Section 3. Application by company to be registered as a trust company.
Any public company incorporated in Malaysia may apply to the Registrar to be registered as a trust company:
Provided that-
(a) the objects of the company are restricted to some or all of the objects set out in section 8;
(b) the authorized capital of the company is not less than five hundred thousand ringgit divided into shares of not less than ten ringgit each;
(c) at least one-half of the amount of every share issued by the company remains unpaid and is not liable to be called up, except in the event and for the purpose of the winding up or dissolution of the company;
(d) the board of directors has been duly appointed in accordance with the articles of association of the company;
(e) at least one hundred and fifty thousand ringgit of the authorized capital has been bona fide paid up;
(f) the company has deposited with the Accountant General securities to be approved by the Minister of Finance to the value of one hundred thousand ringgit; and
(g) the company is able to meet its obligations, apart from its liability to its shareholders, without taking into account the securities so deposited with the Accountant General.