Takaful Order, 2008 · As enacted · Part III
40. Requirements as to prospectuses and statements of capital
Official textFrom Attorney General's Chambers, unchanged
In any case where, under section 37 of the Companies Act (Chapter 39), it is an offence to knowingly be a party to the issue of a prospectus relating to a company without a copy of it being first delivered for registration under that Act, it shall also be an offence, in the case of a company registered or intended to be registered as a takaful operator under this Order, to do so without the prospectus having been approved by the Authority; and any person who is knowingly a party to the issue, circulation or distribution of a prospectus in contravention of this subsection shall be guilty of such offence and shall be liable on conviction to a fine not exceeding $20,000.
company
"company" means a company incorporated or registered under the Companies Act;
Where a notice, advertisement or other official publication of a company registered or intended to be registered as a takaful operator under this
takaful operator
"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;
Order contains a statement of the company's authorised share capital, and does not state how much on that capital has been subscribed and how much is paid up, the company shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
In this section, "prospectus" includes any printed document to which the expression applies in section 37 of the Companies Act (Chapter 39).
Opening of counter or branch office.
Terms defined in s 2
Authority
Defined · s 2"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
takaful operator
Defined · s 2"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;