Section 42
Section 112 of the principal Act is amended—
of Labuan Companies (Amendment) Act 2022
Amendment ActIn forceProvision 42 of 61
Section 42
(a)
by renumbering the existing provision as subsection (1);
and
(b)
by inserting after subsection (1) as renumbered the following subsection:
“(2) Any director of a Labuan company who fails to take all reasonable steps to secure compliance by the company with the requirements of this section or a resident director who has by his own wilful act been the cause of any default by the company under this section, commits an offence under this Act.
Penalty: Fifty thousand ringgit and default penalty of five hundred ringgit.”.