Malaysia legislation
Section 5
Section 5
Section 15c of the principal Act is amended—
(a)
in subsection (1), by substituting for the words
“subsection (2)” the words “subsections (2) and (2a)”;
(b)
in subsection (2)—
(i)
by inserting after the words “the date of acquisition of the shares of the relevant company” the words
“by the company, limited liability partnership, trust body or co-operative society”;
(ii)
in paragraph (b)—
(A)
by substituting for the words “asset:”
the words “asset; or”; and
(B)
by deleting the words “Provided that the defined value of the real property situated in Malaysia (including any right or interest thereof) owned by another controlled company, is not less than seventy-five per cent of the value of its total tangible asset; or”;
(iii)
in the proviso, by substituting for the full stop at the end of the proviso a colon; and
(iv)
by inserting after the proviso the following second proviso:
“Provided further that where at any date the relevant company disposes of the real property or the shares of another controlled company, or both, whereby the defined value of the real property or the shares of another controlled company, or both, owned at the date of disposal and thereafter is less than seventy-five per cent of the value of its total tangible assets, that relevant company shall not be regarded as a relevant company under subsection (1)
as from that date of disposal.”;
8
Act 862
(c)
by inserting after subsection (2) the following subsection:
“(2a) Where the relevant company is a real property company as defined under subparagraph 34a(6) of