Common use of Prohibited To Act Clause in Contracts

Prohibited To Act. Bid a. No bankrupt is allowed to bid or act as agent. In the event a bankrupt bids or acts as agent in relation to the sale of the Property, the deposit paid, as the case may be, shall be forfeited to the Assignee and the Property shall be put up for sale again. b. Foreign Citizen/Foreign Company is only allowed to bid for:- i) residential property of which the value is more than RM250,000.00; or ii) non-residential property of which the value is more than RM150,000.00 with the prior consent from the Foreign Investment Committee. In the event a Foreign Citizen/Foreign Company bids in relation to the sale of the Property of which the value is less than the abovementioned value(s) or without the prior consent from the Foreign Investment Committee, then, the deposit paid, as the case may be, shall be forfeited to the Assignee and the Property may be put up for sale again at a date and time to be fixed by the Assignee.