Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Chapter 2
29. Obligation of guarantor company to furnish information
Feedback & supportFor the purpose of the preparation of a report which, by this Act, is required to be signed by or on behalf of the directors of a borrowing company or any of them, that borrowing company may, by notice in writing, require any of its guarantor companies to fur nish it with any information relating to that guarantor company which, by this Act, is required to be contained in that report, and that guarantor company shall furnish the borrowing company with that information before such date, being a date not later than fourteen days after the notice is given, as may be specified in that behalf in the notice.
borrowing company
“borrowing company” means a Labuan company that is or will be under a liability, whether or not such liability is present or future, to pay or repay any money received or to be received by it in response to an offer made pursuant to this Chapter to subscribe for or purchase Sukuk of the company;
A guarantor company or every officer of that company which fails to comply with the requirement contained in a notice given pursuant to subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.
guarantor company
“guarantor company”, in relation to a borrowing company, means any corporation that has guaranteed, or has agreed to guarantee, the payment or repayment of any money received or to be received by the borrowing company in response to an offer made under this Chapter to subscribe for or purchase Sukuk of the borrowing company;