Malaysia legislation
Section 9
Section 9
“Delegation of the Commission’s functions or powers
The principal Act is amended by inserting after Part III the following Parts:
“Part IIIa
FUNCTIONS AND POWERS OF THE REGISTRAR
Registrar, Deputy Registrars and Assistant Registrars 20a. (1) The Chief Executive Officer of the Commission shall be the Registrar for the purposes of the laws specified in the First Schedule.
(2)
The Commission may appoint such number of Deputy
Registrars, Assistant Registrars or other employees, from amongst the persons in the employment of the Commission, for the proper administration of the laws specified in the First
Schedule on the terms and conditions as it may determine and may revoke the appointment of any person so appointed.
(3)
Subject to the general direction and control of the
Registrar and to such restrictions and limitations as may be prescribed, anything by this Act or the laws specified in the First Schedule appointed or authorized or required to be done or signed by the Registrar may be done or signed by any Deputy Registrar or Assistant Registrar and shall be as valid and effectual as if done or signed by the Registrar.
Court to take judicial notice of seal, etc. of Registrar, etc.
Quoted provision
Section 20b
The Court shall take judicial notice of the seal and signature of the Registrar, Deputy Registrars or Assistant
Registrars, as the case may be.
Companies Commission of Malaysia (Amendment)
9
Part IIIb
ISSUANCE OF GUIDELINES, PRACTICE NOTES, ETC.
Quoted provision
Section 20c
Power to issue guidelines, practice notes, etc.
(2)
The person to whom the guidelines, practice notes, notices or circulars referred to in subsection (1) applies shall comply and give effect to such guidelines, practice notes, notices or circulars.
(3)
The Commission may revoke, vary, revise or amend the whole or any part of any guidelines, practice notes, notices or circulars issued under this section.
Power to publish information 20d. (1) If the Commission or Registrar thinks that it is necessary or expedient in the interest of the public or for the protection of shareholders, the Commission or Registrar may publish any information in any form or manner in relation to—
(a)
the grant of, lapsing, renewal, revocation or suspension of a licence, an approval or an exemption, under this
Act or the laws specified in the First Schedule to any person;
(b)
the imposition of a condition or restriction under this
Act or the laws specified in the First Schedule to any person;
(c)
any action taken under section 20e;
(d)
an order by the Court in relation to the disqualification of directors;
(e)
the compounding of any offence under this Act or any other laws, whether the laws of Malaysia or any territory or country outside Malaysia;
(f)
any civil or criminal proceedings brought against any person under this Act or any other laws, whether the laws of Malaysia or any territory or country outside
Malaysia, including the outcome of such proceedings;
or
(g)
any other information that the Commission or the
Registrar thinks appropriate in the interest of the public or the protection of the shareholders.
(2)
The Commission or Registrar shall not publish any information derived from the forms or returns required to be lodged with the Registrar under the laws specified in the
First Schedule.
Power to take action 20e. (1) A person commits a breach if—
(a)
he fails to comply with any provisions of this Act or the laws specified in the First Schedule;
(b)
he fails to comply with or give effect to any guidelines, practice notes, notices or circulars issued under section 20c; or
(c)
he fails to comply with or give effect to any condition or restriction imposed under section 20c.
(2)
If a person has committed a breach and the Commission or the Registrar is satisfied that it is appropriate in all the circumstances to take action against that person, the
Commission or the Registrar may take any one or more of the following actions:
(a)
direct the person to comply with or give effect to the provisions of this Act or the laws specified in the
First Schedule, guidelines, practice notes, notices, circulars, conditions or restrictions;
Companies Commission of Malaysia (Amendment)
(b)
impose an administrative penalty, in proportion to the severity or gravity of the breach, but in any event not exceeding five hundred thousand ringgit;
(c)
reprimand the person; or
(d)
direct the person to take the necessary steps to remedy the breach or to mitigate the effect of such breach, including making restitution to any person aggrieved by the breach.
(3)
The Commission or the Registrar shall give a written notice to the person who has committed the breach of its intention to take action under subsection (2) and shall give that person an opportunity to be heard.
(4)
If the person fails to comply with the directions given by the Commission or the Registrar under paragraphs (2)(a)
and (d), the Commission or the Registrar may apply to the
Court for one or more of the following orders:
(a)
an order directing the person to comply with the direction given by the Registrar;
(b)
an order directing the person to pay any costs incurred by the Registrar or any other person effected by the non-compliance with the direction given by the
Registrar, arising from the non-compliance of the directions; or
(c)
any other orders that the Court considers appropriate.
(5)
Where a person fails to pay an administrative penalty imposed by the Commission or the Registrar under paragraph
(2)
, the administrative penalty imposed by the Commission or the Registrar may be recovered as a civil debt due to the
Commission or the Registrar, as the case may be.
(6)
For the purpose of paragraph (2)(d), in determining whether or not restitution is to be made by the person, the
Commission or the Registrar shall have regard to—
(a)
the profits that have accrued to such person; or
(b)
whether one or more persons have suffered loss or been otherwise adversely affected as a result of the breach.
(7)
Nothing in this section shall prejudice the operation of any section imposing penalties on any person in respect of any failure under subsection (1), nor any power that the
Commission, the Registrar, any other person or the Court may have under this Act or the laws specified in the First
Schedule.