name and address of a registered officewhich is authorized to accept on behalf of the companyservice of process or notices;

(b) if at any time the registered office so notified has ceasedto exist; or

(c) if for any other reason service of process or notice can-not be effected,

the document may be served on the company by leaving it at, or sending it by post to, any place of business established by the

company in Labuan, or, if no such place of business has beenestablished, the document may be served on the company byregistered post to any place of business of the company in thecountry of its incorporation.






Cessation of business in Labuan

126. If a foreign offshore company ceases to have a place of

business or to carry on business in Labuan it shall, within onemonth after it so ceases, lodge with the Registrar notice of thatfact, and as from the day on which the notice is so lodged, itsobligation to lodge any document (not being a document thatought to have been lodged before that day) with the Registrar shall cease, and the Registrar shall forthwith remove the nameof the foreign offshore company from the register.

Liquidation or dissolution of company in place of incorpora-tion or origin

127 . (1) If a foreign offshore company goes into liquidation or is dissolved in its place of incorporation or origin—

(a) the trust company shall, within one month after the com-mencement of the liquidation or dissolution or withinsuch further time as the Registrar in special circumstancesallows, lodge or cause to be lodged with the Registrar notice of that fact and, when a liquidator is appointed,a notice of such appointment;

(b) the Registrar shall, after receipt of the notice, forthwithappoint a liquidator and, until the winding up of its affairsin Labuan is completed, the foreign offshore companyshall be deemed to continue to exist in Labuan; and

(c) the Court shall be deemed to have ordered that it bewound up.

(2) The liquidator appointed by the Registrar shall get in allthe assets of the foreign offshore company situate or recover-able in Labuan and shall, in so doing, have all the powers of aliquidator of an offshore company.

(3) Before paying or transferring to a foreign liquidator of aforeign offshore company in the place where it was formed or incorporated any of the assets got in within Labuan, the liquidator appointed by the Registrar shall—

(a) pay to the Registrar all penalties, costs, fees and chargesdue and owing;

(b) pay the amount of all taxes payable under the LabuanOffshore Business Activity Tax Act 1990 [Act 445];






and

(c) pay to any person resident in Labuan to whom, at thetime of the appointment of the liquidator in Labuan, any

debt incurred bona fide by a foreign offshore companyin respect of supply of services to or for the foreignoffshore company is due, the amount of such debt,

and such penalties, costs, fees, charges, taxes and debts shall bea charge upon the assets of the foreign offshore company rankingafter the costs of the liquidator appointed by the Registrar but in

priority to all other charges and claims whatsoever.

(4) The provisions of Part X of the Companies Act 1965 relat-ing to the striking-off from the register of the names of defunctcompanies shall apply mutatis mutandis to a foreign offshorecompany.

Names of foreign offshore companies

128. (1) Except with the consent of the Minister, a foreignoffshore company shall not be registered by a name that, in theopinion of the Registrar, is undesirable or is a name, or includesa name, of a kind that the Registrar is not otherwise willing toaccept for registration.

(2) If a foreign offshore company is registered, either in error or otherwise, with a name with which it should not have beenregistered, the Registrar may, after giving thirty days’ notice to theforeign offshore company requiring it to change its name, strikethe company from the register upon default in complying.

(3) No foreign offshore company shall use, in Labuan or elsewhere, in respect of acts done or to be done in Labuan, anyname other than that under which it is registered under this Partand every foreign offshore company and every officer of thecompany who knowingly authorizes or permits the default shall

be guilty of an offence against this Act.

Returns by foreign offshore companies

129. (1) A foreign offshore company shall make an annual re-turn containing the prescribed particulars and accompanied bysuch copies of documents as are required to be included in thereturn, and shall lodge the return with the Registrar once in eachcalendar year not later than thirty days prior to the anniversaryof the date of its registration.






(2) The Minister may make regulations—

(a) prescribing the registers and returns to be kept and made

by a foreign offshore company and fixing the timeswithin which the same must be kept and made; and

(b) prescribing the fees and charges to be paid for the lodg-ing of any annual return.

Application of this Part to certain foreign companies registeredunder Companies Act 1965

130. Notwithstanding any other provision in this Part, a foreigncompany registered under the Companies Act 1965 and licensedunder the Banking and Financial Institutions Act 1989, the Is-lamic Banking Act 1983, or the Insurance Act 1963, as the casemay be,may be registered under this Part as a foreign offshorecompany, and upon its registration the provisions of this Partshall apply accordingly to the company.

