ACT 125

COMPANIES ACT 1965 (REVISED - 1973)

PART X - WINDING UP

DIVISION 5 - WINDING UP OF UNREGISTERED COMPANIES

Section 318. Outstanding assets of defunct unregistered company.

(1) Where an unregistered company, the place of incorporation or origin of which is in a designated country, has been dissolved and there remains in Malaysia any outstanding property, movable or immovable, including things in action which was vested in the company or to which it was entitled or over which it had a disposing power at the time it was dissolved, but which was not got in, realized upon or otherwise disposed of or dealt with by the company or its liquidator before the dissolution, the property, except called and uncalled capital, shall, by the operation of this section, be and become vested, for all the estate and interest therein, legal or equitable, of the company or its liquidator at the date the company was dissolved, in such person as is entitled thereto according to the law of the place of incorporation or origin of the company. (2) Where the place of origin of an unregistered company is Malaysia, sections 309 to 313 shall, with such adaptations as may be necessary, apply in respect of that company. (3) Where it appears to the Minister that any law in force in any other country contains provisions similar to the provisions of this section, he may, by notice published in the Gazette, declare that other country to be a designated country for the purposes of this section.