Malaysia legislation
Section 47
Section 47
(2)
The Special Administrator shall—
(a)
within fourteen days from the date of the approval of the proposal by the secured creditors of the affected person under section 46;
(b)
where there are no secured creditors known to the Special
Administrator, within fourteen days from the date of the approval of the proposal by the Corporation under subsection 45(2); or
(c)
within fourteen days from the date of the approval of the proposal under subsection 48(6), cause to be published in at least two national daily newspapers, one of which shall be in the national language, the approval of the proposal and the time and place for any creditor of the affected person to examine the details of the proposal.
(3)
Notwithstanding the provisions of any law or contract, a proposal approved or modified under this Act may be implemented, and the Special Administrator shall have the power to implement and do all things necessary to fully and effectively carry out and give effect to the proposal or any part of the proposal without the need for any notice to or approval or consent of any member or creditor of the affected person or any other person affected by the proposal, or approval of or confirmation by a court and any such notice, approval, consent or confirmation (whether required under any law or contract or otherwise) shall be deemed to have been duly given or obtained, as the case may be.
(4)
Where any part of the assets of the affected person is subject to the rights of the secured creditors or any other person and a proposal has been approved under this Act, the Special Administrator shall be entitled to deal with such asset in the manner set out in the proposal.
Pengurusan Danaharta Nasional Berhad 55
(5)
The Special Administrator shall apply all proceeds realised in the implementation of the proposal in the manner set out in the proposal.
(6)
Where a Special Administrator transfers property or liabilities pursuant to a proposal, then that property shall be transferred to and vest in, and those liabilities shall be transferred to and become the liabilities of, the transferee, free in the case of any particular property if the proposal so directs, from any charge, caveat or other encumbrance.
(7)
Notwithstanding anything to the contrary in any law, the
Corporation or any related company (as defined in the Companies
Act 1965) or subsidiary of the Corporation may acquire any property of, or marketable securities issued by, the affected person.
(8)
Notwithstanding anything to the contrary in any law, the
Special Administrator shall have the power to do all things necessary to give effect to and to implement the proposal approved in accordance with sections 44 to 46 or modified in accordance with section 48.
Modifications to the proposal