Malaysia legislation
Section 17
Section 17
(a)
if he is not an approved auditor;
(b)
if he is indebted to the company or to a company which is deemed to be related to that company by virtue of section 4 in an amount exceeding five thousand dollars or an equivalent amount in any other currency;
(c)
if he is—
(i)
an officer of the company;
(ii)
a partner, employer or employee of an officer of the company;
(iii)
a partner, or employee of an employee of an officer of the company;
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(iv)
a spouse of an officer of the company;
(v)
a spouse of an employee of an officer of the company; or
(vi)
a shareholder, or the spouse of a shareholder, of a corporation whose employee is an officer of the company; or
(d)
if he is responsible for, or if he is the partner, employer or employee of a person responsible for, the keeping of the register of members or the register of holders of debentures of the company.
(2)
For the purposes of subsection (1), a person shall be deemed to be an officer of a Langkawi company if he is an officer of a company that is deemed to be related to the Langkawi company by virtue of section 4 or he has, at any time within the preceding period of twelve months, been an officer or promoter of the
Langkawi company or of the other company.
(3)
For the purposes of this section, a person shall not be deemed to be an officer of a Langkawi company by reason only of his having been appointed as an auditor of a company.
(4)
No person shall appoint a person as an auditor of a Langkawi company unless the person to be appointed as an auditor has, prior to such appointment, consented in writing to act as such auditor.
(5)
The Minister may make regulations requiring approved auditors to insure against their liabilities as auditors of Langkawi companies.
Approved liquidators