Malaysia legislation
Section 109
Section 109
(a)
which will result in a change in the control of the licensee or its holding company;
(b)
for the sale, disposal or transfer of the whole or any substantial part of the business of a licensee;
(c)
for the amalgamation or merger of a licensee with any other person; or
(d)
for the reconstruction of a licensee.
(2)
Notwithstanding subsection (1), a person may enter into an agreement or arrangement referred to in subsection (1) if—
(a)
the proposed agreement or arrangement is in writing;
(b)
an application in writing has been made to the Minister for his approval of such agreement or arrangement; and
(c)
the Minister has approved the agreement or arrangement.
(3)
A person may apply for the approval of the Minister under paragraph (2)(b) by submitting a written application to the
Commission together with a copy of the proposed agreement or arrangement and all other information and documents as may be related, directly or indirectly, to the agreement or arrangement or relevant for the Commission’s consideration.
(4)
At any time after receiving an application, the Commission may by written notice require the applicant or any other person who is a director, controller or manager of the applicant to provide any additional information or document.
Water Services Industry 81
(5)
Where any additional information or document required under subsection (4) is not provided by any person from whom it is required within the period specified in the written notice or any extension of the period granted by the Commission, the application shall be deemed to be withdrawn and shall not be further proceeded with, without prejudice to a fresh application being made by the applicant.
(6)
The Commission shall, upon receiving an application referred to under subsection (3) and after being provided with all such information and documents as it may require, submit a written recommendation to the Minister as to whether or not the application is to be approved and if it is to be approved, any conditions that may be imposed or any modification or variation that may be made.
(7)
An application under—
(a)
paragraph (1)(b) shall not be approved by the Minister if the agreement or arrangement would result in the sale, disposal, or transfer of any part of the business of the licensee to a person who is not a licensee, except in relation to a part of the business which does not require to be licensed under this Act; and
(b)
paragraph (1)(c) shall not be approved by the Minister except in the case of an amalgamation or merger with another licensee.
(8)
Where the Minister refuses to grant his approval for an application, the Commission shall notify the applicant in writing of the refusal.
Application to High Court to facilitate agreement or arrangement for transfer of whole or part of business of licensee being given effect to