Malaysia legislation
Section 22
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 22
(a)
the minimum subscription has been subscribed; and
(b)
the sum payable on application for the securities so subscribed has been received by the corporation, but if a cheque for the sum payable has been received by the corporation, the sum shall be deemed not to have been received by the corporation until the cheque is paid by the bank on which it is drawn.
(2)
The minimum subscription shall—
(a)
be calculated based on the price at which the securities is or will be offered; and
(b)
be reckoned exclusively of any amount payable otherwise than in cash.
Act 705
(3)
The amount payable on application on each securities offered shall not be less than five per centum of the price at which the securities is or will be offered.
(4)
Any condition requiring or binding any applicant for securities to waive compliance with any requirement of this section shall be void.
(5)
No corporation shall issue or allot, and no officer or promoter of a corporation shall authorize or permit to be issued or allotted, securities on the basis of a prospectus after the expiration of six months from the issue of the prospectus.
(6)
Any person who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.
Application monies to be held in trust until issuance or allotment