Section 152
Non-application of specified written laws
The Yang di-Pertuan Agong may, by order published in the Gazette, provide that any written law, or part thereof, specified in the order, shall not apply in relation to a Labuan company, a foreign
Labuan company, a Labuan trust company, or a person who holds a valid licence granted under the Labuan Financial Services and
Securities Act 2010 or the Labuan Islamic Financial Services and
Securities Act 2010, or shall apply thereto with such modifications as may be set out in the order.
(1A)
Except as otherwise expressly provided in this Act, the provisions of the Companies Act 2016 shall not apply to a Labuan company or a foreign Labuan company incorporated or registered under this Act.
(2)
The modifications made to a written law by an order made under subsection (1) shall be deemed to be an integral part of such written law for the purposes of the order.
(3)
An order under subsection (1) may be made to have retrospective effect from such date as may be specified in the order.
(4)
In this section “modification” includes amendment, adaptation, alteration, variation, addition, deletion, substitution, or exclusion.