Section 76. Allotment of shares or grant of rights with company approval

(1) For the purposes of subsection 75(1), approval may be confined to a particular exercise of that power or may apply to the exercise of that power generally and any such approval may be unconditional or subject to conditions.

(2) An approval made under subsection (1) shall be lodged with the Registrar within fourteen days from the date of the approval.

(3) An approval expires—

(a) in the case where a company is required to hold an annual general meeting—

(i) at the conclusion of the annual general meeting held next after the approval was given; or

(ii) at the expiry of the period within which the next annual general meeting is required to be held after the approval was given, whichever is the earlier; or

(b) in the case where the company is not required to hold an annual general meeting, not more than twelve months after the approval was given.

(4) Notwithstanding subsection (3), an approval may be revoked or varied at any time by a resolution of the company.

(5) The directors may allot shares or grant rights after an approval has expired if—

(a) the shares are allotted, or the rights are granted, under an agreement, option or offer made or granted by the company before the approval expires; and

(b) the approval allowed the company to make or grant an agreement, option or offer that would or might require shares to be allotted, or rights to be granted, after the approval expires.

(6) The company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit and, in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.