Malaysia legislation
Section 28
Section 28
New section 84a
The principal Act is amended by inserting after section 84
the following section:
“Assignment and variation of charge 84a. (1) If after a charge on property of a Labuan company has been created and lodged pursuant to section 84 and if a person other than the original charge holder becomes the new holder of the charge or any variation to the particulars of the charge, the company shall, within thirty days and upon payment of a prescribed fee, lodge with the Authority a notice stating the assignment or variation and the notice shall contain other information as may be determined by the Authority.
(2)
If default is made in complying with this section, the Labuan company and every officer of the company who is in default commits an offence under this Act.
Penalty: Fifty thousand ringgit. Default penalty.”.
Amendment of section 85