ACT 125
COMPANIES ACT 1965 (REVISED - 1973)
PART X - WINDING UP
DIVISION 2 - WINDING UP BY THE COURT
Subdivision (2) - Liquidators

 
Section 233. Custody and vesting of company's property.
 
Section 233. Custody and vesting of company's property. (COMPANIES ACT 1965 (REVISED - 1973) - ACT 125) (1) Where a winding up order has been made or a provisional liquidator has been appointed, the liquidator or provisional liquidator shall take into his custody or under his control all the property and things in action to which the company is or appears to be entitled.

(2) The Court may, on the application of the liquidator, by order direct that all or any part of the property of whatsoever description belonging to the company or held by trustees on its behalf shall vest in the liquidator and thereupon the property to which the order relates shall vest accordingly and the liquidator may, after giving such indemnity, if any, as the Court directs, bring or defend any action or other legal proceeding which relates to that property or which it is necessary to bring or defend for the purpose of effectually winding up the company and recovering its property.

(3) Where an order is made under this section every liquidator of a company in relation to which the order is made shall lodge within seven days of the making of the order—

    (a) an office copy of the order with the Registrar; and

    (b) where the order relates to land, an office copy of the order with the appropriate authority concerned with the registration or recording of dealings in that land,
and every liquidator who makes default in complying with this section shall be guilty of an offence against this Act.

Penalty: Two thousand ringgit. Default penalty.

(4) No vesting order referred to in this section shall have any effect or operation in transferring or otherwise vesting land until an appropriate entry or memorandum thereof is made by or with the appropriate authority.