Section 26A

the paid-up ordinary share capital of the approved company is not less than five million Malaysian ringgit;

the approved company has paid a dividend at the rate of not less than five per centum upon such ordinary share

Employees Provident Fund 31

capital during each of the last three years prior to the time of investment and where the approved company is a company which has acquired the assets and liabilities of another approved company, payment of a dividend by that other company during each of the last three years prior to the time of such acquisition shall be treated as payment by the approved company;

in the case of an approved company having as its sole or primary object the promotion of home ownership and, the total amount of the borrowings of the approved company from all sources, excluding the amount of any special housing loan, whether trustee or not, accepted by the approved company on loan and deposit, and including interest due thereon and not repaid by the approved company, does not at any time exceed three-fourth of the amount, excluding prospective interest, for the time being secured to the approved company from its borrowers:

Provided that the Minister may vary any limitation imposed on the total amount of the borrowings of the approved company in this paragraph;

a certificate that the provisions of paragraphs (a), (b)

and (c) of this subsection were complied with in respect of the last financial year of the approved company, if incorporated in the auditor’s report annexed to the approved company’s annual accounts required to be prepared under the Companies Act 1965, to which the approved company is subject, shall be conclusive in favour of the Board making such investment; and

any agreement as to repayment made between the Board and the approved company shall be immediately determined if—

NOTE─The Companies Act 1965 [Act 125] has been repealed by the Companies Act 2016

[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

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the approved company shall cease to comply with any of the provisions of paragraphs (a), (b)

and (c) of this subsection;