s 110 Duty of trustee to wind up scheme
(1) Where a management company is in liquidation or where, in the opinion of the trustee, a management company has ceased to carry on business or has, to the prejudice of the unit holders, failed to comply with any provision or covenant of the deed or contravened any of the provisions of this Act, the trustee shall summon a meeting of the unit holders— (a) by sending by post a notice of the proposed meeting at least twenty-one days before the date of the proposed meeting, to each unit holder at the unit holder’s last known address or, in the case of joint unit holders, to the joint unit holder whose name stands first in the records of the management company at the joint unit holder’s last known address; and (b) by publishing, at least twenty-one days before the date of the proposed meeting, an advertisement giving notice of the meeting in a national language newspaper published daily and circulating generally throughout Malaysia, and in one other newspaper as may be approved by the Commission. (2) If at any meeting summoned under subsection (1) a resolution is passed by a majority in number representing at least threefourths of the value of the units held by unit holders voting at the meeting that the unit trust scheme or prescribed investment scheme be wound up, the trustee shall apply to the Court for an order confirming the resolution. (3) On an application by the trustee, if the Court is satisfied that it is in the interest of the unit holders, the Court may confirm the resolution and may make such orders as it thinks necessary or expedient for the winding up of the unit trust scheme or prescribed investment scheme. (4) A trustee who contravenes subsection (1) or (2) shall not be guilty of an offence.