Malaysia legislation
Section 14
Section 14
New section 46a
The principal Act is amended by inserting after section 46
the following section:
“Prohibition to issue bearer share or bearer share warrants 46a. (1) A Labuan company shall not—
(a)
issue a bearer share or bearer share warrants;
(b)
convert a share into a bearer share or bearer share warrants into share warrants; or
(c)
exchange a share for a bearer share.
(2)
Any purported issuance, conversion or exchange of such bearer share, bearer share warrants, share or share warrants under subsection (1) is void.
(3)
A provision in a Labuan company’s memorandum or articles which purports to enable the company to issue, convert or exchange any of the bearer share, bearer share warrants, share or share warrants is void.
(4)
This section shall apply to a foreign Labuan company.
(5)
If default is made in complying with this section, the Labuan company, foreign Labuan company and every officer of the company who is in default commits an offence under this Act.”.
Amendment of section 53