ACT 125

COMPANIES ACT 1965 (REVISED - 1973)

PART X - WINDING UP

DIVISION 3 - VOLUNTARY WINDING UP

Subdivision (1) - Introductory

Section 254. Circumstances in which company may be wound up voluntarily.

(1) A company may be wound up voluntarily— (a) when the period, if any, fixed for the duration of the company by the memorandum or articles expires, or the event, if any, occurs, on the occurrence of which the memorandum or articles provide that the company is to be dissolved and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily; or (b) if the company so resolves by special resolution. (2) A company shall— (a) within seven days after the passing of a resolution for voluntarily winding up lodge a printed copy of the resolution with the Registrar; and (b) within ten days after the passing of the resolution give notice of the resolution in a newspaper circulating generally throughout Malaysia. (3) If the company fails to comply with subsection (2) the company and every officer of the company who is in default shall be guilty of an offence against this Act. Penalty: One thousand ringgit. Default penalty. (4) A company which is an insurer, whether or not its licence under the Insurance Act 1996 is revoked, shall not be wound up voluntarily before the transfer of the whole of its insurance business to another insurer under section 128 of that Act.