Section 3
Certain kootu funds to be lawful and enforceable
of Kootu Funds (Validation) Act 1974
ActIn forceProvision 3 of 4
Section 3
(1)
It is hereby declared that all kootu funds which were in operation on or before 18 February 1971 and were operated by a company—
(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.