Section 132
Appointment and remuneration of liquidators appointed in respect of member institutions
of Malaysia Deposit Insurance Corporation Act 2011
On a petition for the winding up of a member institution and subject to subsection 478(1) of the Companies Act 2016, the Court shall appoint as liquidator such person as the Corporation may specify in its petition or, where the Corporation is not the petitioner, its application.
(2)
On an application by the Corporation, the Court shall appoint as liquidator such person as the Corporation may specify in its application—
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(a)
to fill a vacancy; or
(b)
to remove and replace a liquidator appointed under subsection (1) or on a winding up petition.
(3)
Notwithstanding subsection 479(2) of the Companies Act 2016, in the winding up of a member institution, the Court shall determine the remuneration of the liquidator on the recommendation of the
Corporation, and no person other than the Corporation may apply to the Court to review the remuneration of the liquidator.