Malaysia legislation
Section 111
Section 111
(1A)
A Labuan company shall lodge with the Authority an annual certificate from a director within thirty days of the accounts being laid before the company at a meeting of members stating that he has considered the audited or unaudited accounts mentioned in subsection (1) and certifying, with or without qualifications—
(a)
that those accounts show that the company was solvent at the date they were made up;
(b)
that he is unaware of any circumstances which may 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 aspects in which it is qualified shall be set out.
(2)
A copy of the audited accounts laid at the meeting of members of the company together with its relevant resolution shall be lodged with the Authority within one month after it is so laid.
Labuan Companies 125
(2A)
A Labuan company shall lodge with the Authority a certificate from an approved auditor within thirty days of the accounts being laid before the company at a meeting of members stating that—
(a)
the proper accounts of the company for the financial period ending on the date specified have been kept and a balance sheet and profit and loss account for that period have been prepared and audited by that auditor; and
(b)
the director giving the certificate under subsection (1A) has been furnished with a copy of those accounts.
(2B)
The approved auditor shall retain for seven years a copy of the accounts to which his certificate relates.
(2C)
Notwithstanding the time periods imposed in subsections (1)
and (2), the Authority may, on the application of the Labuan company, if for any special reason the Authority thinks fit to do so, extend the time periods notwithstanding that the periods so extended are beyond the calendar year.
(3)
If default is made in complying with subsection (2) or (2A), the
Labuan company and every officer of the company commits an offence under this Act.
Penalty: *Fifty thousand ringgit. Default penalty.
Audited accounts to be sent to members