Labuan Companies Act 1990 s 51
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 51
(1) An offshore company may, by special resolution, alter the conditions of its memorandum and articles in any one or more of the following ways:
(a) increasing its share capital by the creation of new shares of such amount as it thinks expedient;
(b) consolidating and dividing all or any of its share capital into shares of larger amount than its existing shares;
(c) subdividing its shares or any of them into shares of smaller amount than is fixed by the memorandum and articles, so however that in the subdivision the proportion between the amount paid and the amount (if any) unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;
(d) converting all or any of its paid-up shares into stock andreconverting that stock into paid-up shares of any denomination;
(e) cancelling shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any persons, and diminishing the amount of the share capital by the amount of the shares so cancellede;
(1A).%)
(2) A cancellation of shares under subsection (1) (e) shall not be deemed to be a reduction of share capital within the meaning of this Act.
(3) Where, under subsection (1), an offshore company has increased its share capital beyond the capital stated in its memorandum by shares of a fixed amount, it shall, withir (fourteen days after the passing of the resolution authorizing the increase, cause to be lodged with the Registrarnotice in the prescribed form of the increase.
(4) If any offshore company fails to comply with the provisions of subsection (3), the company and every officer of the company who is in default shall be guilty of an offence against this Act. Penalty: One thousand ringgit. Default penalty. : : :
[Pt. IV, S. 52-53]
Malay text (authoritative)
(1) Sesuatu syarikat luar pesisir boleh, melalui ketetapan khas, mengubah syarat-syarat memorandum
[Bah. IV, S. 51] dan perkara-perkaranya mengikut mana-mana satu atau lebih daripada cara-cara yang berikut:
(a) menambahkan modal syernya dengan mewujudkan syer-syer baru sebanyak amaun yang difikirkannya suaimanfaat;
(b) menyatukan dan membahagi-bahagikan kesemua atau mana-mana modal syernya kepada syer-syer yang lebih besar amaunnya daripada syer-syernya yang ada; memecahbahagikan syer-syernya atau manasnes pkan es eer pe n. sym yangedi dalam aalisydrpeani daripadanya
(d) menukarkan kesemua atau mana-mana syer erbayarnya kepada saham dan menukarka emula saham itu kepada syer-syer berbaya daripada apa-apa peringkat nilai;
(e) mengkenselkan syer-syer yang, pada tarikh ketetapan diluluskan bagi maksud itu, belum diambil atau belum dipersetujui untuk diambil oleh mana-mana orang, dan mengurangkan amaun modal syer itu sebanyak amaun syer-syer (/A)... 4> yang telah dikenselkan itu, ;
(2) Sesuatu pengkenselan syer-syer di bawah subseksyen (1) (e) tidak boleh disifatkan suatu pengurangan modal syer mengikut pengertian Akta ini.
(3) Jika, di bawah subseksyen (1), sesuatu syarikat luar pesisir telah menambah modal syernya dengan melebihi modal yang dinyatakan dalam memorandumnya dengan syer daripada amaun yang ditetapkan, ia hendaklah, dalam masalempatbelas hari selepas ketetapan yang membenarkan penambahan itu diluluskan, menyebabkan diserahkan kepada Pendaftar notis mengikut bentuk yang ditetapkan mengenai penambahan itu. <AA988 Ksatu bulan
Pengesahan syer-syer yang diterbitkan dengan tak sepatutnya. Ketetapan khas bagi pengurangan modal syer. [Bah. IV, S. 51-53]
(4) Jika mana-mana syarikat luar pesisir tidak mematuhi subseksyen (3), syarikat itu dan tiap-tiap pegawai syarikat itu yang ingkar adalah melakukan suatu kesalahan terhadap Akta ini. Penalti: Satu ribu ringgit. Penalti ingkar.
Read this section in the full act →
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).
