Malaysia legislation
Section 102
Section 102
(2)
Where the High Court makes an order under subsection (1) to reduce the share capital of a member institution, the Court may—
(a)
on an application by the Corporation or the appointed person; and
(b)
if, on the expiry of thirty days from the date of any call made by the member institution on its shareholders 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 a member institution is reduced under subsection (1), or any of its shares is cancelled under subsection (2), the Corporation or the appointed person may cause the constituent documents of the institution to be altered accordingly.
(4)
The powers conferred on the Corporation or the appointed person under the foregoing provisions of this section shall be in addition to any power exercisable under subsection 116(1) of the
Companies Act 2016, 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 116 of the Companies Act 2016 in
118
relation to an application for confirmation referred to in the application; and
(b)
section 122 and subsections 116(9), 116(10) and 116(12) of the Companies Act 2016 shall apply in relation to the application.
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