Section 15

by inserting after subsection (9b) the following subsection:

“(9ba)  If default is made in complying with subsection (9b), the director of the Labuan company who is in default commits an offence under this Act.

Penalty: Fifty thousand ringgit or imprisonment for a term not exceeding three years or both.”; and

in subsection (10), by substituting for the words

“Imprisonment for three years or ten thousand ringgit or both” the words “Three million ringgit or imprisonment for a term not exceeding five years or both.”.

Amendment of section 54