ACT 125
COMPANIES ACT 1965 (REVISED - 1973)
PART IV - SHARES, DEBENTURES AND CHARGES
DIVISION 3 - SHARES

 
Section 55. As to voting rights of equity shares in certain companies.
 
Section 55. As to voting rights of equity shares in certain companies. (COMPANIES ACT 1965 (REVISED - 1973) - ACT 125) (1) Notwithstanding any provisions in this Act or in the memorandum or articles of a company to which this section applies, each equity share issued by such a company after the commencement of this Act shall confer the right at a poll at any general meeting of the company (subject as provided in subsection 148(1)) to one vote, and, to one vote only for each ringgit or part of a ringgit that has been paid up on that share.

(2) Where any company to which this section applies has, prior to the commencement of this Act, or, while it was a company to which this section did not apply, issued any equity share which does not comply with subsection (1), the company shall not issue any invitation to subscribe for or to purchase any shares or debentures of the company until the voting rights attached to each share of that company have been duly varied so as to comply with subsection (1).

(3) For the purposes of this section any alteration of the rights of issued preference shares so that they become equity shares shall be deemed to be an issue of equity shares.

(4) The Yang di-Pertuan Agong may by proclamation published in the Gazette declare that subsection (1) shall apply to all or any equity shares or any class of equity shares which have been issued before the commencement of this Act by a company to which this section applies and which is specified in the declaration and thereupon that subsection shall apply to such equity shares so issued by the company from such date as is specified in the declaration being a date not less than one year after the making of the proclamation.

(5) This section applies to—

    (a) a public company having a share capital; and

    (b) a subsidiary of such a public company.

(6) A person shall not make any invitation to the public in breach of subsection (2).

Penalty: Imprisonment for five years or thirty thousand ringgit.