Malaysia legislation
Section 12
Section 12
(a)
its issued and paid up capital shall be of an amount as determined by the Minister;
(b)
its equity participation and composition of the board of directors shall be as determined by the Minister; and
(c)
the sole object of the applicant’s memorandum and articles of association shall be to establish and manage private higher educational institution and shall contain provisions for such matters as may be prescribed.
(1A)
If the successful applicant is a company limited by guarantee, the applicant shall ensure that—
24 Laws of Malaysia ACT 555
(a)
its initial fund shall be of an amount as determined by the
Minister;
(b)
the source of its initial fund to be disclosed to and approved by the Minister;
(c)
its composition of the board of directors shall be as determined by the Minister; and
(d)
the sole object of the applicant’s memorandum and articles of association shall be to establish and manage private higher educational institution and shall contain provisions for such matters as may be prescribed.
(2)
If the successful applicant is not a locally incorporated company, the applicant shall, within one year from being notified of the approval, incorporate a company locally.
(3)
The prior written approval of the Registrar General on the proposed memorandum and articles of association of a company to be incorporated locally shall be obtained before an application is made for its incorporation.
(4)
If the applicant fails to incorporate locally a company within the time specified in subsection (2), the approval granted for the establishment of a private higher educational institution shall be deemed to have been withdrawn unless an extension of time is granted by the Registrar General.