Section 6
ActRepealedProvision 6 of 61
Section 6
(1)
No company shall be granted or shall hold a licence if the Minister is satisfied that it is or has become foreign-owned or controlled.
(2)
For the purposes of this section, a company shall be deemed to be foreign-owned or controlled if fifty per centum or more of its capital issued and paid-up is owned by or on behalf of persons who are not citizens of Malaysia, or if a majority of the persons having the direction, control or management of the company are not citizens of Malaysia.