Section 129. Register of options to take up unissued shares in a company

(1) A company shall maintain a register of options granted to persons to take up unissued shares in the company.

(2) The company shall, within fourteen days from the grant of an option to take up unissued shares in the company, enter in the register the following particulars:

(a) the name, address and the number of the identity card issued under the National Registration Act 1959, or the passport number or other identification number and the nationality of the holder of the option;

(b) the date on which the option was granted;

(c) the number and description of the shares in respect of which the option was granted;

(d) the period during which, the time at which or the occurrence upon the happening of which the option may be exercised;

(e) the consideration, if any, for the grant of the option;

(f) the consideration, if any, for the exercise of the option or the manner in which that consideration is to be ascertained or determined; and

(g) such other particulars as may be determined by the Registrar.

(3) Sections 50 to 55 shall apply to a register kept under this section as if the register were the register of members.

(4) A company shall maintain a copy of every instrument by which an option to take up shares in the company is granted at the place where the register under this section is kept and such records shall be deemed to be part of the register.

(5) The rights in respect of the option shall not be affected by failure of the company to comply with this section.

(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.