Section 16
Conversion from small scheme to premium scheme
A small scheme may be converted to a premium scheme if its management company fulfils the requirement specified in section 6.
(2)
A management company may apply to convert a small scheme to a premium scheme by lodging with the Registrar—
(a)
a statement signed by all of its directors in the manner and form as the Registrar may determine containing the information specified in subsection 9(2) and the following particulars:
(i)
the name and authorization number of the small scheme;
(ii)
the date on which the small scheme was registered and authorized;
Interest Schemes
27
(iii)
that as at the application date, the management company appears to be able to pay its debts as the debts become due in the normal course of business;
(iv)
that as at the application date, all outstanding statutory fees or any amount owing to any government agency has been settled;
(v)
that the management company has placed an advertisement in at least one widely circulated newspaper in Malaysia and in the Gazette of its intention to convert to a premium scheme;
(vi)
that all of the interest holders relating to the small scheme have agreed with the application to convert to a premium scheme; and
(b)
the documents referred to in paragraph 9(3)(a).
(3)
The Registrar may, in any particular case, require the statement referred to in subsection (2) to be verified in the manner as the Registrar thinks fit.