P art VIII a

COMPANY MANAGEMENT

Interpretation

130 A . In this Part, unless the context otherwise requires—

“company management” means the provision of managementservices, administrative services, treasury processing services andsuch other services, and to such persons, as may be permitted bythe Registrar;

“management company” means any offshore company incorpo-rated or foreign offshore company registered under this Act for the purpose of undertaking or offering to undertake the businessof company management.

Register of management companies

130 b . (1) The Registrar may keep a register of all management

companies licensed under this Part.(2) The register kept under subsection (1) shall show—

(a) the information required under paragraph 130 D (2)(c) withrespect to each management company licensed under








(3) If any information referred to in paragraph (2)(c) is alteredat any time after its submission, the applicant, upon being granted

a licence under this Part, shall give in writing to the Registrar particulars of the alteration within one month of the date of thegrant of the licence or within one month after the alteration ismade, whichever is the later.

Grant of licence

130 e . (1) The Registrar may in his discretion grant or refuse togrant a licence to any applicant.

(2) The Registrar shall not grant a licence unless he is satisfiedthat the applicant—

(a) is of sufficient good repute to be engaged in the businessof company management;

(b) has or has available to i t adequate knowledge,expertise,resources and facilities necessary for the proper management or administration of its business;

(c) has sufficient financial resources at its disposal to en-able it to conduct its business effectively and meet itsliabilities; and

(d) will be in a position to comply with any conditions im- posed by the Registrar.

(3) Notwithstanding subsection (2) the Registrar shall reject anapplication if he determines that it is not in the public interestthat a licence should be granted.

(4) A licence may be granted subject to such terms, conditions,restrictions or limitations as the Registrar deems fit to specifytherein.

(5) A licence shall—

(a) be in such form as may be prescribed;

(b) be admitted in all courts as prima facie evidence of thefacts stated therein; and

(c) remain in force until it is revoked.

Power to grant exemptions

130 f . (1) The Registrar may, if he is satisfied that to do so would






not be prejudicial to public interest, direct that all or any of the provisions of this Part shall—

(a) not apply; or

(b) apply subject to such modifications as he may specify inthe direction,

to a management company.

(2) A direction under this section may be revoked at any timeat the discretion of the Registrar.

Licensing procedure

130 g . (1) Where the Registrar grants a licence to an applicanthe shall—

(a) enter the particulars of the applicant in the register main-tained by him; and

(b) issue a licence to the applicant on payment of such licencefee as may be prescribed.

(2) Every licence issued under this Part shall bear the dateon which the licence is granted.

Annual fees

130 h . (1) A management company to whom a licence under thisPart is granted shall pay, not later than thirty days from eachanniversary of the date of grant of the licence such annual feesas may be prescribed.

(2) Any annual fee not paid within the period specified insubsection (1) may be recovered by the Registrar by civil pro-ceedings as a debt due to the Registrar and the Registrar mayrequire and the Court may order the payment of a penalty in anamount equal to the amount of the fee for late payment of thefee.

Revocation of licences

130 i . (1) The Registrar may revoke a licence— (a) at the request of the holder; or (b) where the holder—

(i) has ceased to carry on business in, from or through






Labuan;(ii) has contravened any provisions of this Part or

any terms, conditions, restrictions or limitations

specified in the licence; or (iii) has been convicted of an offence under this Act or

of a criminal offence in any country or jurisdic-tion.

(2) The Registrar may publish in the Gazette, in such form ashe thinks fit, notice of every revocation of a licence under thisPart.

Access to information and records

130 j . For the purpose of discharging his duties under this Part,the Registrar may, at all reasonable times, in writing direct anyofficer of a management company to whom this Part applies—

(a) to furnish information; or (b) to provide access to any records, books or other docu-

ments,

relating to the business of that management company being car-ried on under this Part which, in the opinion of the Registrar,are necessary to enable him to ascertain whether the company iscomplying with the provisions of this Part.

Immunity of and actions by the Registrar

130 k . (1) No liability shall be incurred by and no suit, actionor proceeding shall be brought against the Registrar for any actdone or omitted to be done in good faith—

(a) in the performance or intended performance of any func-tion or duty; or

(b) in the exercise or intended exercise of any power,

under this Part.

