ACT 125

COMPANIES ACT 1965 (REVISED - 1973)

PART X - WINDING UP

DIVISION 3 - VOLUNTARY WINDING UP

Subdivision (4) - Provisions applicable to every Voluntary Winding up

Section 271. Annual meeting of members and creditors.

(1) If the winding up continues for more than one year, the liquidator shall summon a general meeting of the company in the case of a members' voluntary winding up, and of the company and the creditors in the case of a creditors' voluntary winding up, at the end of the first year from the commencement of the winding up and of each succeeding year or not more than three months thereafter, and shall lay before the meeting an account of his acts and dealings and of the conduct of the winding up during the preceding year. (2) The liquidator shall cause the notices of the meeting of creditors to be sent by post to the creditors simultaneously with the sending of the notices of the meeting of the company. (3) Every liquidator who fails to comply with this section shall be guilty of an offence against this Act. Penalty: Two thousand ringgit. Default penalty.