Section 17
Section 55 of the principal Act is amended—
of Labuan Companies (Amendment) Act 2022
Amendment ActIn forceProvision 17 of 61
Section 17
(a)
in subsection (3c), by inserting after the words “certified copy of the solvency declaration” the words “and notice of such redemption of share in the prescribed form”;
and
(b)
by inserting after subsection (3c) the following subsection:
“(4) If default is made in complying with subsection (3c), the director of the Labuan company who is in default commits an offence under this Act.
Penalty: Fifty thousand ringgit or imprisonment for a term not exceeding three years or both.”.
Labuan Companies (Amendment)
9
Amendment of section 58