Malaysia legislation
Section 18
Section 18
(a)
the name of the company;
(b)
the objects of the company;
(c)
the amount and the denomination of the currencies of the share capital with which it is proposed to be registered;
Labuan Companies 43
(d)
the full name and address of each subscriber thereto;
(e)
that the subscriber or subscribers to the memorandum are desirous of being formed into a Labuan company in pursuance of the memorandum and respectively agree to take the number of shares in the capital of the company set out opposite their respective names; and
(f)
if the Labuan company is a company limited by guarantee—
(i)
that the liability of the members is limited;
(ii)
that each member undertakes to contribute to the assets of the Labuan company; and
(iii)
that each member undertakes to contribute to the assets of the Labuan company, in such amount as may be required not exceeding the amount specified in the guarantee, in the event of the company being wound up while he is a member or within one year after he ceases to be a member for payment of the debts and liabilities of the Labuan company contracted before he ceases to be a member and of the costs, charges and expenses of winding up and for adjustment of the rights of the contributories among themselves.
(2)
The members of the Labuan company shall be liable to the company for the amount unpaid on their shares or the guarantee but their liability as members is, subject to this Act, limited to the amount, if any, unpaid on the shares or the guarantee held by them.
(3)
Any provision or part thereof then subsisting in the memorandum of any company which states—
(a)
the amount of the share capital with which the company proposes to be or is registered; or
44 Laws of Malaysia ACT 441
(b)
the division of the share capital of the company into shares of a fixed amount, shall, in so far as it relates to the matters referred to in either or both of paragraphs (a) and (b), be deemed to be deleted.
(4)
The memorandum of a Labuan company may be registered in any character, alphabet or language, provided that it is accompanied by an accurate and certified translation of the English language thereof.