Section 7
of Labuan Financial Services and Securities Act 2010
Section 7
In this Part, unless the context otherwise requires—
“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;
“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;
“promoter”, in relation to a prospectus issued by or in connection with a Labuan company, means a promoter of the company who was a party to the preparation of the prospectus or any relevant portion thereof, but does not include any person by reason only of his acting in a professional or advisory capacity; and
“secured debenture” means—
(a)
any debenture which is stated on its face to be a secured debenture; and
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(b)
any debenture which is issued on terms affording the holder of the debenture rights and powers to vote and demand a poll in respect of the business and undertaking of the company, whether in addition to the rights of members of the company or in substitution for those rights.