Section 23
Application monies to be held in trust until issuance or allotment
of Labuan Islamic Financial Services and Securities Act 2010
Subject 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.
(2)
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.