Section 151
Annual fee
A Labuan company shall pay such annual fee as may be prescribed, on or before the anniversary of the date of its incorporation or establishment and in the event a Labuan company is wound up prior to its first anniversary, the Labuan company shall pay
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the annual fee proportionately to the number of months, weeks and days the Labuan company was in existence for that year.
(1A)
The Authority may impose an administrative penalty on payment of any annual fees received later than the anniversary date as specified in subsection (1).
(2)
Notwithstanding subsection (1A), if a Labuan company fails to pay the annual fee referred to in subsection (1) on or before the expiration of a period of six months from the annual fee payment date then there shall be payable in addition to the annual fee an amount equivalent to fifty per cent of the annual fee.
(3)
(Deleted by Act A1653).
(4)
(Deleted by Act A1653).
(5)
Notwithstanding that the name of a Labuan company has been struck off the register under section 151BB, the Labuan company shall remain liable for all claims, debts, liabilities and obligations of the
Labuan company, and the striking off shall not affect the liability of any of its members, directors, officers or agents under this Act or any other law.
(6)
The striking off of the name of a Labuan company from the register under section 151BB shall not be affected by any failure on the part of the Authority to serve a notice on the company secretary or to publish a notice in accordance with subsection 151BB(4).
(7)
Subsections (2) and (5) and section 151BB do not apply to
Labuan company in the process of being wound up and dissolved.