Malaysia legislation
Section 55
Section 55
The principal Act is amended by inserting after section 151b the following sections:
“Power of Authority to strike off Labuan company 151ba. Notwithstanding any provision in this Act, the
(a)
fails to pay its annual fees or any additional amount in addition to the annual fee within the time specified pursuant to section 151;
(b)
fails to appoint a replacement resident secretary after the resignation of the former resident secretary pursuant to subsection 93(2c);
(c)
contravenes any provision of this Act and any other law relating to Labuan financial services;
(d)
being a licensed entity under the Labuan Financial
Services and Securities Act 2010 or Labuan Islamic
Financial Services and Securities Act 2010, has its licence, approval or registration surrendered or revoked by the Authority; or
(e)
is not carrying on any business or is not in operation.
Notice of intention to strike off Labuan company 151bb. (1) Before the name of a Labuan company can be struck off the register under section 151ba, the Authority shall send a notice to the Labuan company stating that if an answer showing cause to the contrary is not received the name of the Labuan company shall be struck from the register within thirty days from the date of the notice or any extended period as may be approved by the Authority.
(2)
After the expiration of the period specified in the notice under subsection (1) or any extended period, unless the
Labuan company has given reasons to the satisfaction of the
Authority, the Authority may strike the name of the Labuan company off the register.
(3)
The notice under this section shall be deemed to be served on the Labuan company if the notice—
(a)
is left, or sent by ordinary or registered post to it’s last-known registered office or registered principal place of business of the company; or
(b)
is sent by electronic means to the address or numbers provided by the Labuan company.
(4)
The Authority may publish in such form and manner a notice of striking a Labuan company off the Register.
(5)
For the purposes of paragraph 151ba(d), where after a licence, approval or registration of the Labuan company has been surrendered or revoked by the Authority, if the
Labuan Companies (Amendment)
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company wishes to continue as a Labuan company, the
Labuan company shall change its name and memorandum within thirty days after such surrender or revocation of licence, approval or registration, or in the event that such
Labuan company intends to continue to use its name and memorandum, the Labuan company may apply to the Authority for approval.
(6)
This section shall not apply to striking off under subsection 93(2c).”.
Amendment of section 151c