Section 30
Amendment of section 86
of Labuan Companies (Amendment) Act 2022
Amendment ActIn forceProvision 30 of 61
Section 30
Section 86 of the principal Act is amended—
(a)
in subsection (1), by deleting the words “Penalty: Ten thousand ringgit. Default penalty.”;
(b)
by inserting after subsection (1) the following subsection:
“(1a) If default is made in complying with subsection (1), the Labuan company and every officer of the company who is in default commits an offence under this Act.
Penalty: Fifty thousand ringgit. Default penalty.”; and
(c)
in subsection (4), by substituting for the word “Ten”
the word “Fifty”.
Labuan Companies (Amendment)