Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VI · Labuan Islamic Banking
70. Amendment or alteration of constituent documents of Islamic bank licensee
Feedback & supportEvery Islamic 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.
Islamic bank licensee
“Islamic bank licensee” means a Labuan Islamic bank and a Labuan Islamic investment bank;
Every Islamic 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 Authority by a director of the Islamic bank licensee.
foreign Labuan company
“foreign Labuan company” means a foreign company registered under Part VIII of the Labuan Companies Act 1990;
No Islamic 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 Islamic bank licensee who holds fifteen per centum or more of the paid-up capital of the Islamic bank licensee shall be changed without the prior written approval of the Authority and, where the Islamic bank licensee is a foreign
paid-up capital
“paid-up capital”, in relation to an applicant under sections 63, 64 and 65 or an Islamic bank licensee, means the amount of money contributed by its participants for it to carry on business but does not include financing facilities granted to it by its participants. Licensing of Labuan Islamic banking business Labuan Islamic banking business to be carried on only under licence
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.
Labuan company
“Labuan company” has the meaning assigned to it in the Labuan Companies Act 1990;