(2) The Registrar may bring actions and institute proceed-ings for the enforcement of any provision of this Part or for therecovery of fees or other sums of money payable under thisPart.

Offences and penalties

130 l . A person who— (a) wilfully makes any misrepresentation in any document






required to be filed, furnished or delivered under thisPart;

(b) wilfully makes any statement or gives any information

required for the purposes of this Part that he knows to be false or misleading;(c) knowingly fails to disclose any fact or information required

to be disclosed for the purposes of this Part; or (d) being in charge of or having possession of or control

over any information, records, books or other documentsreferred to in section 165 refuses or wilfully neglectsto comply with any lawful direction given under thatsection,

shall be guilty of an offence against this Act.Penalty: Imprisonment for five years or thirty thousand ringgit

or both.

Transitional

130 m . Any offshore company or foreign offshore company whichat the date of coming into force of this Part is carrying on any

business or engaged in company management in, from or throughLabuan shall within three months or such longer period as may

be permitted by the Registrar from such date of coming intoforce, comply with the provisions of this Part.

P art IX

MISCELLANEOUS

Receivership and winding up

131. (1) The provisions of Part VIII and Part X (in so far asthey relate to a company limited by shares) of the CompaniesAct 1965 shall apply to the receivership and winding up of anoffshore company, subject to such modifications and adaptationsas may be necessary, and in particular references to a “company”shall be taken as references to an offshore company.

(2) The Companies (Winding Up) Rules 1972 [P.U. (A)289/1972] shall also apply to the winding up of an offshorecompany, subject to such modifications and adaptations as may

be necessary, and in particular references to a ‘company’ shall be taken as references to an offshore company.






Service of documents on companies

132. Any document may be served on an offshore company

or a foreign offshore company by leaving it at, or sending it by post to, the registered office of the company.

Transfer from Labuan

133. (1) An offshore company may, upon obtaining the approvalof the Registrar and within two months from the date on whichthe approval is obtained, apply to the proper officer of another country or of a jurisdiction within such a country, by the laws of which such transfer is authorized, for an instrument transferringa company as if it had been incorporated under the laws of thatother country or jurisdiction, and on the date of the instrumentof transfer, the company shall, subject to the provisions of thissection, become a company under the laws of that country or

jurisdiction and be domiciled therein.

(2) An offshore company shall not apply to the Registrar for approval under subsection (1) unless—

(a) the application is authorized—

(i) where the company has a share capital, by theholders of not less than three-fourths of the sharesof each class;

(ii) by the holders of not less than three-fourths of the company’s debentures (if any) of each class;and

(iii) by all the directors of the company; and

(b) the company, not less than thirty days before applying tothe Registrar for such approval, has published a noticein a newspaper circulating generally in Labuan of itsintention to make the application,

and an application shall not be accepted unless it is accompaniedwith an affidavit sworn by a director of the company in whichare set out—

(c) the names and addresses of its creditors and the totalamount of its indebtedness to creditors; and

(d) a statement to the effect that the proposed transfer of domicile is unlikely to be detrimental to the rights or

proper interests of any of the company’s members, debenture holders or creditors.






(3) The Registrar shall not give his approval to an offshorecompany applying for transfer to another country or jurisdiction

unless he is satisfied that— (a) the requirements of subsection (2) have been complied

with; and

(b) the company has complied with any provision of this Actwhich it should have complied with,

and he may grant his approval on such conditions as he thinksnecessary to safeguard the rights and proper interests of anymember, debenture holder or creditor of the company or any class

of such members, debenture holders or creditors and upon thecompany taking such steps as he considers necessary to remedyany failure to comply with any provision of this Act.

(4) Upon an instrument transferring the company to another country or jurisdiction being executed by the proper officer of that other country or jurisdiction, the company shall forthwithnotify the Registrar the details and the company shall be deemedto have ceased to be a company incorporated in Labuan from thedate of its transfer to that other country or jurisdiction takes ef-fect and the Registrar shall remove its name from the register:

Provided that nothing in this subsection shall take away or affect the jurisdiction of any Court (whether the High Court or otherwise) to hear and determine any proceedings commencedtherein by or against the company before it ceased to be a com-

pany incorporated in Labuan.

