Malaysia legislation
Section 86
Section 86
(1A)
If default is made in complying with subsection (1), the
Labuan company and every officer of the company who is in default commits an offence under this Act.
Penalty: Fifty thousand ringgit. Default penalty.
(2)
The name of a Labuan company or a foreign Labuan company shall (whether or not it is carrying on business under a business name) appear in legible romanized letters on—
(a)
its seal; and
(b)
all business letters, statements of account, invoices, official notices, publications, bills of exchange, promissory notes, endorsements, cheques, orders, receipts and letters of credit of, or purporting to be issued or signed by or on behalf of, the company, and if default is made in complying with this subsection, the company commits an offence under this Act.
(2A)
The name of a Labuan company or a foreign Labuan company shall (whether or not it is carrying on business under a business name) appear in legible romanized letters and the company number of the Labuan company or the foreign Labuan company shall appear on its memorandum and articles of association and such other documents as may be prescribed and if default is made in complying with this subsection, the company commits an offence under this Act.
(3)
Where a Labuan company or a foreign Labuan company has changed its name, the former name of the company shall also appear
92 Laws of Malaysia ACT 441
beneath the present name on all documents, business letters, statements of account, invoices, official notices, publications, bills of exchange, promissory notes, endorsements, cheques, orders, receipts and letters of credit of, or purporting to be issued or signed by or on behalf of, the company for a period of not less than twelve months from the date of the change.
(4)
If an officer of a Labuan company or a foreign Labuan company or any person on its behalf—
(a)
uses or authorizes the use of any seal purporting to be a seal of the company whereon its name does not so appear;
(b)
issues or authorizes the issue of any business letter, statement of account, invoice or official notice or publication of the company wherein its name or former name (if applicable) is not so mentioned;
(c)
signs, issues or authorizes to be signed or issued, on behalf of the company, any bill of exchange, promissory note, cheque or other negotiable instrument or any endorsement, order, receipt or letter of credit wherein its name or former name (if applicable) is not so mentioned; or
(d)
signs or authorizes to be signed, on behalf of the company, the memorandum and articles of association or such other documents as may be prescribed by the Authority when the name and the company number of the Labuan company or the foreign Labuan company are not so mentioned, he commits an offence under this Act and, where he has signed, issued or authorized to be signed or issued on behalf of the company any bill of exchange, promissory note or other negotiable instrument or any endorsement thereon or order wherein that name or former name (if applicable) is not mentioned, he shall in addition be personally liable to the holder of the instrument or order for the amount due thereon unless it is paid by the company.
Labuan Companies 93
Penalty: *Fifty thousand ringgit. Default penalty.
DIRECTORS AND OFFICERS
Directors