Malaysia legislation
Section 12
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 12
In this Part, unless the context otherwise requires—
“borrowing company” means a Labuan company that is or will be under a liability, whether or not such liability is present or future, to pay or repay any money received or to be received by it in response to an offer made pursuant to this Chapter to subscribe for or purchase Sukuk of the company;
“guarantor company”, in relation to a borrowing company, means any corporation that has guaranteed, or has agreed to guarantee, the payment or repayment of any money received or to be received by the borrowing company in response to an offer made under this Chapter to subscribe for or purchase Sukuk of the borrowing company;
“promoter”, in relation to a prospectus issued by or in connection with a Labuan company, means a promoter of the company who was a party to the preparation of the prospectus or any relevant portion thereof, but does not include any person by reason only of his acting in a professional or advisory capacity;
“secured Sukuk” means—
(a)
any Sukuk which is stated on its face to be a secured
Sukuk; and
Labuan Islamic Financial Services and Securities 31
(b)
any Sukuk which is issued on terms affording the holder of the Sukuk rights and powers to vote and demand a poll in respect of the business and undertaking of the company, whether in addition to the rights of members of the company or its substitution for those rights.
Offers or invitations which require the approval of the
Authority