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mylaw.myby aturio
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5. Saving and transitional provisions

(1)

A Labuan company or foreign Labuan company who maintains and keeps the particulars of beneficial ownerships of the Labuan company or foreign Labuan company in its register of members updated from time to time under section 108e of the principal Act before the date of coming into operation of this

Act shall, within the period of six months from the date of coming into operation of this Act or such extended period approved by the Authority, comply with the new section 109b, as inserted by section 4 of this Act.

(2)

Any investigation, trial, proceedings or action pending before the date of coming into operation of this Act shall, on the date of coming into operation of this Act, be continued in accordance with the provisions of the principal Act as if the principal Act had not been amended by this Act.

(3)

Any obligation, liability, penalty or punishment accrued or incurred under the principal Act before the date of coming into operation of this Act, may be continued, enforced, imposed and be dealt with, as the case may be, as if the principal Act had not been amended by this Act.

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