AUTHORITY TO ACT. BID (a) If the sale is restricted to individuals and not to incorporated persons, bodies, societies, firms or companies as specified by the Developer and/or Proprietor and/or State Authorities and/or other relevant bodies, the Property shall be sold to individual persons only. (b) For Bumiputra lot or if the sale is restricted to Bumiputra only, only Bumiputra is allowed to purchase or to bid or to act for and on behalf of the bidder. For Malay Reserve Land or Native Land, only Malay or Native is allowed to purchase or to bid or to act for and on behalf of the bidder. For all other special quota lot, only the race identified in the special quota lot therein is allowed to purchase or to bid or to act for and on behalf of the bidder. (c) A person who has not reached the age of majority or is below 18 years old as defined under the Age of Majority Act 1971 (Act 21) or is an undischarged bankrupt or is of unsound mind or is not legally competent to purchase the Property as at the date of auction sale shall not be permitted to purchase or to bid in his/her personal capacity or to act as an agent of the principal at the auction sale. (d) A foreign citizen or foreign company is only allowed to bid for the Property subject to the prevailing legal requirements, guidelines and/or existing policies (whether in Malaysia or the relevant foreign jurisdictions) and if the bid is successful, the sale is subject to the foreign citizen or foreign company applying and obtaining at his/her/its own costs the unconditional consent of the Economic Planning Unit, Prime Minister's Department, State Authorities and/or other relevant bodies (if required and whether in Malaysia or the relevant foreign jurisdictions) to the said sale in accordance with the terms stated below.
Appears in 22 contracts
Samples: Facility Agreement, Facility Agreement, Facility Agreement
