Malaysia legislation
Section 151B
Section 151B
Fees payable to Authority
The Authority may refuse to take any action required of him under this Act for which a fee is prescribed until all fees have been paid.
Power of Authority to strike off Labuan company
151BA. Notwithstanding any provision in this Act, the Authority may strike a Labuan company off the register, if the Labuan company—
(a)
fails to pay its annual fees or any additional amount in addition to the annual fee within the time specified pursuant to section 151;
(b)
fails to appoint a replacement resident secretary after the resignation of the former resident secretary pursuant to subsection 93(2C);
(c)
contravenes any provision of this Act and any other law relating to Labuan financial services;
(d)
being a licensed entity under the Labuan Financial Services and Securities Act 2010 or Labuan Islamic Financial
Services and Securities Act 2010, has its licence, approval or registration surrendered or revoked by the Authority; or
(e)
is not carrying on any business or is not in operation.
Notice of intention to strike off Labuan company
151BB. (1) Before the name of a Labuan company can be struck off the register under section 151BA, the Authority shall send a notice to
Labuan Companies 189
the Labuan company stating that if an answer showing cause to the contrary is not received the name of the Labuan company shall be struck from the register within thirty days from the date of the notice or any extended period as may be approved by the Authority.
(2)
After the expiration of the period specified in the notice under subsection (1) or any extended period, unless the Labuan company has given reasons to the satisfaction of the Authority, the Authority may strike the name of the Labuan company off the register.
(3)
The notice under this section shall be deemed to be served on the Labuan company if the notice—
(a)
is left, or sent by ordinary or registered post to it’s last-known registered office or registered principal place of business of the company; or
(b)
is sent by electronic means to the address or numbers provided by the Labuan company.
(4)
The Authority may publish in such form and manner a notice of striking a Labuan company off the Register.
(5)
For the purposes of paragraph 151BA(d), where after a licence, approval or registration of the Labuan company has been surrendered or revoked by the Authority, if the company wishes to continue as a
Labuan company, the Labuan company shall change its name and memorandum within thirty days after such surrender or revocation of licence, approval or registration, or in the event that such Labuan company intends to continue to use its name and memorandum, the
Labuan company may apply to the Authority for approval.
(6)
This section shall not apply to striking off under subsection 93(2C).
190 Laws of Malaysia ACT 441
Effect of striking off