Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 40
(1) No allotment shall be made of any shares of an offshore company offered to the public unless the sharés have been offered to the public through a trust company.
(2) A trust company shall be the agent of an offshore company which has offered shares to the public through the trust company to receive applications for allotment of the shares and shall be so described in the prospectus.
(3) All moneys payable on application for the shares in an offshore company shall be paid to the trust company acting as an agent for the offshore company, and pending receipt by the trust company of the amount of the minimum subscription, it shallhold all moneys received by it upon trust for the applicant, and if the amount of the minimum subscription is not received by the trust company within the time stated in the prospectus, the trust company shall, subject to any right under the terms of the prospectus to deduct any costs and charges owing to it or to the Registrar in connection with the prospectus oi the offer or his acting as a broker in the matter, return the application moneys or such proportion thereof as remains after making deductions (if any) in accordance with the terms of the prospectus to the applicants pro rata based on the respective amounts paid by them.
(4) Upon receipt by a trust company acting as agent for an offshore company of the amount of the minimum subscription on behalf of the company the trust company shall, subject to its right to deduct from such moneys its proper remuneration and disbursement, hold such moneys and any further application moneys as agent for the company. Trust as agent in public offer.
Prohibition Gfllotment Application moneys to be held in trust until allotment. [Pt. IV, S. 41-42]
Malay text (authoritative)
(1) Tiada pengumpukan boleh dibuat mengenai mana-mana syer sesuatu syarikat luar pesisir yang litawarkan kepada awam melainkan jika syer-syer itı elah ditawarkan kepada awam melalui sesuatu syarika amanah.
(2) Sesuatu syarikat amanah hendaklah menjadi ejen kepada syarikat luar pesisir yang menawarkan syer-syer kepada awam melalui syarikat amanah itu untuk menerima permohonan-permohonan bagi pengumpukan syer-syer dan hendaklah diperihalkan seperti itu dalam prospektus.
(3) Semua wang yang boleh dibayar atas permohonan syer-syer dalam sesuatu syarikat luar pesisir hendaklah dibayar kepada syarikat amanah yang bertindak sebagai ejen untuk syarikat luar pesisir itu, dan sementara menanti penerimaan amaun bayaran minimum oleh syarikat amanah itu, ia hendaklah memegang semua wang yang ... :
[Bah. IV, S. 40-41] diterima olehnya atas amanah bagi pemohon itu dan jika amaun bayaran minimum itu tidak diterima oleh syarikat amanah dalam masa yang dinyatakan dalam prospektus, syarikat amanah itu hendaklah, tertakluk kepada apa-apa hak di bawah terma-terma prospektus untuk memotong apa-apa kos dan bayaran yang terhutang kepadanya atau kepada Pendaftar berkaitan dengan prospektus atau tawaran itu atau tindakannya sebagai broker dalam perkara ini, mengembalikan wang permohonan atau sebahagian daripada yang tinggal selepas membuat pemotonganpemotongan, (jika ada) mengikut terma-terma prospektus kepada pemohon-pemohon pro rata berasaskan amaunamaun yang dibayar oleh mereka masing-masing.
(4) Apabila syarikat amanah yang bertindak sebagai ejen suatu syarikat luar pesisir menerima amaun bayaran minimum bagi pihak syarikat itu, syarikat amanah itu hendaklah, tertakluk kepada haknya untuk memotong daripada wang itu saraan dan perbelanjaan yang ernotonan seemesaya wane ice iaya rikarapawane
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).
