Section 40
Section 110 of the principal Act is amended—
of Labuan Companies (Amendment) Act 2022
Amendment ActIn forceProvision 40 of 61
Section 40
(a)
by inserting after subsection (3) the following subsection:
“(3a) If default is made in complying with subsection (1), (2) or (3), the director of the Labuan company who is in default commits an offence under this Act.
Penalty: Five hundred thousand ringgit or imprisonment for a term not exceeding five years or both.”; and
(b)
in subsection (5), by deleting the words “and sections 112
and 113”.
Amendment of section 111