Section 45. Company limited by guarantee

1. No company other than a company limited by guarantee shall be formed with the following objects:

   • providing recreation or amusement;

   • promoting commerce and industry;

   • promoting art;

   • promoting science;

   • promoting religion;

   • promoting charity;

   • promoting pension or superannuation schemes; or

   • promoting any other object useful for the community or country.

2. A company limited by guarantee shall—

   • apply its profits or other income in achieving or promoting its objects;

   • prohibit the payment of any dividend to its members; and

   • equire all the assets that would otherwise be available to its members generally be transferred on its winding up either—

     • to another body with objects similar to its own; or

     • to another body the objects of which are the promotion of charity and anything incidental or conducive to such objects.

3. A company limited by guarantee may apply to the Minister for a licence to omit the word “Berhad” or the abbreviation “Bhd.” from its name.

4. A company limited by guarantee shall not hold land unless a licence has been obtained from the Minister.

5. For the purposes of approving licences under this section, the Minister may prescribe regulations or impose any conditions as he thinks fit.