64 Companies Limited By Guarantee Approved To Collect Donations – SSM

The Companies Commission of Malaysia (SSM) today revealed that 64 companies limited by guarantee (CLBGs) have applied and received approval from the Ministry of Domestic Trade and Consumer Affairs (minister) or the registrar to collect donations from the public. SSM said the initiative to display the list of CLBGs on the SSM portal was taken to make it easier for the public to check the latest status of CLBGs that are registered and approved to collect donations. Previously, only the list of CLBGs registered under the Companies Act 2016 was displayed on the SSM portal. Chief executive officer Datuk Nor Azimah Abdul Aziz said SSM always strives to improve transparency on the donation collection process by CLBGs. 'This initiative is part of SSM's ongoing efforts to help the public make decisions by knowing that their contributions will be channelled to entities that comply with the provisions of the law governed by SSM," she said. A CLBG is a public company incorporated under the Companies Act 2016 withou t share capital and operates not for profit. A CLBG must use its profits to achieve or promote its objectives, cannot pay dividends to its members and in the case of liquidation, all assets that would normally be available to members must be transferred to another body with the same objective or a body that promotes welfare. It is an offence for CLBGs to collect donations without permission from the minister or the registrar. As of June 30, 2024, a total of 2,202 CLBGs were registered with SSM with the 'existing' status. Source: BERNAMA News Agency