Malaysia legislation
Section 128B
Section 128B
(2)
Where based on the records of the member institution available to the Corporation in the course of exercise of the compulsory shares transfer power there is a bankrupt transferor, the Corporation shall notify the Director General of Insolvency in writing of the transfer before the transfer is effected and any money or other considerations receivable in relation to the shares of the bankrupt transferor shall vest with the Director General of Insolvency.
(3)
Where the Corporation issues a transfer order under this
Chapter, the Corporation shall—
(a)
notify that fact in the Gazette; and
(b)
give a notice of such transfer order as soon as is practicable by publication in at least two daily newpapers published in
Malaysia, one of which shall be in the national language.
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(4)
The notice under paragraph (3)(b) shall include the matters set out in subparagraph 2A(1) of the First Schedule.
(5)
A transfer order may be in such form as determined by the
Corporation from time to time and shall take effect in accordance with this Chapter.
(6)
A transfer order stating that any shares issued by a member institution to be transferred shall be conclusive evidence of such transfer as of the transfer date.
(7)
The transfer order may provide for all or any of the following matters:
(a)
the transfer to the transferee of all or any of the shares issued by the member institution;
(b)
the extinguishment of rights of holders of warrants or other instruments issued by the member institution that entitle the holder to acquire shares in the member institution;
(c)
the removal from the official list of any stock exchange the shares issued by the member institution or a particular class of securities issued by the member institution;
(d)
such incidental, consequential and supplementary matters as are, in the Corporation’s opinion, necessary to secure that the transfer is fully effective, including conditions relating to the transfer.
(8)
The transfer order shall provide for the transfer of any shares issued by the member institution to take effect free from any trust, liability, adverse claim or other encumbrance.
Effect of the transfer order