Labuan Companies Act 1990 s 50
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 50
(1) Subject to this section, an offshore company may Issue of issue at a discount shares of the company of a class already sharouat.a issued.
(2) No shares shall be issued at a discount without the prior written approval of the Registrar.
(3) An application to issue shares at a discount shall be made to a trust company, and shall be accompanied with the names and addresses of all members together with notices addressed to those members notifying them of the proposed issue and specifying the maximum rate of discount at which the shares are to be issued.
(4) The trust company to which application is made shall, upon receipt of the application and the notices, despatch those notices and inform the members to whom they are addressed that any objection must be conveyed so as to be received by the trust company within forty-two days from the date of the notice.
(5) On the expiry of sixty days from the date of despatch of the notices referred to in subsection (3), the trust company shall lodge the application, together with any objections received by it, with the Registrar.
(6) Where any such application is made, the Registrar may, if, having regard to the circumstances of the case and any objections, he thinks it proper so to do, approve the issue on such terms and conditions as he thinks fit.
Alteration of share capital. 44988-4 AA988--A hone month [Pt. IV, S. 51]
Malay text (authoritative)
(1) Tertakluk kepada seksyen ini, sesuatu syarikat luar pesisir boleh menerbitkan dengan diskaun syer-syer syarikat itu daripada kelas yang telah pun diterbitkan.
(2) Tiada syer boleh diterbitkan dengan diskaun tanpa terlebih dahulu mendapatkan kelulusan bertulis Pendaftar.
(3) Sesuatu permohonan bagi menerbitkan syer-syer dengan diskaun hendaklah dibuat kepada suatu syarikat amanah, dan hendaklah disertakan dengan nama dan alamat semua anggota bersama-sama dengan notis yang dialamatkan kepada anggota-anggota tersebut memberitahu mereka tentang penerbitan yang dicadangkan itu dan menyatakan kadar diskaun maksimum yang syer-syer itu akan diterbitkan.
(4) Syarikat amanah yang kepadanya permohonan dibuat hendaklah, apabila menerima permohonan dan notis itu, menghantarkan notis itu dan memberitahu semua anggota yang kepadanya ia dialamatkan bahawa apa-apa bantahan hendaklah disampaikan supaya dapat diterima oleh syarikat amanah itu dalam masa empat puluh dua hari dari tarikh notis itu.
(5) Apabila habisnya tempoh enam puluh hari dari tarikh penghantaran notis yang tersebut dalam subseksyen (3), syarikat amanah itu hendaklah menyerahkan permohonan itu, bersama-sama dengan bantahanbantahan yang diterimanya, kepada Pendaftar.
(6) Jika sesuatu permohonan sedemikian dibuat, Pendaftar boleh, jika, memandangkan kepada hal keadaan kes itu dan apa-apa bantahan, difikirkannya patut berbuat demikian, meluluskan penerbitan itu atas apa-apa terma dan syarat yang difikirkannya patut.
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Find Act 441 on lom.agc.gov.my ↗
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).
