Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Chapter 1
21. Labuan trust company, bank licensee or Islamic bank licensee as agent in offer
Feedback & supportNo allotment or issue shall be made of any securities of a corporation offered under subsection 13(1), being an offer not excluded under subsection 13(5), unless the securities have been offered through a Labuan trust company, bank licensee or
corporation
“corporation” means a body corporate formed or incorporated or existing within Malaysia or outside Malaysia and includes any foreign Labuan company but does not include— (a) a corporation sole; (b) a trade union registered under any written law as a trade union; or (c) a society registered under any written law as a co-operative society;
Islamic bank licensee.
Islamic bank licensee
“Islamic bank licensee” means a Labuan Islamic bank and a Labuan Islamic investment bank;
For the avoidance of doubt, a Labuan trust company, bank licensee or Islamic bank licensee shall be the agent of a corporation which has offered securities pursuant to subsection 13(1)
through the Labuan trust company, bank licensee or Islamic bank licensee to receive applications for the issue of securities and shall be so described in the prospectus.
bank licensee
“bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI of the Labuan Financial Services and Securities Act 2010;
All monies payable on application for the securities in a corporation shall be paid to the Labuan trust company, bank licensee or Islamic bank licensee acting as an agent for the corporation, and pending receipt by the Labuan trust company, bank licensee or Islamic bank licensee of the amount of the minimum subscription, it shall hold all monies received by it
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upon trust for the applicant, and if the amount of the minimum subscription is not received by the Labuan trust company, bank licensee or Islamic bank licensee within the time stated in the prospectus, the Labuan trust company, bank licensee or Islamic bank licensee shall, subject to any right under the terms of the prospectus to deduct any costs and charges owing to it or to the
Authority in connection with the prospectus or the offer or his acting as a broker in the matter, return the application monies or such proportion thereof as remains after making deductions, if any, in accordance with the terms of the prospectus to the applicants pro rata based on the respective amounts paid by them.
Upon receipt by a Labuan trust company, bank licensee or Islamic bank licensee acting as agent for a corporation of the amount of the minimum subscription on behalf of the corporation, the Labuan trust company, bank licensee or Islamic bank licencee shall, subject to its right to deduct from such monies its proper remuneration and disbursement, hold such monies and any further application monies as agent for the corporation.