Malaysia legislation
Section 62
Section 62
New sections 4g, 4h, 4i, 4j, 4k and 4l
The principal Act is amended by inserting after the title
“Chapter 1- Research and Development Status, and Pioneer Status”
the following sections:
“Application for approval of research and development status 4g. (1) For the purposes of this Act, a research and development company, or a contract research and development company is a company approved as a research and development status company.
(2)
Any company may make an application in writing to the Minister to be approved as a research and development status company, and the Minister may impose any pre-condition for the application.
(3)
Any company applying to be approved as a research and development status company shall state that the company carries on activity relating to research and development under this Act and complies with any pre-condition imposed for the application.
(4)
Upon receipt of an application under subsection (2), the Minister may request for any information or additional document relating to the application, if necessary.
Grant of research and development status 4h. (1) If the Minister is satisfied that the pre-condition under subsection 4g(2) has been complied with, the Minister may grant an approval for a research and development status to the company for a period of five consecutive years beginning from the date of the grant of approval or any other date as may be determined by the Minister.
(2)
The Minister may, with the concurrence in writing of the Minister of Finance, impose any condition as he deems fit when granting an approval under subsection (1).
Act 833
(3)
The Minister may, with the concurrence in writing of the Minister of Finance, vary the condition in the approval granted under subsection (2).
(4)
The Minister may, where necessary, amend the approval granted other than the period referred to in subsection (1).
Non-compliance of approval 4i.
Where a company which has been granted with an approval under subsection 4h(1) fails to comply with the conditions under subsections 4h(1) and (2), the Minister shall by notice in writing require the company within thirty days from the date of service of the notice to remedy the failure or to establish to the satisfaction of the Minister that the failure was due to some cause beyond the control of the company.
Withdrawal of approval 4j. (1) The Minister may withdraw the approval granted under subsection 4h(1) to a company by way of a notice in writing where—
(a)
the company has failed to comply with a notice served on it under section 4i; or
(b)
the Minister is satisfied that the company has contravened any provision of this Act or any condition imposed under section 4h and that in all the circumstances it is expedient to do so.
(2)
The withdrawal of the approval referred to in subsection (1) shall have effect—
(a)
on the date the approval was granted; or
(b)
on any other date as may be determined by the Minister.
Finance 41
Surrender of research and development status