Section 3
Section 3
No person except a management company may issue or offer to the public for the subscription or purchase of or invite the public to subscribe for or purchase any interest.
14 Laws of Malaysia ACT 778
(2)
No person shall—
(a)
issue or cause to be issued any advertisement inviting any person to become participants in a scheme, or offering any person to become participants in a scheme, or containing information calculated to lead directly or indirectly any person to become participants in a scheme, or containing an offer to become participants in a scheme; or
(b)
advise or procure any person to become or offer any person to become a participant in the scheme, unless the scheme is registered and authorized under this Act.
(3)
Any person who contravenes this section commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or a fine not exceeding fifty million ringgit or to both.