Section 1
This Act may be cited as the Kootu Funds (Validation) Act 1974.
/akn/my/act/act/1974/142
KOOTU FUNDS (VALIDATION) ACT 1974
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- Type
- Act
- Status
- In force
- Enacted
- 1974
- Sections
- 4
- Languages
- MS · EN
Quick answer
About this act
KOOTU FUNDS (VALIDATION) ACT 1974 is Malaysia Act, cited as Act 142 1974, currently marked in force and first recorded in 1974.
Opening note
Preamble
- An Act to validate for the purposes of winding up certain past transactions in respect of kootu funds operated by companies. [23 August 1974] BE IT ENACTED by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: Short title
Section 2
Interpretation
“company” means a company as defined in the Companies Act 1965 [Act 125], and includes a corporation as defined in the said
Act;
“kootu fund” has the same meaning as is assigned to that expression in the Kootu Funds (Prohibition) Act 1971 [Act 28].
Section 3
Certain kootu funds to be lawful and enforceable
(a)
which has been wound up in accordance with paragraph 8(2)(b) of the Kootu Funds (Prohibition) Act 1971; or
6
(b)
which has been wound up in accordance with the provi-sions of the Companies Act 1965, shall, notwithstanding any law to the contrary, be lawful and enforceable.
(2)
The reference in this section to the winding up of a company includes, in the case of a foreign company, a reference to the winding up of the affairs of the foreign company so far as the assets of the foreign company within Malaysia are concerned.
Power of the liquidator
Section 4
For the purposes of the winding up of a company referred to in section 3, the liquidator shall have power—
(a)
to collect all moneys due from defaulting participants of any kootu fund referred to in that section which was operated by the company; and
(b)
to pay any moneys due to the participants of any such kootu fund.
Kootu Funds (Validation)
7
Act 142
LIST OF AMENDMENTS
Amending law
Short title
In force from
— NIL—
8
Act 142
LIST OF SECTION AMENDED
Section
Amending Authority
In force from
— NIL —
KUALA LUMPUR
Common questions
- What is AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974?
- KOOTU FUNDS (VALIDATION) ACT 1974 is Malaysia Act, cited as Act 142 1974, currently marked in force and first recorded in 1974.
- Is AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974 still in force?
- Yes — AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974 is currently in force.
- When did AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974 take effect?
- AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974 was first recorded in 1974.
- How many sections does AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974 have?
- AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974 contains 4 sections.
- Where can I read the official version of AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974?
- The official text of AKTA KUMPULAN WANG KUTU (PENGESAHAN) 1974 is published at lom.agc.gov.my.