Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part II · Securities
24. Obligation of guarantor company to furnish information
Feedback & supportFor the purpose of the preparation of a report which, by this Act, is required to be signed by or on behalf of the directors of a borrowing company or any of them, that borrowing company may, by notice in writing, require any of its guarantor companies to furnish it with any information relating to that guarantor company which, by this Act, is required to be contained in that report, and that guarantor company shall furnish the borrowing company with that information before such date, being a date not later than fourteen days after the notice is given, as may be specified in that behalf in the notice.
borrowing company
“borrowing company” means a Labuan company that is or will be under a liability, whether or not such liability is present or future, to repay any money received or to be received by it in response to an offer made under section 8 to subscribe for or purchase debentures of the Labuan company;
A guarantor company which fails to comply with the requirement contained in a notice given under subsection (1)
guarantor company
“guarantor company”, in relation to a borrowing company, means a corporation that has guaranteed, or has agreed to guarantee, the repayment of any money received or to be received by the borrowing company in response to an offer made under section 8 to subscribe for or purchase debentures of the borrowing company;
and every officer of that company who is in default commits an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.
officer
“officer”, in relation to a corporation, includes— (a) a director, secretary or employee of the corporation including the principal officer; (b) a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and (c) a liquidator of the corporation appointed in a voluntary winding-up; but does not include— (A) a receiver who is also not a manager; (B) a receiver and manager appointed by the Court; and (C) a liquidator appointed by the Court or by the creditors;
This section shall not apply to an offer or invitation of securities under subsection 8(5).
securities
“securities” means any investments commonly known or capable of being described as securities, and includes— (a) shares, debentures, funds, units, interests in a limited partnership or limited liability partnership or unit trust or foundation or protected cell company or corporation; (b) debentures, bonds or notes of or issued by any body (incorporated or unincorporated), government, local government or public authority; *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…