Section 20
Section 70 of the principal Act is amended—
of Labuan Companies (Amendment) Act 2022
Amendment ActIn forceProvision 20 of 61
Section 20
(a)
by renumbering the existing provision as subsection (1);
and
(b)
by inserting after subsection (1) as renumbered the following subsection:
“(2) If default is made in complying with this section, the Labuan company, foreign Labuan company or agent of the company who is in default commits an offence under this Act.
Penalty: Three million ringgit or imprisonment for a term not exceeding five years or both.”.