s 49
a i op sa vaaueu Clangkcah - Laugkah, 100r [Pt. III, S. 48-491 section give effect to the proposals, either as submitted subject to such modifications as the Committee thinks fit. (5) Proposals under subsection (4), and rules made by virtue thereof, may provide for modifying or excluding, in relation to operators so registered, provisions of Part X of the Companies Act 1965, requiring the holding of meetings or otherwise relating to the procedure in a winding up. (6) In the winding up of an operator registered under this Act; subsection (2) of section 291 of the Companies Act 1965 (which applies bankruptcy rules in the winding up of insolvent companies) shall apply to the valuation of liabilities in respect of certificates; but in any such winding up, whether the operator is insolvent or not, those liabilities shall be estimated in accordance with the regulations and, as regards matters not fixed by the regulations, on a basis approved by the Court: Provided that in a member's voluntary winding up the basis to be adopted as regards matters not fixed by the regulations may be approved by the Director General instead of by the Court. (7) References in this section to an operator registered under this Act shall extend also to an operator which has ceased to be so registered but remains under any liability in respect of Malaysian certificates. 49. (1) Where the Director General gives an operator Special a direction under subsection (1) (e) of section 47, the PorYakaful operator may be wound up by the Court under the operators Companies Act 1965 as if it has suspended its business directed to cease for a whole year (or, in the case of a winding up under Division 5 of Part X of that Act, as if it had ceased business. to carry on business). (2) Where the Director General gives an operator a direction as aforesaid but, on a petition for the operator to be wound up by the Court, the Court is satisfied that the operator will be able to pay its debts in full within twelve months or such longer period as the Court thinks reasonable, the Court may (if it thinks it) order the affairs of the operator to be wound up only as regards the takaful fund maintained for the class of business to which the direction relates. [Pt. III, S. 49] (3) An order under subsection (2) for a limited winding up shall be of the same effect as an order for the operator to be wound up generally, except so far as this section otherwise provides. (4) Where such an order is made, the powers of the liquidator shall be exercisable only for the purpose of applying the assets of the relevant takaful fund (including the deposit under this Act) in discharging the liabilities to which they are applicable, together with the costs, charges and expenses incurred in the winding up; but the operator shall from time to time, as the Court may direct, make such additions to those assets as are required to secure that they are sufficient for the purpose or shall, if the Court so directs, discharge any of those liabilities out of other assets. (5) In the winding up of an operator under such an order, the Companies Act 1965 shall have effect subject to the following modifications: (a) section 214 (or, as the case may be, section 316) and other sections so far as they relate to contributories shall not apply; (b) section 222 shall apply after, as it applies before, the making of the winding up order, and subsection (3) of section 126 shall not apply; and (c) sections 223, 224, 272, 283 and 293 to 299 shall not apply. (6) Where such an order is made, the Court may at any time, on the application of the liquidator or of any person who might petition for the operator to be wound up, substitute an order for the operator to be wound up generally, and give such directions as the Court thinks fit as to matters in progress under the previous order, and, subject to any such directions, the winding up shall for all purposes connected with the substituted order be deemed to have commenced at the time of the application for that order. Akfa 316 _Altta Dadah Berbahay 'Langkah - Laugkal I0nA [Pt. III, S. 50-51]