(5) Where an offshore company notifies the Registrar under

subsection (4) that an instrument transferring the company toanother country or jurisdiction has been executed by the proper officer of that other country or jurisdiction and that notificationis false, then, notwithstanding that the Registrar has removedthe name of the company from the register in pursuance of thatsubsection—

(a) the liability (if any) of any officer or member of thecompany shall continue and may be enforced as if thecompany were still registered under this Act; and

(b) the company shall be liable to be wound up pursuant tothe provisions of this Act as if it were still registeredunder this Act.

Costs of proceedings before the Court






134. In respect of any proceedings before the Court under thisAct, the Court may, at its own discretion, direct that the costs

of one party be paid in such amount and by such other party asit thinks just.

Security for costs

135. Where an offshore company is a plaintiff in any Court actionor other legal proceedings, the Court may, at any time, requiresufficient security to be given for costs and stay all proceedingsuntil the security is given.

Disposal of shares of shareholder whose whereabouts areunknown

136. (1) Where after exercising reasonable diligence an offshorecompany is unable to discover the whereabouts of a registeredshareholder for a period of not less than ten years, the companymay cause a notice to be published in a daily newspaper circulat-ing in the place shown in the register of members as the addressof the shareholder stating that the shares, after the expirationof one month from the date of the notice, will be liable to beforfeited to the Registrar.

(2) If after the expiration of one month from the date of anotice under subsection (1) the whereabouts of a shareholder re-main unknown, the company may transfer the shares held by theshareholder in the company to the Registrar and for that purposemay execute for and on behalf of the owner a transfer of thoseshares to the Registrar; and the person whose shares have been

forfeited shall cease to be a member in respect of the forfeitedshares, but shall, notwithstanding the forfeiture, remain liable to pay to the company all moneys which, at the date of forfeiture,were payable by him to the company in respect of the shares,

but his liability shall cease if and when the company receives payment in full of all such moneys in respect of the shares.

Power to grant relief

137. (1) In any proceedings for negligence, default, breach of duty or breach of trust against a person to whom this sectionapplies, if it appears to the Court before which the proceedingsare taken that he is or may be liable in respect thereof but thathe has acted honestly and reasonably and that, having regard toall the circumstances of the case including those connected with






his appointment, he ought fairly to be excused for the negligence,default or breach, the Court may relieve him either wholly or

partly from his liability on such terms as the Court thinks fit.

(2) Where any person to whom this section applies has reasonto apprehend that any claim will or might be made against himin respect of any negligence, default, breach of duty or breachof trust, he may apply to the Court for relief, and the Courtshall have the same power to relieve him under this section as itwould have had if it had been a Court before which proceedingsagainst him for the negligence, default, breach of duty or breachof trust had been brought.

(3) The persons to whom this section applies are— (a) officers of an offshore company;

(b) persons employed by an offshore company as auditors,whether or not they are officers of the company;

(c) experts within the meaning of this Act; and

(d) all persons, including receivers and managers or liquida-tors, who are appointed or directed by the Court or theRegistrar to carry out any duty under this Act in relationto an offshore company.

Irregularities in proceedings

138. (1) No proceedings under this Act shall be invalidated byany omission, defect, error, irregularity or deficiency of notice or time unless the Court is of the opinion that substantial injusticehas been or may be caused thereby which cannot be remedied byany order of the Court and the Court may, if it thinks fit, makean order or direction declaring that such proceedings are validnotwithstanding any such omission, defect, error, irregularity or deficiency.

(2) Without affecting the generality of subsection (1) or of anyother provisions of this Act, where any omission, defect, error,irregularity or deficiency, including the absence of a quorum atany meeting of the offshore company, has occurred in the man-agement or administration of an offshore company whereby any

breach of the provisions of this Act has occurred, or wherebythere has been default in the observance of the memorandumor articles of the company or whereby any proceedings at or inconnection with any meeting or purported meeting have beenrendered ineffective, including the failure to make or lodge anydeclaration of solvency, the Court—






(a) may, either of its own motion or on an application lodged by any interested person, make such order or directionas it thinks fit to rectify or cause to be rectified or to

negative or modify or cause to be negatived or modifiedthe consequences in law of any such omission, defect,error, irregularity or deficiency, or to validate any act,matter or thing rendered invalid by or as a result of anysuch omission, defect, error, irregularity or deficiency;

( b) shall, before making any such order or direction, satisfyitself that such an order or direction would not do in-

justice to the company or to any member or creditor thereof, or any other person;

(c) where any such order or direction is made, may givesuch ancillary or consequential directions as it thinksfit; and

(d) may determine what notice or summons is to be givento other persons of the intention to make any such ap-

plication or of the intention to make such an order or direction and whether it should be advertised in anynewspaper.

