Malaysia legislation
Section 41
Section 41
Issue of shares at a discount
(2)
No shares shall be issued at a discount without the prior written approval of the Registrar.
(3)
An application to issue shares at a discount shall be made to a management entity, and shall be accompanied with the names and addresses of all members together with notices
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Langkawi International Yachting Companies addressed to those members notifying them of the proposed issue and specifying the maximum rate of discount at which the shares are to be issued.
(4)
The management entity to which the application is made shall, upon receipt of the application and the notices, despatch those notices and inform the members to whom they are addressed that any objection must be conveyed so as to be received by the management entity within forty-two days from the date of the notice.
(5)
On the expiry of sixty days from the date of despatch of the notices referred to in subsection (3), the management entity shall lodge the application, together with any objections received by it, with the Registrar.
(6)
Where any such application is made, the Registrar may, if having regard to the circumstances of the case and any objections, he thinks it proper so to do, approve the issue on such terms and conditions as he thinks fit.
Alteration of share capital