Frequently encountered issues in IPO
- By : Wong Mei Ying
- Category : IPO, Linkedin Post
Are there CCC or CF for all properties occupied by the Group?
It is an offence under section 70(27) of the Street, Drainage and Building Act 1974 (“Act”) for any person to occupy or permit to be occupied any building or part thereof without a certificate of completion and compliance (“CCC”). This provision has a wide effect as it may cover owners, occupiers, tenants and purchasers of buildings. The CCC must be issued by a qualified person who submits building plans to the local authority for approval in accordance with the Act or any by-laws made under the Act.
On conviction, the offender is liable to a fine not exceeding RM250,000 or to imprisonment for a term not exceeding 10 years or to both.
Prior to the Street, Drainage and Building (Amendment) Act 2007 which came into force on 12 April 2007, the equivalent of CCC was the certificate of fitness of occupation (“CF”) issued by the local authority under the Uniform By-Laws of the Street, Drainage and Building Act 1974.
A company which intends to undertake an IPO should ensure that there are proper CCCs or CFs for all the properties occupied by the Group, whether the properties are owned or rented by the Group to avoid delay to the IPO process.
This post was first posted on Linkedin on 5 March 2021.
