Malaysia legislation
Section 13B
Section 13B
Without prejudice to the generality of section 13A, an estate, interest or right in any land may, with the consent of the
Minister, be acquired by any of the following:
[Am. Ord. No. 5/90.]
(a)
in the case of any company, corporation, society, association, bank or other body⎯
(i)
if it is registered in Malaysia under any written law applicable thereto; and
(ii)
if the shares that in aggregate carry the right to exercise or control the exercise of more than fifty per cent of the voting power at any general meeting of the company, corporation, society, association, bank or other body, are held by persons who are non-Malaysian citizens;
(b)
any foreign government or sovereign of any foreign country; and
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(c)
any person or body corporate which is a trustee under a trust, any beneficiary of which is⎯
(i)
a company, corporation, society, association, bank or other body if the shares that in aggregate carry the right to exercise or control the exercise of more than fifty per cent of the voting power at any general meeting of the company, corporation, society, association, bank or other body, are held by persons who are non-Malaysian citizens;
or
(ii)
any foreign government or sovereign of any foreign country.
[Ins. Ord. No. 2/74.]
Prohibitions and restrictions against foreigners to acquire land by way of transfer, sublease, transmission and dealings with land other than a charge 13C. Notwithstanding this Code or any other written law relating to land the prohibitions and restrictions imposed by sections 13A and 13B shall apply to any transfer, sublease or transmission under Part VII or any dealing with land other than a charge: Provided that the Minister may by notification in the Gazette exempt any person, company, corporation, society or association referred to in section 13A from this section in relation to the acquisition of interest in land by way of a sublease subject to such terms and conditions as may be prescribed by the Minister.
[Ins. Ord. No. 2/74; Am. Ord. No. 5/90.]
Sections 13A, 13B and 13C not applicable to interest acquired before the commencement of the Land Code (Amendment)
Ordinance, 1974 and to the Federal and State Governments and statutory bodies