Malaysia legislation
Section 113
Section 113
(a)
it is required to do so under any other written laws in
Labuan in respect of financial services;
(b)
its articles so provide; or
(c)
it makes an offer for subscription or purchase, or issues an invitation to subscribe for or purchase, securities pursuant to subsection 8(1) of the Labuan Financial Services and
Securities Act 2010 and such offer or invitation is not excluded under subsection 8(5)
of that
Act, or subsection 13(1) of the Labuan Islamic Financial Services and Securities Act 2010 and such offer or invitation is not excluded under subsection 13(5) of that Act.
(1A)
Notwithstanding subsection (1), the Authority may, if it is satisfied that there has been a breach of section 110 or 111 or that it is otherwise in the public interest to do so, by notice in writing to a company exempt under either of those sections, require that company
Labuan Companies 127
to lodge with the Authority, within such time as may be specified in that notice—
(a)
its accounts duly audited by the auditor or auditors of the company or, where none has been appointed, an auditor or auditors to be appointed by the directors of the company for this purpose; and
(b)
an auditor’s report referred to in section 117 in relation to those accounts prepared by the auditor or auditors of the company.
(2)
A Labuan company shall, whenever it appoints an auditor, lodge with the Authority, within thirty days of the appointment, a notice thereof in the prescribed form accompanied by the auditor’s written consent.
(3)
Any director of a Labuan company who fails to take all reasonable steps to secure compliance by the company with the requirements of this section or a resident director who has by his own wilful act been the cause of any default by the company under this section, commits an offence under this Act.