Malaysia legislation
Section 53
Section 53
(2)
Where the High Court makes an order under subsection (1)
to reduce the share capital of the Bank, the Court may—
(a)
on an application by the Minister, or the appointed person, as the case may be; and
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Bank Simpanan Nasional Berhad
(b)
if, on the expiry of thirty days from the date of any call made by the Bank on its members to pay on their respective shares, payment on any shares has not been made, also order that such shares for which payment has not been made be cancelled accordingly.
(3)
Where the share capital of the Bank is reduced pursuant to subsection (1), or any of its shares is cancelled pursuant to subsection
(2)
, the Minister, or the appointed person, as the case may be, may cause the constituent documents to be altered accordingly.
(4)
The powers conferred on the Minister and the appointed person under subsections (1), (2) and (3) shall be in addition to any powers exercisable under subsection 64(1) of the Companies
Act 1965, and where an application is made to the High Court under subsection (1)—
(a)
the High Court may exercise any of the powers conferred on it under section 64 of the Companies Act 1965 in relation to an application for confirmation referred to therein; and
(b)
subsections 64(9) and 64(10) of the Companies Act 1965
shall apply in relation thereto.
Loans to the Bank and acquisition of its shares