(3) For the purposes of subsection (2), “meeting”, in relationto an offshore company, includes—

(a) a meeting of the company;

(b) a meeting of any class of members of the company;

(c) a meeting of the debenture holders or any class of debenture holders of the company;

(d) a meeting of the directors of the company or of anycommittee of the directors; and

(e) a meeting of the creditors or any class of the creditorsof the company.

(4) The Court, whether the company is in the process of beingwound up or not, may extend or shorten any time for doing anyact or taking any proceedings allowed or limited by this Act or the regulations on such terms, if any, as the justice of the casemay require, and any such extension may be ordered althoughthe application for the same is not made until after the time

originally allowed or limited.

Translation of instruments

139. (1) Where under this Act an offshore company or a foreign








142. (1) A person who—

(a) does that which by or under this Act he is forbidden to

do;( b) does not do that which by or under this Act he is required

or directed to do; or

(c) otherwise contravenes or fails to comply with any provi-sion of this Act,

shall be guilty of an offence against this Act.

(2) A person who is guilty of an offence against this Act shalllbe liable on conviction to a penalty or punishment expresslymentioned as the penalty or punishment for the offence, or if a penalty or punishment is not so mentioned, to a penalty notexceeding five thousand ringgit.

(3) The penalty or punishment, pecuniary or otherwise, set outin, or at the foot of, any section or part of a section of this Act,shall indicate that the offence is punishable upon conviction bya penalty or punishment not exceeding that so set out, and where

the penalty or punishment is expressed to apply to a part onlyof the section, it shall apply to that part only.

Default penalties

143. (1) Where in, or at the foot of, any section or part of asection of this Act there appears the expression “Default penalty”,it shall indicate that any person who is convicted of an offenceagainst this Act in relation to that section or part shall be guiltyof a further offence against this Act if the offence continues after he is so convicted and liable to an additional penalty for eachday during which the offence so continues of not more than theamount expressed in the section or part as the amount of thedefault penalty or, if an amount is not so expressed, of not morethan two hundred ringgit.

(2) Where any offence is committed by a person by reasonof his failure to comply with any provision of this Act by or under which he is required or directed to do anything within a

particular period, that offence, for the purposes of subsection (1),shall be deemed to continue so long as the thing so required or directed to be done by him remains undone, notwithstanding thatthe period has elapsed.






(3) For the purposes of any provision of this Act which pro-vides that an officer of an offshore company, a foreign offshorecompany or a guarantor company who is in default is guilty of an

offence against this Act or is liable to a penalty or punishment, theexpression “officer who is in default” or any like phrase meansany officer of the company who knowingly and wilfully—

(a) is guilty of the offence; or

(b) authorizes or permits the commission of the offence.

Compounding of offences

144. (1) The Registrar may, in a case where he deems it fit todo so, compound any offence committed by any person under this Act, by making a written offer to such person to compoundthe offence by paying to the Registrar within such time as may

be specified in the offer such sum of money as may be speci-fied in the offer, which shall not exceed fifty per centum of theamount of the maximum fine to which that person would have

been liable if he had been convicted of the offence.

(2) An offer under subsection (1) may be made at any time

after the offence has been committed, but before any prosecutionfor it has been instituted, and where the amount specified in theoffer is not paid within the time specified in the offer, or withinsuch extended period as the Registrar may grant, prosecution for the offence may be instituted at any time thereafter against the

person to whom the offer was made.

(3) Where an offence has been compounded under subsection(1), no prosecution shall thereafter be instituted in respect of suchoffence against the person to whom the offer to compound wasmade.

Procedure where none laid down

145. In the event that any act or step is required or permittedto be done or taken under this Act and no form is prescribedor procedure laid down either in this Act or the regulations, ap-

plication may be made to the Registrar for directions as to themanner in which the same may be done or taken, and any actor step done or taken in accordance with his directions shall bea valid performance of such act or step.

