PART IV - SHARES, DEBENTURES AND CHARGES DIVISION 1 - PROSPECTUSES
Section 37. Requirement to issue form of application for shares or debentures with a prospectus.
(1) A person shall not issue, circulate or distribute any form of application for shares in or debentures of a corporation unless the form is issued, circulated or distributed together with a prospectus, a copy of which has been registered by the Registrar.
Penalty: Imprisonment for five years or one hundred thousand ringgit or both.
(a) the form of application is issued, circulated or distributed in connection with shares or debentures which are not offered to the public;
(b) the form of application is issued, circulated or distributed in connection with a take-over offer which complies with the provisions of the relevant law applicable to such offers; or
(c) the form of application is issued, circulated or distributed in connection with shares which are offered for purchase or subscription by employees of a corporation or its related corporation in accordance with a scheme, approved by the Registrar, for the time being in force,
but otherwise that subsection shall apply to any such form of application whether issued circulated or distributed on or with reference to the formation of a corporation or subsequently.
(2A) Nothing in this Division and Division 4 of this Part shall apply to an offer or invitation in respect of shares or debentures for sale to the public where the offer or invitation relates to shares or debentures that have previously been issued and the shares or debentures are of a class that are listed for quotation on a stock exchange.