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Section 494

Matters relating to stay and termination of winding up

of Companies Act 2016

ActIn forceProvision 494 of 768
Section 494

(2)

The Court may, on making an order under sections 492 and 493

or at any time after making the order, make such other order as it thinks fit in connection with the staying or termination of the winding up.

(3)

Where the Court has made an order terminating the winding up under section 493, the Court may give such directions as it thinks fit for the resumption of the management and control of the company to elect directors of the company to take office upon the termination of the winding up.

(4)

The costs of proceedings before the Court under sections 492

and 493 and the costs incurred in convening a meeting of members of the company in accordance with an order of the Court under section 493, if the Court so directs, forms part of the costs, charges and expenses of the winding up.

(5)

An office copy of every order made under sections 492 and 493

shall be lodged by the company with the Registrar and the Official

Receiver and if the application is made by a creditor or contributory,

Companies 473

served to the liquidator within fourteen days from the making of the order.

(6)

The company and every officer who contravenes this section commit an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit and in the case of a continuing offence, to a further fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.