Regulations






146. The Minister may from time to time make regulations prescribing all matters and things required or authorized by thisAct to be prescribed or provided, or which are necessary or con-

venient to be prescribed or provided, for the carrying out of, or giving full effect to, the provisions of this Act and for its dueadministration, including all or any of the following particular

purposes:

(a) prescribing forms to be used for the purposes of this Actand the matters to be specified in such forms;

( b) prescribing forms of applications and other notices under this Act;

(c) fixing the fees and charges to be paid under this Act andthe penalties for late payment, or delegating the power of fixing such fees, charges and penalties to prescribed

persons or bodies; and

(d) prescribing the manner in which accounting and other records required to be made or kept under this Act areto be made or kept, and the declarations, reports, an-nexures, schedules or details which are to accompanyor to be attached to such accounts or other records.

Investment in domestic company

147. (1) An offshore company or a foreign offshore companymay hold shares, debt obligations or other securities in a domesticcompany except a trust company so long as such holding doesnot amount to a controlling interest in the domestic company andis approved by the Registrar.

(2) Notwithstanding subsection (1), where a resident holds

shares, debt obligations or other securities in an offshore company,that offshore company may not hold shares, debt obligations or other securities in a domestic company.

(3) For the purposes of this section—

“controlling interest” in relation to a domestic company listedon the Kuala Lumpur Stock Exchange means—

(a) an offshore company or a foreign offshore company which

controls— (i) the composition of the board of directors of the

domestic company; or

(ii) more than half of the voting power of the domesticcompany; or






(b) an offshore company or a foreign offshore company whichholds more than half of the issued share capital of thedomestic company (excluding any part thereof which

carries no right to participate beyond a specified amountin a distribution of either profits or capital); or

(c) where the domestic company is a subsidiary of any cor- poration which is the subsidiary of the offshore companyor foreign offshore company, that offshore company or foreign offshore company;

“securities” has the same meaning as is assigned thereto bysection 2 of the Securities Industry Act 1983 [Act 280].

(4) For the purposes of paragraphs (3)(a) and (b), the composition of the domestic company’s board of directors shall bedeemed to be controlled by an offshore company or a foreignoffshore company if that offshore company or foreign offshorecompany by the exercise of some power exercisable by it withoutthe consent or concurrence of any other person can appoint or remove all or a majority of the directors; and for the purposes of this provision that offshore company or foreign offshore companyshall be deemed to have power to make an appointment if—

(a) a person cannot be appointed as a director without theexercise in his favour by that offshore company or for-eign offshore company of such a power; or

(b) a person’s appointment as a director follows necessarilyfrom his being a director or other officer of the offshorecompany or foreign offshore company.

Prohibition by Minister

148. (1) The Minister may, without assigning reasons therefor,issue, by notification in the Gazette, a Minister direction—

(a) prohibiting the initial incorporation of any offshore company or class of companies;

(b) prohibiting the initial registration of a foreign offshorecompany; or

(c) directing any offshore company or foreign offshorecompany to cease to carry on its business or part of its

business either immediately or within such time as may be specified in the direction.

(2) A direction made under this section may be revoked or varied by the Minister.






Secrecy

149. (1) All proceedings (other than criminal proceedings) relat-ing to any offshore company or foreign offshore company com-menced in any Court, either under the provisions of this Act or for the purpose solely of determining the rights or obligationsof officers, members or holders of debentures, and any appealtherefrom, shall, unless the Court otherwise orders, be heard incamera and no details of the proceedings shall be published byany person without leave of the Court.

(2) Where—

(a) in any proceedings for the winding up of an offshore

company the Court is satisfied that the company or anyofficer thereof has failed to comply with any provisionsof this Act; or

(b) an offshore company or any officer thereof is convicted by the Court of any offence under this Act,

the Court may, if it thinks fit, order that the records, booksand registers of that company and the entries in the Registrar’sregisters and records relating to that company be opened to the

public for inspection.(3) A person who, with respect to any offshore company or

foreign offshore company, otherwise than for the purpose of theadministration of this Act or the carrying on of the business of the company, in Labuan or elsewhere—

(a) divulges;

(b) attempts, offers or threatens to divulge; and

(c) induces or attempts to induce other persons to divulge,

any infomation concerning or touching upon—

(d) the shareholding in, or beneficial ownership of, any shareor shares in such company;

(e) the management of such company; and

(f) any of the business, financial or other affairs or transac-tions of the company,

shall be guilty of an offence against this Act.

