Section 7 — Act 125

(a)

a certified true copy of its memorandum and articles;

(b)

a certified true copy of its certificate of incorporation;

(c)

a certified true copy of its latest and duly audited balance sheet; and

(d)

such other written information as may be required by the Central Bank, certified by a director or the secretary of the company.

(2)

Upon receiving an application under sub-section (1) the Central Bank shall consider the application and make a recommendation to the Minister stating whether or not a licence should be granted to the company and the conditions (if any) to be attached to the licence.

(3)

Upon receiving the application and recommendation the Minister may grant a licence to the public company with or without conditions if the paid-up capital in cash of the public company (unimpaired by losses or otherwise) is not less than one million Malaysian dollars.

(4)

Notwithstanding anything to the contrary in this section, a public company may carry on borrowing business without a licence if—

(a)

(i)

it is established for the purpose of financing economic or industrial development in which the Government of the Federation or the Government of a State has (in the opinion of the Minister) a material interest as a shareholder; and

(ii)

it is exempted by the Minister on the recommendation of the Central Bank;

(b)

it performs the functions of a discount house; or

(c)

its debentures have been approved by the Central Bank subject to such conditions as the Central Bank may think fit to impose.