This Act may be cited as the Kootu Funds (Validation) Act 1974.
Act 142
Kootu Funds (Validation) Act 1974
Akta kumpulan wang kutu (pengesahan) 1974
An Act to validate for the purposes of winding up certain past transactions in respect of kootu funds operated by companies.
Data synced
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
SectionsClick a number to jump; hover to preview the headingTap a number to jump to that section
In this Act, unless the context otherwise requiresβ
βcompanyβ means a company as defined in the Companies Act 1965 [Act 125], and includes a corporation as defined in the said Act;
βkootu fundβ has the same meaning as is assigned to that expression in the Kootu Funds (Prohibition) Act 1971 [Act 28].
(1) It is hereby declared that all kootu funds which were in operation on or before 18 February 1971 and were operated by a companyβ
(a) which has been wound up in accordance with paragraph 8(2)(b) of the Kootu Funds (Prohibition) Act 1971; or
(b) which has been wound up in accordance with the provisions of the Companies Act 1965,
shall, notwithstanding any law to the contrary, be lawful and enforceable.
(2) The reference in this section to the winding up of a company includes, in the case of a foreign company, a reference to the winding up of the affairs of the foreign company so far as the assets of the foreign company within Malaysia are concerned.
For the purposes of the winding up of a company referred to in section 3, the liquidator shall have powerβ
(a) to collect all moneys due from defaulting participants of any kootu fund referred to in that section which was operated by the company; and
(b) to pay any moneys due to the participants of any such kootu fund.
Cite this legislation
- Official citation
- Act 142
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) β
Kootu Funds (Validation) Act 1974 [Act 142] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-142
This text is synced from lom.agc.gov.my. In case of any discrepancy, the authoritative text prevails.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).