Malaysia legislation
Section 4
Section 4
(2)
No person shall obtain registration under the Act of any business which promotes or is designed to promote kootu funds.
Kootu Funds (Prohibition)
(3)
No person who carries on a business which is registered under the Act shall carry on the business of promoting kootu funds.
(4)
Any associate of a business which, on the date of coming into force of this Act, is registered under the Act and which promotes or is designed to promote kootu funds shall forthwith cease to do such business and shall forthwith inform the Registrar that the business promotes or is designed to promote kootu funds and thereupon the Registrar shall forthwith revoke the certificate of registration of such business.
(5)
The Registrar shall forthwith revoke the certificate of registration of a business if he is satisfied from the particulars of the business submitted under subsection 5(1) of the Act that the business promotes or is designed to promote kootu funds, and inform, in writing, a person responsible that such certificate has been revoked and the reason therefor.
(6)
Any associate of a business aggrieved by any decision made by the Registrar under subsection (5) may, within thirty days from the date on which the decision was communicated under subsection (5) to a person responsible, appeal therefrom to the Minister whose decision shall be final; while such appeal is pending it shall not operate as a stay of the revocation of the certificate of registration of the business unless the Minister directs otherwise.
(7)
Any person who contravenes subsection (2) or (3) and any associate of a business who fails to comply with subsection (4)
shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding five thousand ringgit or to imprisonment for a term not exceeding three years or to both.
(8)
Nothing in this section shall prejudice or be deemed to prejudice any civil claim that any person, including a participant in a kootu fund, may have against any associate of a business of which the certificate of registration is revoked under the provisions of this section or who ceases to do business by reason of the provisions of this section.
(9)
No person shall be entitled to any refund of fees as a result of the revocation of any certificate of registration of a business under this section.
8
Act 28
(10)
For the purposes of this section—
(a)
a Registrar or an inspector may exercise all the powers conferred upon them respectively under the Act in as full and ample a manner as if this section formed a part of the Act; and
(b)
section 2 of the Act shall apply as if this section formed a part of the Act.
Licensing of a business which promotes kootu funds prohibited in Sabah