s 149
(1) All proceedings (other than criminal proceedings) relating to any offshore company or foreign offshore company commenced in any Court, either under the provisions of this Act or for the purpose solely of determining the rights or obligations of officers, members or holders of debentures, and any appeal therefrom, shall, unless the Court otherwise orders, be heard in camera and no details of the proceedings shall be published by any person without leave of the Court. (2) Where— (a) in any proceedings for the winding up of an offshore company the Court is satisfied that the company or any officer thereof has failed to comply with any provisions of this Act; or (b) an offshore company or any officer thereof is convicted by the Court of any offence under this Act, the Court may, if it thinks fit, order that the records, books and registers of that company and the entries in the Registrar's registers and records relating to that company be opened to the public for inspection. (3) A person who, with respect to any offshore company or foreign offshore company, otherwise than for the purpose of the administration of this Act or the carrying on of the business of the company, in Labuan or elsewhere— (a) divulges; [Pt. IX, S. 149, Schedule] OFFSHORE COMPANY (b) attempts, offers or threatens to divulge; and (c) induces or attempts to induce other persons to divulge, any infomation concerning or touching upon— (d) the shareholding in, or beneficial ownership of, any share or shares in such company; (e) the management of such company; and (f) any of the business, financial or other affairs or transactions of the company, shall be guilty of an offence against this Act. (4) Nothing in this section shall prevent any Court from exercising its discretion to require any person to produce any document or to give any evidence in any proceedings before the Court which is relevant to those proceedings. 150→152,..... = AA 817 Schedule (Section 19) Powers of an Offshore Company 1. To carry on any business, other than a business which is prohibited oy this Act or the regulations from being carried on, which may seem to the company capable of being conveniently carried on or calculated directly or indirectly to enhance the value of or render profitable any of the company's property or rights. 2. To enter into or be a party to any transaction or document. 3. To acquire, hold, dispose of a deal with any information or rights or property of any kind 4. To acquire, hold, dispose of or deal with the whole or any part of the undertaking of any other company, association or business. 5. To dispose of or otherwise deal with the whole or any part of its undertaking or business. 6. To assume any duties, obligations or liabilities. 7. To acquire any rights or interests. 8. To provide or procure provision of any services. [Schedule] 9. To lend and borrow. 10. To procure its registration or recognition in any place outside Labuan. 11. To create and extinguish liabilities and rights and interests. 12. To issue shares, debentures and options, and to take shares, debentures and options and to redeem and forfeit the same. 13. To employ or retain persons in and about its business or the business of any other company or person. 14. To give indemnities and guarantees and obtain indemnities and guarantees. 15. To take out insurance of all kinds whether over the property or rights of the company or not. 16. To promote any other company. 17. To make gifts, donations and wages which may lawfully be made, whether the same may, or may not, be for the purpose of advancing its business. 18. By way of settlement or other dealing or disposition, to give the right to a person not a member of the company to share in the whole or any part of its gains or profits to the exclusion of its members, provided that in exercising such power no distribution of gains or profits shall be made pursuant to such settlement, disposition or other dealing which would exceed the amount properly distributable as a dividend or properly capable of being returned as capital surplus were such distribution a distribution to some or to all of the members of the company. Todo any of the things which it may do in association with any other person and as principal or agents or as trustee or for its own benefit. 20. To promote any other business. 21. To do all such things as are incidental or conducive to the exercise of the powers of the company. 22. To do all other things which are not prohibited by or under this Act or the regulations or otherwise by any written law of Malaysia.