Section 7
Financial structure of the operating company
of Airport and Aviation Services (Operating Company) Act 1991
(1)
If the Minister of Finance, after consultation with the
Minister, so directs at any time before the operating company ceases to be wholly owned by the Government of Malaysia, such sum, not exceeding the accumulated realized profits of the company, as may be specified in the direction shall be carried by the company to a reserve, which in this section is referred to as “the statutory reserve”.
(2)
The statutory reserve may only be applied by the operating company in paying up unissued shares of the company to be allotted to members of the company as fully-paid bonus shares.
(3)
For the purposes of any statutory accounts of the operating company the value of any asset or right or the amount of any liability of the Government of Malaysia taken to have been vested in the company by virtue of section 3 in any particular year shall be taken to be the value or, as the case may be, the amount assigned to that asset,
Airport and Aviation Services (Operating Company) 11
right or liability by the Government of Malaysia before the vesting date.
(4)
References in this section to the statutory accounts of the operating company are references to any accounts prepared by the operating company for the purposes of any provision of the
Companies Act 1965.