Malaysia legislation
Section 186
Section 186
(2)
The conservator shall—
(a)
within fourteen days from the date of the approval of the proposal by the secured creditors of the affected person under section 185;
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(b)
where there are no secured creditors known to the conservator, within fourteen days from the date of the approval of the proposal by the Corporation under subsection 184(4); or
(c)
within fourteen days from the date of the approval of the proposal under subsection 184(4), cause to be published in at least two daily newspapers in Malaysia, one of which shall be in the national language, the approval of the proposal and the time and place for any creditor of the affected person to examine the details of the proposal.
(3)
Notwithstanding the provisions of any law or contract, a proposal approved or modified under this Act may be implemented, and the conservator shall have the power to implement and do all things necessary to fully and effectively carry out and give effect to the proposal or any part of the proposal without the need for any notice to or approval or consent of any shareholder, creditor of the affected person or any other person affected by the proposal or approval of or confirmation by a court, and any such notice, approval, consent or confirmation, whether required under any law, contract or otherwise, shall be deemed to have been duly given or obtained.
(4)
Where any part of the asset of the affected person is subject to the rights of the secured creditors or any other person and a proposal has been approved under this Act, the conservator shall be entitled to deal with such asset in the manner set out in the proposal.
(5)
The conservator shall apply all proceeds realized in the implementation of the proposal in the manner set out in the proposal.
(6)
Where a conservator transfers assets or liabilities pursuant to a proposal, then those assets shall be transferred to and vest in, and those liabilities shall be transferred to and become the liabilities of, the transferee, free in the case of any particular asset if the proposal so directs, from any charge, caveat or other encumbrance.
Malaysia Deposit Insurance Corporation 191
(7)
Notwithstanding anything to the contrary in any law, the
Corporation or its subsidiary may acquire any asset of or securities issued by, the affected person.
(8)
Notwithstanding anything to the contrary in any law, the conservator shall have the power to do all things necessary to give effect to and to implement the proposal approved in accordance with sections 184 and 185 or modified in accordance with section 187.
(9)
Where a proposal affects the share capital of the affected person, the conservator shall within fourteen days after the approval of the proposal in accordance with this Part, notify the Registrar of
Companies of how the proposal affects the share capital of the affected person.
(10)
A notice under subsection (9) shall be in such form as prescribed under the Companies Act 2016.
(11)
Upon lodgement of a notice under subsection (9), all the requirements under the Companies Act 2016 or any other law with respect to changes in share capital of the affected person shall be deemed to have been complied with and, with effect from the date set out in the proposal, the share capital of the affected person shall be as stated in the notice.
(12)
On the lodging of the notice under subsection (9), the particulars shown in the notice shall be deemed to be substituted for the corresponding particulars in the constituent documents of the affected person.
Modifications to the proposal