The Board at the Board Meeting No. 9/2016 has agreed to consider the Improvement of the Guidelines for Conversion and Transfer of Ownership of Equity of Licensed Transport Companies with CVLB Sarawak.
Section 39 (1) of ACT 334 explains that a license granted under Act 334 shall be special to its holder and shall not be transferable or assignable. Pursuant to the provisions of Section 39 (4) of the same Act, the change or transfer of ownership of a license involving the change of the entire existing company to a new company may also be considered by the Board for reasons that the Board is satisfied such as:
- the occurrence of death
- disability; and
- berlakunya ketidakadilan di kalangan pemegang saham syarikat sekiranya tidak dilakukan pemindahmilikan lesen itu.
However, for private company ownership and partnership 100% transfer for license ownership is not allowed except to the immediate family or one of the existing equity holders still remains with the maximum equity holding in safeguarding the interests of the company.