s 5 Membership of Federation
5.—(1) Every —(a) local company which has a paid-up share capital of or above the amount of $500,000; and (b) foreign company which has an authorised share capital of or above the amount of $500,000, becomes, by virtue of this section and without election, admission or appointment, a member of the Federation, unless the membership of the local or foreign company is terminated in accordance with the Constitution of the Federation. (2) The Minister may, by order in the Gazette —(a) exempt any local or foreign company or any class of local or foreign companies from subsection (1); and (b) substitute the amount of paid-up share capital or authorised share capital specified in subsection (1)(a) or (b) (as the case may be) with any other amount that the Minister may determine.