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 272. Final meeting and dissolution.

(1) As soon as the affairs of the company are fully wound up the liquidator shall make up an account showing how the winding up has been conducted and the property of the company has been disposed of, and thereupon shall call a general meeting of the company, or in the case of a creditor's voluntary winding up a meeting of the company and the creditors, for the purpose of laying before it the account and giving any explanation thereof. (2) The meeting shall be called by advertisement published in a newspaper circulating generally throughout Malaysia, which advertisement shall specify the time, place and object of the meeting and shall be published one month at least before the meeting. (3) The liquidator shall, within seven days after the meeting, lodge with the Registrar and the Official Receiver a return of the holding of the meeting and of its date with a copy of the account attached to such return, and if the return or copy of the account is not so lodged the liquidator shall be guilty of an offence against this Act. Penalty: One thousand ringgit. Default penalty. (4) The quorum at a meeting of the company shall be two and at a meeting of the company and the creditors shall be two members and two creditors and if a quorum is not present at the meeting, the liquidator shall in lieu of the return mentioned in subsection (3) lodge a return (with account attached) that the meeting was duly summoned and that no quorum was present thereat, and upon such a return being lodged the provisions of subsection (3) as to the lodging of the return shall be deemed to have been complied with. (5) On the expiration of three months after the lodging of the return with the Registrar and with the Official Receiver the company shall be dissolved. (6) Notwithstanding subsection (5) the Court may, on the application of the liquidator or of any other person who appears to the Court to be interested, make an order deferring the date at which the dissolution of the company is to take effect for such time as the Court thinks fit. (7) The person on whose application an order of the Court under this section is made shall, within fourteen days after the making of the order, lodge with the Registrar and with the Official Receiver an office copy of the order, and if he fails so to do he shall be guilty of an offence against this Act. Penalty: One thousand ringgit. Default penalty. (8) If the liquidator fails to call a meeting as required by this section he shall be guilty of an offence against this Act. Penalty: Two thousand ringgit. Default penalty.