ACT 125

Section 96. Power to exempt from compliance with Division and nonapplication of Division in certain circumstances.
(1) The Minister may, by notice published in the Gazette and subject to such terms and conditions as are specified in the notice,—

    (a) exempt any company or class of companies or person or class of persons from complying with all or any of the provisions of this Division in relation to any interest or class of interests specified in the notice; or

    (b) declare that all or any of the provisions of this Division shall not apply to any interest or class of interests specified in the notice, upon a request made by the Minister charged with the responsibility for finance on the grounds—

      (i) that the interest or class of interests is more appropriately regulated as a securities or futures contract, as the case may be; and

      (ii) that any issue of, offer for subscription or purchase of, or invitation to subscribe for or purchase, such interest or class of interests would be more appropriately regulated under the Securities Commission Act 1993, the Securities Industry Act 1983 or the Futures Industry Act 1993, as the case may be,

and may, by notice published in the Gazette, revoke such notice or vary it in such manner as he thinks fit.

(1A) Where a company or person contravenes or fails to comply with any term or condition specified in a notice of exemption granted under paragraph (1)(a), every officer of the company or person who is in default shall be guilty of an offence against this Act.

Penalty: Imprisonment for five years or one hundred thousand ringgit or both.

(2) This Division shall not apply in the case of the sale of any interest by a personal representative, liquidator, receiver or trustee in bankruptcy in the normal course of realization of assets.


otice of Exempt ion under Subsect ion 96(1)

In exercise of the powers conferred by subsection 96(1) of the Companies Act 1965 [Act 125], the Minister exempts Horizon Hills Resort Berhad from having to comply with the provision of subparagraph 88(1)(b)(iii) of the Act in relation to the interests which relate to a trust deed in respect of Horizon Hills Golf & Country Club with effect from 10 June 2009.- P.U.(B) 272/2009