Malaysia legislation
Section 28
Section 28
(2)
The central depository shall, within twenty-one days after the end of the prescribed period, submit—
(a)
in the case where any of the deposited securities is a listed deposited security, to the stock exchange (on which the deposited security is listed), the issuers and the Commission; and
(b)
in the case where none of the deposited securities is a listed deposited security, to the issuers and the Commission, a report on the outcome of such stock count, and such report shall, if applicable, state what action the central depository proposes to take with regard to any deficiency in the number of scrips representing the deposited securities or any other documents in relation therewith or with regard to any other inaccuracies in its records or accounts.
(3)
Notwithstanding subsection (1), the Commission may, if the
Commission considers it appropriate, at any time, conduct, or appoint an approved company auditor to conduct, a stock count of all scrips representing the deposited securities and any other documents in relation therewith.
(4)
Where the Commission is not satisfied with the report submitted to it by a central depository under subsection (2), the
Commission may conduct or appoint an approved company auditor to conduct the stock count pursuant to that subsection, and the costs and expenses incurred by the Commission or the approved company auditor, as the case may be, in respect of such stock count shall be borne by the central depository.
(5)
The Commission may,—
(a)
upon receipt of a report from the central depository;
44 Laws of Malaysia ACT 453
(b)
upon receipt of a report from an auditor appointed by the
Commission under subsection (3) or (4); or
(c)
after conducting a stock count pursuant to subsection (3)
or (4), give to the central depository such directions as it considers appropriate.
(6)
A central depository which fails, without lawful excuse, to comply with any direction given by the Commission under subsection (5)
shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit.
DIVISION IV
Securities Transactions, Entries and Miscellaneous
Dealings effected by means of electronic process