Malaysia legislation
Section 32
Section 32
The principal Act is amended by substituting for section 90
the following section:
Quoted provision
Section 90
(a)
has been convicted of any offence in connection with the formation or management of a corporation or company;
(b)
has been convicted of any offence involving fraud, bribery or dishonesty;
(c)
is an undischarged bankrupt or insolvent; or
(d)
is deemed unfit by the Authority.
(2)
The Labuan company shall ensure that no person acting or nominated to act as a director or hold office or take part or be in any way directly or indirectly concerned with or in the management of a Labuan company is a disqualified person under subsection (1).
Labuan Companies (Amendment)
(3)
If default is made in complying with this section, the person who is in default commits an offence under this Act.
Penalty: One million ringgit or imprisonment for a term not exceeding five years or both.”.
Amendment of section 91