Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VI · Labuan Banking
95. Amendment or alteration of constituent documents of bank licensees
Feedback & supportEvery bank licensee which is a Labuan company shall, prior to the making of any amendment or alteration to any of its constituent documents, furnish to the Authority particulars in writing as to such proposed amendment or alteration for the approval of the Authority.
bank licensee
“bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI;
Every bank licensee which is a foreign Labuan company or a Malaysian bank shall within three months after the making of any amendment or alteration to its constituent documents, furnish to the Authority particulars in writing of such amendment or alteration duly authenticated in a manner acceptable to the
foreign Labuan company
“foreign Labuan company” means a foreign company registered under Part VIII of the Labuan Companies Act 1990;
Authority by a director of the bank licensee.
No bank licensee shall make any amendment or alteration that is contrary to any written law to its constituent documents.
constituent documents
“constituent documents” means the statute, charter, memorandum of association and articles of association, rules, by-laws, partnership agreement, or other instrument, under or by which a person is established and the scope of that person’s functions, business, powers and duties are set out, whether contained in one or more documents;
No participant of the bank licensee who holds fifteen per centum or more of the paid-up capital of the bank licensee shall be changed without the prior written approval of the
participant
“participant”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the fourth column of the First Schedule as against such person;
Authority and, where the bank licensee is a foreign Labuan company, it shall promptly notify the Authority of any change in its participants who hold fifteen per centum or more of its paid-up capital.
paid-up capital
“paid-up capital”, in relation to an applicant under sections 88, 89 and 90 or a bank licensee, means the amount of money contributed by its participants for it to carry on business but does not include credit facilities granted to it by its participants. Labuan banking business, Labuan investment banking business and Labuan financial business to be carried on only under licence
Labuan Financial Services and Securities 103