Section 83
Register of charges
(2)
If any property of a Labuan company or a foreign Labuan company is charged without such entry as required by subsection (1)
being made, every officer of the company who knowingly and wilfully authorizes or permits the omission of such entry commits an offence under this Act.
Penalty: *Fifty thousand ringgit and default penalty of five hundred ringgit .
(3)
Every Labuan company or foreign Labuan company shall cause a copy of every instrument creating any charge to be kept at its registered office.
(4)
The register of charges and the copies of instruments kept in pursuance of this section shall be open to inspection by any creditor or member of the company at all reasonable times without charge.
(5)
If default is made in complying with subsection (3) or (4), the
Labuan company or foreign Labuan company and every officer of the company who is in default commits an offence under this Act.
Penalty: **Fifty thousand ringgit. Default penalty.
*NOTE—Previously “Ten thousand ringgit”—see subsection 26(a) of the Labuan Companies
(Amendment) Act 2022 [Act A1653].
**NOTE—Previously “Ten thousand ringgit”—see subsection 26(b) of the Labuan Companies
(Amendment) Act 2022 [Act A1653].
Labuan Companies 89