Malaysia legislation
Section 41
of Act 627
Section 41
(2)
Where the High Court makes an order under subsection (1) to reduce the share capital of an operator of a designated payment system, the Court may—
(a)
on an application by the Bank, or the person appointed by the Bank; and
(b)
if, on the expiry of thirty days from the date of any call made by the operator of a designated payment system on its members to pay on their respective shares, payment on any such shares has not been made, also order that such shares for which payment has not been made be cancelled accordingly.
(3)
Where the share capital of an operator of a designated payment system is reduced pursuant to subsection (1), or any of its shares is cancelled pursuant to subsection (2), the Bank or the person appointed by the Bank may cause the constituent documents of the operator of a designated payment system to be altered accordingly.
(4)
The powers conferred under subsections (1), (2) and (3) on the Bank and the person appointed by the Bank shall be in addition to any powers exercisable under subsection 64 (1) of the Companies Act 1965, and where an application is made to the High Court under subsection (1)—
(a)
the High Court may exercise any of the powers conferred on it under section 64 of the Companies Act 1965 in relation to an application for confirmation referred to therein; and
(b)
subsections 64(9) and (10) of the Companies Act 1965 shall apply in relation thereto.