Section 18
Section 58 of the principal Act is amended—
of Labuan Companies (Amendment) Act 2022
Amendment ActIn forceProvision 18 of 61
Section 18
(a)
by inserting after subsection (1) the following subsection:
“(1a) If default is made in complying with subsection (1), the Labuan company which is in default commits an offence under this Act.
Penalty: Twenty thousand ringgit. Default penalty.”; and
(b)
in subsection (6), by substituting for the word “Ten”
the word “Twenty”.
Amendment of section 69