Malaysia legislation
Section 55
Section 55
Register of charges
(2)
If any property of a Langkawi company or foreign Langkawi company is charged without such entry as required by subsection
(1)
being made, every officer of the company who knowingly and wilfully authorizes or permits the omission of such entry shall be guilty of an offence against this Act.
Penalty: Ten thousand ringgit.
(3)
Every Langkawi company or foreign Langkawi company shall cause a copy of every instrument creating any charge to be kept at its registered office.
(4)
The register of charges and the copies of instruments kept in pursuance of this section shall be open to inspection by any creditor with the approval of a director or member of the company at all reasonable times without any charge.
(5)
If default is made in complying with subsection (3) or (4), the Langkawi company or foreign Langkawi company and every officer of the company who is in default shall be guilty of an offence against this Act.
Penalty: Five thousand ringgit. Default penalty.
60
Act 643