Malaysia legislation
Section 30
Section 30
Section 86 of the principal Act is amended—
(a)
in subsection (1), by deleting the words “Penalty: Ten thousand ringgit. Default penalty.”;
(b)
by inserting after subsection (1) the following subsection:
“(1a) If default is made in complying with subsection (1), 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.”; and
(c)
in subsection (4), by substituting for the word “Ten”
the word “Fifty”.
Labuan Companies (Amendment)
13
Amendment of section 87