Section 118B
Section 118B
A Labuan company, a foreign Labuan company or a corporation may amalgamate and continue as a Labuan company registered in Labuan to which the provisions of this Act and any other law applicable to Labuan companies shall apply:
Provided that the Labuan company, the foreign Labuan company or the corporation, as the case may be, shall not be a licensed entity under the Labuan Financial Services and Securities Act 2010 or the
Labuan Islamic Financial Services and Securities Act 2010.
(2)
A foreign Labuan company or corporation shall obtain all the necessary authorizations, if any, required under the laws of the jurisdiction in which it was incorporated or is presently registered in order to enable it to amalgamate and continue as a Labuan company registered in Labuan, and shall file with the Authority documentary proof of such authorizations.
(3)
The provisions of section 118A shall apply, mutatis mutandis, to an amalgamation under this section in the same way as they apply to an amalgamation under section 118A.