Private Higher Educational Institutions (Amendment) Act 2017 · s 3

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s 3Amendment of section 12

Section 12 of the principal Act is amended—

(a)

in subsection (1), by deleting the words “, whether it be a locally incorporated company or otherwise,”;

(b)

in paragraph 1(c), by inserting after the word “institution”

the words “and shall contain provisions for such matters as may be prescribed”; and

(c)

by inserting after subsection (1) the following subsection:

“(1a) If the successful applicant is a company limited by guarantee, the applicant shall ensure that—

(a)

its initial fund shall be of an amount as determined by the Minister;

(b)

the source of its initial fund to be disclosed to and approved by the Minister;

(c)

its composition of the board of directors shall be as determined by the Minister; and

(d)

the sole object of the applicant’s memorandum and articles of association shall be to establish and manage private higher educational institution and shall contain provisions for such matters as may be prescribed.”.