Malaysia legislation
Section 132
Section 132
(2)
The Authority shall not grant a licence unless he is satisfied that the applicant—
(a)
is of sufficient good repute to be engaged in the business of company management;
(b)
has or has available to it adequate knowledge, expertise, resources and facilities necessary for the proper management or administration of its business;
(c)
has sufficient financial resources at its disposal to enable it to conduct its business effectively and meet its liabilities;
and
(d)
will be in a position to comply with any conditions imposed by the Authority.
Act 704
(3)
Notwithstanding subsection (2), the Authority shall reject an application if it determines that a licence should not be granted in the public interest.
(4)
A licence may be granted subject to such terms, conditions, restrictions or limitations as the Authority deems fit.
(5)
A licence shall—
(a)
be in such form as may be specified;
(b)
be admitted in all courts as prima facie evidence of the facts stated therein; and
(c)
remain in force until it is revoked.
(6)
Where the Authority grants a licence to an applicant, it shall issue a licence to the applicant on payment of such licence fee as may be prescribed.
(7)
Every licence issued under this Part shall bear the date on which the licence is granted.