s 120
(1) This Part applies to a foreign company only if it has Interpretation. a place of business or is carrying on business in Labuan and is not registered under the Companies Act 1965. (2) In this Part the expression "carrying on business in Labuan" includes— (a) carrying on business in, from or through Labuan;. (b) establishing or using a share transfer or share registration office in Labuan or administering, managing or otherwise dealing with property situated in Labuan as an agent, legal personal representative or trustee, whether by servants or agents or otherwise; and (c) in the case of a foreign offshore company which the Minister has by notice published in the Gazette specified for the purposes of this paragraph— (i) permitting or suffering the company's own shares to be, in Labuan, dealt with, issued, transferred or made the subject of options or agreements; (ii) permitting or suffering to be made in Labuan transfers of, or dealings in respect of, or agreements or options to sell or purchase, securities, notes or rights issued by it to the public; or [Pt. VIll, S. 120-121] Registration of foreign companies. (iii) permitting or suffering to be made in Labuan s in respect oi, ( ecurities, notes or rights, by reason of whicl ransfers, dealings, agreements or options th public might acquire an interest in the company. (3) Notwithstanding subsection (1), a foreign offshore company shall not be regarded as carrying on business in Labuan by reason only of the fact that in Labuan it— (a) is, or becomes, a party to any action or suit or any administrative or arbitration proceedings or any claim or dispute; or (b) conducts unsolicited isolated transactions that are completed within a period of thirty one days, not being one of a number of similar transactions repeated more than twice.