Malaysia legislation
Section 7
Section 7
Powers exercisable by Government in event of prospect of default by body corporate
(a)
that a body corporate is likely to fail or be unable to discharge any of its obligations under any agreement concluded by it under this Act or under any bond, promissory note or other instrument issued pursuant to any such agreement; and
(b)
that the Government is or may become liable under any guarantee given under this Act in respect of that obligation, the Yang di-Pertuan Agong may by order give or authorize any other person to give such directions to the body corporate as he or that other person may from time to time think necessary or desirable to ensure that satisfactory arrangements are made by the body corporate to enable it duly to discharge its obligations under such agreement, bond, promissory note or instrument or under this
Act.
(2)
The body corporate shall notwithstanding any provisions contained in the written law by which it is established comply with any directions given by or under any such order.
Body corporate to repay to Government sums paid under guarantee