Indemnity
The Authority, any member of the Authority or of any committee established by the Authority, any person appointed by the Authority under this Act and any officer or servant of the Authority shall not be liable to any action or other proceedings for damages for or on account of, or in respect of, any act done or statement made, omitted to be done or made, in pursuance of or in execution of this Act or in the performance of any function, or in exercise of any power, conferred by or under any written law relating to offshore financial services:
Provided that such act, statement, performance of function or exercise of power was done or made in good faith.
The Authority to appoint officer or employee to appear in court on behalf of the Authority
(1) Notwithstanding the provisions of any other written law—
(a) in any civil proceedings by or against the Authority; or
(b) in any other civil proceedings in which the Authority is required or permitted by the court to be represented or to be heard, or is otherwise entitled to be represented or to be heard,
any member, officer or employee of the Authority who has been admitted as an advocate and solicitor under the Legal Profession Act 1976 [Act 166] and authorized by the Authority for the purpose, may, on behalf of the Authority, institute such proceedings or appear as an advocate therein and may make and do all acts in respect of such proceedings on behalf of the Authority.
(2) Notwithstanding any provision to the contrary in this Act, the Authority may appoint an advocate and solicitor for the purpose provided in subsection (1).
Compounding of offences
36 B. (1) The Director General may, with the written consent of the Public Prosecutor, in a case where he deems it fit and proper so to do, compound any offence committed by any person which is punishable under this Act by making a written offer to such person to compound the offence on payment to the Director General, within such time as may be specified in the offer, of an amount which shall not exceed fifty per centum of the amount of the maximum fine to which that person would have been liable if he had been convicted of the offence.
(2) An offer under subsection (1) may be made at any time after the offence has been committed, but before any prosecution for it has been instituted.
(3) Where the amount specified in the offer under subsection (1) is not paid within the time specified in the offer, or within such extended period as the Director General may grant, prosecution of the offence may be instituted at any time after that against the person to whom the offer was made.
(4) Where an offence has been compounded under subsection (1), no prosecution shall be instituted after that in respect of such offence against the person to whom the offer to compound was made.
Liability of director, officer, controller, etc.
Where any offence against any provision of this Act has been committed by any offshore financial institution, any person who at the time of the commission of the offence was a director, officer, or controller, of the offshore financial institution or was purporting to act in any such capacity, or was in any manner or to any extent responsible for the management of any of the affairs of such offshore financial institution, or was assisting in such management, shall be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.
Power to make regulations
(1) The Minister may make such regulations as may be expedient or necessary for carrying out or giving effect to the provisions of this Act.
(2) Regulations made under this section—
(a) may provide that any contravention of any provision thereof shall be an offence; and
(b) may provide for the imposition of penalties which shall not exceed twenty-five thousand ringgit for any offence thereunder.
Power of the Minister to make modifications
(1) Subject to subsection (2), the Minister may, whenever it appears to him necessary or expedient so to do whether for the purpose of removing difficulties or in consequence of the passing of this Act, by order make such modifications to any provision in any law relating to offshore financial services as he may think fit.
(2) The Minister shall not exercise the power conferred under subsection (1) after the expiration of two years from the commencement of this Act.
Savings and transitional
(1) All regulations, instructions, directions, orders or decisions made by the Registrar or the Bank, as the case may be, under any law relating to offshore financial services existing before the commencement of this Act shall be deemed to have been made by the Authority unless amended or revoked or until the date upon which they expire.
(2) All regulations, instructions, directions, orders or decisions made by the Minister responsible for the Offshore Companies Act 1990 and the Labuan Trust Companies Act 1990 under those Acts existing before the commencement of this Act shall be deemed to have been made by the Minister charged with the responsibility for finance unless amended or revoked or until the date upon which they expire.
(3) All applications, approvals or decisions pending before the Registrar or the Bank, as the case may be, under any law relating to offshore financial services shall, upon the commencement of this Act, be dealt with by the Authority.
(4) All applications, approvals or decisions pending before the Minister responsible for the Offshore Companies Act 1990 and the Labuan Trust Companies Act 1990 under those Acts shall, upon the commencement of this Act, be dealt with by the Minister charged with the responsibility for finance.
(5) All instruments, certificates or documents lodged with the Registrar or the Bank, as the case may be, under any law relating to offshore financial services before the commencement of this Act shall, upon the commencement of this Act, be deemed to be lodged with the Authority.
LAWS OF MALAYSIA
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
