Malaysia legislation
Section 40e
Section 40e
(a)
provide all necessary assistance; and
(b)
grant full and free access to all information, document, system, trading facility, or any other property relating to the business or operations of a relevant person, to a statutory manager, to enable the statutory manager to discharge his powers, duties and functions stated in the order made under section 40d.
(2)
Any of the persons referred to in subsection (1) who refuses or fails, without lawful excuse, to allow the statutory manager access in accordance with this section commits an offence.
(3)
Any of the persons referred to in subsection (1) who, with intent to defeat the purposes of this section or with intent to prevent, delay or obstruct the statutory manager from carrying out any of his powers, duties and functions under this section—
(a)
destroys, conceals or alters any information, document, system, trading facility, or any other property relating to the business or operations of a relevant person;
or
(b)
sends or attempts to send or conspires with any other person to send out of Malaysia any such document or any property of any description belonging to or in the disposition of or under the control of a relevant person, commits an offence.
(4)
Any person who commits an offence under this section shall, on conviction, be liable to a fine not exceeding five
Capital Markets and Services (Amendment)
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million ringgit or to imprisonment for a term not exceeding ten years or to both.
Remuneration, expenses and indemnity of statutory manager 40f.
Where a statutory manager is appointed under subsection 40d(2)—
(a)
his remuneration and any expenses properly incurred by him; and
(b)
any indemnity to which he is entitled, shall be charged on, and paid out of any property or asset of the relevant person, which is in the custody or control of the statutory manager.
Annual fees payable 40g. (1) A relevant person shall pay to the Commission an annual fee or any other fees, as the Commission may prescribe.
(2)
Any fees paid to the Commission under this Part shall be paid to the Fund established under section 23 of the Securities Commission Malaysia Act 1993.
Non-application of Companies Act 1965 40h. The provisions of the Companies Act 1965 in relation to the offering of shares or debentures to the public by a private company shall not apply where the offer or invitation to subscribe for or purchase is made by the private company on an approved, registered, recognized stock market or derivatives market, or an exempt stock market or exempt derivatives market, under the securities laws.”.
New Subdivision 7 of Division 2 of Part II