Malaysia legislation
Section 10
Section 10
(2)
For the purpose of subsection (1)—
(a)
the shareholders of the company at any date shall be substantially the same as the shareholders at any other date if on both those dates—
(i)
more than fifty per cent of the paid-up capital in respect of the ordinary share of the company is held by or on behalf of the same persons; and
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(ii)
more than fifty per cent of the nominal value of the allotted shares in respect of ordinary share in the company is held by or on behalf of the same persons;
(b)
shares in the company held by or on behalf of another company shall be deemed to be held by the shareholders of the last mentioned company; and
(c)
where the basis period of a company for the year of assessment 2005 ends on or after 1 October 2005, the last day of the basis period for that company for the year of assessment 2005 shall be deemed to be 30 September 2005.
(3)
Where there is a substantial change in the shareholders of a company referred to in subsection (1), the Minister may under special circumstances exempt that company from the provisions of that subsection.
(4)
In this section, “ordinary share” has the same meaning assigned to it under subsection 44(5C) of the principal Act.
New section 44A