Malaysia legislation
Section 42
Section 42
Section 112 of the principal Act is amended—
(a)
by renumbering the existing provision as subsection (1);
and
(b)
by inserting after subsection (1) as renumbered the following subsection:
“(2) Any director of a Labuan company who fails to take all reasonable steps to secure compliance by the company with the requirements of this section or a resident director who has by his own wilful act been the cause of any default by the company under this section, commits an offence under this Act.
Penalty: Fifty thousand ringgit and default penalty of five hundred ringgit.”.
Amendment of section 113