(4) Nothing in this section shall prevent any Court fromexercising its discretion to require any person to produce anydocument or to give any evidence in any proceedings before the






Court which is relevant to those proceedings.

Power of exemption

150. The Minister may, on the recommendation of the Registrar,on an application in writing, exempt any offshore company or foreign offshore company or any person or class of persons or class of offshore companies or foreign offshore companies fromany of the provisions of this Act and may, in granting such ex-emption, impose such terms and conditions as the Minister thinksfit.

Fees, penalties and striking off

151. (1) An offshore company shall pay to the Registrar the an-nual fee due on the annual fee payment date.

(2) If an offshore company fails to pay the annual fee referredto in subsection (1) on or before the expiration of a period of six months from the annual fee payment date then there shall be

payable in addition to the annual fee an amount equivalent tofifty per cent of the annual fee.

(3) If an offshore company fails to pay the annual fee and theadditional amount specified in subsection (2) on or before theexpiration of a period of one month from the date of expiration of the period of six months specified in subsection (2), the Registrar may after the expiration of the period of one month send to thecompany secretary of the offshore company a written notice thatthe name of the offshore company shall be struck off the register if the annual fee and the amount specified in subsection (2) arenot paid within one month from the date of the notice or suchextended period as may be allowed by the Registrar.

(4) If the offshore company fails to pay the annual fee and theadditional amount specified in subsection (2) within one monthfrom the date of the notice or the extended period as may beallowed by the Registrar under subsection (3), the Registrar maystrike the name of the offshore company off the register.

(5) Notwithstanding that the name of an offshore companyhas been struck off the register under this section, the offshorecompany shall remain liable for all claims, debts, liabilities andobligations of the offshore company, and the striking off shallnot affect the liability of any of its members, directors, officersor agents under this Act or any other law.






(6) The striking off of the name of an offshore company fromthe register under this section shall not be affected by any failure

on the part of the Registrar to serve a notice on the companysecretary or to publish a notice in the Gazette.

(7) Subsections (2) to (5) do not apply to an offshore companyin the process of being wound up and dissolved.

Company struck off liable for fees, etc.

151 A . An offshore company incorporated under this Act shallcontinue to be liable for all fees, licence fees and penalties

payable under this Act, including the additional amount speci-fied in subsection 151(2), notwithstanding that the name of theoffshore company has been struck off the register; and such fees,licence fees and penalties shall have priority over all other claimsagainst the assets of the offshore company.

Fees payable to Registrar

151 b . The Registrar may refuse to take any action required of him under this Act for which a fee is prescribed until all feeshave been paid.

Effect of striking off

151 c . (1) Where the name of an offshore company has beenstruck off the register, the offshore company, and the directors,members, liquidators and receivers thereof, shall not—

(a) commence any legal proceedings, carry on any businessor in any way deal with the assets of the offshore company;

(b) defend any legal proceedings, make any claim or claimany right for, or in the name of, the offshore company;or

(c) act in any way with respect to the affairs of the offshorecompany.

(2) Notwithstanding subsection (1), where the name of theoffshore company has been struck off the register, the offshorecompany, or a director, member, liquidator or receiver thereof,may—






(a) apply to the Registrar for the offshore company to beregistered afresh;

(b) continue to defend proceedings that were commenced

against the offshore company prior to the date of thestriking off; and

(c) continue to carry on legal proceedings that were institutedon behalf of the offshore company prior to the date of striking off.

(3) The fact that the name of an offshore company has beenstruck off the register does not prevent—

(a) the offshore company from incurring liabilities;

(b) any creditor from making a claim against the offshorecompany and pursuing the claim through to judgmentor execution; or

(c) the appointment by the Court of an official liquidator for the offshore company under Part VIII and Part X (inso far as they relate to an offshore company limited byshares) of the Companies Act 1965.

Non-application of specified written laws

152. (1) The Yang di-Pertuan Agong may, by order published inthe Gazette, provide that any written law, or part thereof, specifiedin the order, shall not apply in relation to an offshore company,a foreign offshore company, a trust company, or a person whoholds a valid licence granted under either subsection 6(2) of theOffshore Banking Act 1990 or subsection 9(1) of the OffshoreInsurance Act 1990, or shall apply thereto with such modifica-

tions as may be set out in the order.(2) The modifications made to a written law by an order made

under subsection (1) shall be deemed to be an integral part of such written law for the purposes of the order.

