Interpretation
In this Part, unless the context otherwise requires— “company management” means the provision of treasury processing services and such other services, and to such persons, as may be permitted by the Authority; “management company” means a Labuan company incorporated or foreign Labuan company registered under this Act for the purpose of undertaking or offering to undertake the business of company management.
Register of management companies
(1) The Authority may keep a register of all management companies licensed under this Part. (2) The register kept under subsection (1) shall show— (a) the information required under paragraph 131(2)(c) with respect to each management company licensed under this Part; (b) the date of grant of the licence; and (c) if such licence is revoked, the date of its revocation. (3) The register shall be in such form as the Authority may determine.
Application for licence
(1) No person, except a Labuan company incorporated, or a foreign Labuan company registered, under the Labuan Companies Act 1990, may apply to the Authority for a licence to carry on the business of company management. (2) An application under subsection (1) shall be— (a) made in such manner as the Authority may determine; and (b) accompanied by— (i) such application fees as may be prescribed; (ii) a statement of the financial and human resources and administrative facilities available to the applicant for the competent and efficient conduct of its business; and (iii) such other documents or information as the Authority may reasonably require for the purpose of considering the application; (c) contain— (i) the address of the applicant’s place of business and its address for service in Labuan; (ii) the name and address of a person resident in Labuan who is authorised to represent the applicant and to accept service on its behalf; and (iii) the address of any place of business that the applicant may have outside Labuan. (3) If any information referred to in paragraph (2)(c) is altered at any time after its submission, the applicant, upon being granted a licence under this Part, shall give in writing to the Authority particulars of the alteration within one month of the date of the grant of the licence or within one month after the alteration is made, whichever is the later.
Grant of licence
(1) The Authority may grant or refuse to grant a licence to any applicant. (2) The Authority shall not grant a licence unless he is satisfied that the applicant— (a) is of sufficient good repute to be engaged in the business of company management; (b) has or has available to it adequate knowledge, expertise, resources and facilities necessary for the proper management or administration of its business; (c) has sufficient financial resources at its disposal to enable it to conduct its business effectively and meet its liabilities; and (d) will be in a position to comply with any conditions imposed by the Authority. (3) Notwithstanding subsection (2), the Authority shall reject an application if it determines that a licence should not be granted in the public interest. (4) A licence may be granted subject to such terms, conditions, restrictions or limitations as the Authority deems fit. (5) A licence shall— (a) be in such form as may be specified; (b) be admitted in all courts as prima facie evidence of the facts stated therein; and (c) remain in force until it is revoked. (6) Where the Authority grants a licence to an applicant, it shall issue a licence to the applicant on payment of such licence fee as may be prescribed. (7) Every licence issued under this Part shall bear the date on which the licence is granted.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
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).