22. Conversion from private company to limited liability partnership

( 1)

A private company may convert to a limited liability partnership by complying with the requirements set out in the Third Schedule.

Upon such conversion, the private company, its shareholders, the limited liability partnership to which the private company has converted and the partners of that limited liability partnership shall be bound by the provisions of the Third Schedule.

The Minister may, with the approval of His Majesty the Sultan and Yang

In this section, "convert", in relation to a private company converting to a limited liability partnership, means a transfer of the property, assets, interests, rights, privileges, liabilities, obligations and the undertaking of the private company to the limited liability partnership in accordance with the Third