Section 48
Dealing by a Labuan company in its own shares, etc.
(a)
in the ordinary course of its business, if the lending of money is part of the ordinary business of the Labuan company;
(b)
where the transaction has been approved by a special resolution of the company, and the directors have certified to the meeting, in writing, to the effect that there are no reasonable grounds for believing that —
62 Laws of Malaysia ACT 441
(i)
the company is, or would after giving the financial assistance be, insolvent; or
(ii)
the realizable value of the company’s assets, excluding the amount of any financial assistance in the form of a loan and in the form of assets pledged or encumbered to secure a guarantee, would, after giving the financial assistance or loan, be less than the aggregate of the company’s liabilities and stated capital; or
(c)
to employees (other than an employee who is also a director) of the company or of any of its subsidiaries or of its holding company.
(2)
(Deleted by Act A1367).
(3)
(Deleted by Act A1367).