Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Chapter 1
23. Application monies to be held in trust until issuance or allotment
Feedback & supportSubject to subsections 21(3), (4) and subsection 22(1), all applications and other monies paid prior to issuance or allotment by any applicant on account of securities offered pursuant to subsection 13(1) by a corporation, shall, until the issuance or allotment of such securities, be held upon trust for the applicant and such monies shall be paid into and kept in a separate trust account, pending issuance or allotment.
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;
Every officer of the corporation who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.