COMPANIES (AMENDMENT) ACT 2019

This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.

Amendment of section 4

in subsection (4), by substituting for the words

“The shares shall” the words “Subject to subsections (5)

and (6), the shares shall”; and

by substituting for subsection (5) the following subsection:

“(5)  Where any such shares are redeemed out of profits pursuant to paragraph (4)(a) which would otherwise have been available for dividend, there shall be transferred into the share capital accounts of the company, a sum equal to the amount of the shares redeemed.”.

Amendment of section 84

by deleting the words “or (2)”; and

in the English language text, by substituting for the word

“were” the word “is”.

Amendment of section 304

in paragraph (a), by substituting for the word “statement”

the word “resolution”; and

in paragraph (b), by substituting for the word “meeting”

the words “company becomes subject to the requirement under section 302 to circulate the resolution”.

Amendment of section 340

by deleting the word “and” at the end of paragraph (a);

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by substituting for paragraph (b) the following paragraph:

“(b) a receiver and manager may continue to act as a receiver as referred to in paragraph (a); and”;

and

by inserting after paragraph (b) the following paragraph:

“(c) a receiver and manager may continue to exercise all the powers of a receiver and manager for the purposes of carrying on the business of the company provided that the receiver and manager obtains consent from the liquidator or if the liquidator withholds his consent, the consent of the Court.”.

Amendment of section 409

in subsection (2)—

by substituting for the words “and (c)” the words

“, (c), (d) and (e)”; and

by inserting after subsection (4) the following subsections:

“(4a)  Any approval granted by the Minister under subsection (4) may be made subject to such limitations or conditions as he thinks fit and may be revoked at any time by the Minister by the service of a notice of revocation on the approved person.

Companies (Amendment)

Every approval under this section including the renewal of approval of a liquidator shall be in force for a period of two years after the date of issue unless sooner revoked by the Minister charged with the responsibility for finance.

The Minister charged with the responsibility for finance may delegate all or any of his powers under this section to any person or body of persons.”.

New section 580a

The Court may direct the costs of any action or proceedings to be borne by the party to the action or proceedings.”.

Saving

an order to authorize any subsidiary of the holding company to have a financial year that does not coincide with its holding company; and

an approval or permission to be appointed as a liquidator,

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made before the date of coming into operation of this Act and pending before the Registrar or the Minister charged with the responsibility for finance, as the case maybe, shall continue to be valid and shall be dealt with under the principal Act as if the principal Act had not been amended by this Act.

Any order, approval or permission made or given under the principal Act immediately before the date of coming into operation of this Act shall continue to remain in full force and effect in relation to the persons to whom the order, approval or permission applied until amended, repealed, rescinded, revoked or replaced under the provisions of this Act.

KUALA LUMPUR