Section 66
Duties of management company in winding up of a scheme
The management company shall ensure that the scheme is wound up in accordance with its trust deed or contractual agreement and any order under subsection 67(2)—
(a)
on the occurrence of the specified circumstances or events referred to in section 62;
(b)
if a special resolution has been passed under section 63;
or
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(c)
if the Court makes an order under section 65.
(2)
An interest shall not be issued by a management company once the circumstance under subsection (1) arises.
(3)
The management company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit and in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.