(3) An order under subsection (1) may be made to haveretrospective effect from such date as may be specified in theorder.

(4) In this section “modification” includes amendment, adap-tation, alteration, variation, addition, deletion, substitution, or exclusion.






s cheDule

[Section 19]

Powers of an Offshore Company

1. To carry on any business, other than a business which is prohibited bythis Act or the regulations from being carried on, which may seem to thecompany capable of being conveniently carried on or calculated directly or indirectly to enhance the value of or render profitable any of the company’s

property or rights.

2. To enter into or be a party to any transaction or document.

3. To acquire, hold, dispose of or deal with any information or rights or property of any kind.

4. To acquire, hold, dispose of or deal with the whole or any part of theundertaking of any other company, association or business.

5. To dispose of or otherwise deal with the whole or any part of its under-taking or business.

6. To assume any duties, obligations or liabilities.

7. To acquire any rights or interests.

8. To provide or procure provision of any services.

9. To lend and borrow.

10. To procure its registration or recognition in any place outside Labuan.

11. To create and extinguish liabilities and rights and interests.

12. To issue shares, debentures and options, and to take shares, debenturesand options and to redeem and forfeit the same.

13. To employ or retain persons in and about its business or the business of any other company or person.

14. To give indemnities and guarantees and obtain indemnities and guaran-tees.

15. To take out insurance of all kinds whether over the property or rights of the company or not.

16. To promote any other company.

17. To make gifts, donations and wages which may lawfully be made, whether the same may, or may not, be for the purpose of advancing its business.






18. By way of settlement or other dealing or disposition, to give the right toa person not a member of the company to share in the whole or any part of its gains or profits to the exclusion of its members, provided that in exercis-ing such power no distribution of gains or profits shall be made pursuant to

such settlement, disposition or other dealing which would exceed the amount properly distributable as a dividend or properly capable of being returned ascapital surplus were such distribution a distribution to some or to all of themembers of the company.

19. To do any of the things which it may do in association with any other person and as principal or agents or as trustee or for its own benefit.

20. To promote any other business.

21. To do all such things as are incidental or conducive to the exercise of the powers of the Company.

22. To do all other things which are not prohibited by or under this Act or the regulations or otherwise by any written law of Malaysia.








LAWS OF MALAYSIA

Act 441

OFFSHORE COMPANIES ACT 1990

LIST OF SECTIONS AMENDED

Section Amending authority In force from

2 P.U. (A) 72/1996 15-02-1996Act A988 20-03-1997

6 Act A817 21-02-1992Act A988 20-03-1997

7 Act A988 20-03-1997

9 Act A1090 21-09-2000Act A988 20-03-1997

9 a -9 c Act A1090 21-09-2000

21 Act A988 20-03-1997

29 Act A817 21-02-1992Act A988 20-03-1997

31 Act A817 21-02-1992

51 Act A988 20-03-1997

55 Act A988 20-03-1997

83 Act A988 20-03-1997

84 Act A988 20-03-1997

85 Act A988 20-03-1997

86 Act A988 20-03-1997

87 Act A988 20-03-1997Act A817 21-02-1992

93 Act A988 20-03-1997

94 Act A988 20-03-1997






94 a Act A988 20-03-1997

106 Act A988 20-03-1997

109 Act A817 21-02-1992

111 Act A817 21-02-1992

112 Act A817 21-02-1992

113 a Act A817 21-02-1992

121 Act A988 20-03-1997

126 Act A988 20-03-1997

Part VIII a Act A988 20-03-1997

141 Act A988 20-03-1997

147 Act A988 20-03-1997

150 Act A988 20-03-1997Act A817 21-02-1992

151 Act A817 21-02-1992Act A988 20-03-1997

151 a Act A988 20-03-1997

152 Act A817 21-02-1992

Section Amending authority In force from

DICETAK OLEHPERCETAKAN NASIONAL MALAYSIA BERHAD,KUALA LUMPUR BAGI PIHAK DAN DENGAN PERINTAH KERAJAAN MALAYSIA





Offshore Companies 141http://perjanjian.org

Documents

Act 441 Offshore Companies Act 1990