Malaysia Deposit Insurance Corporation Act 2011 s 102
s 102 Power to reduce share capital and to cancel shares of member institution under paragraph 99(1)(c)
(1) Where the Corporation or an appointed person has assumed control of the member institution under paragraph 99(1)(c), and the Corporation or appointed person is of the opinion that the paid-up capital of such institution is lost or unrepresented by available assets, the Corporation or the appointed person may apply to the High Court for an order to reduce the share capital of such institution by cancelling any portion of its paid-up capital which is lost or unrepresented by available assets.
(2) Where the High Court makes an order under subsection (1) to reduce the share capital of a member institution, the Court mayβ
(a) on an application by the Corporation or the appointed person; and
(b) if, on the expiry of thirty days from the date of any call made by the member institution on its shareholders to pay on their respective shares, payment on any such shares has not been made,
also order that such shares for which payment has not been made be cancelled accordingly.
(3) Where the share capital of a member institution is reduced under subsection (1), or any of its shares is cancelled under subsection (2), the Corporation or the appointed person may cause the constituent documents of the institution to be altered accordingly.
(4) The powers conferred on the Corporation or the appointed person under the foregoing provisions of this section shall be in addition to any power exercisable under subsection 116(1) of the Companies Act 2016, and where an application is made to the High Court under subsection (1)β
(a) the High Court may exercise any of the powers conferred on it under section 116 of the Companies Act 2016 in
relation to an application for confirmation referred to in the application; and
(b) section 122 and subsections 116(9), 116(10) and 116(12) of the Companies Act 2016 shall apply in relation to the application.
Malay text (authoritative)
Kuasa mengurangkan modal syer dan membatalkan syer institusi anggota di bawah perenggan 99(1)(c)
(1) Jika Perbadanan atau orang dilantik, telah mengambil alih kawalan institusi anggota di bawah perenggan 99(1)(c), dan Perbadanan atau orang dilantik, berpendapat bahawa modal berbayar institusi itu telah kerugian atau tidak digambarkan oleh aset yang ada, Perbadanan atau orang dilantik boleh memohon kepada Mahkamah Tinggi untuk suatu perintah bagi mengurangkan modal syer institusi itu dengan membatalkan apa-apa bahagian modal berbayarnya yang telah kerugian atau tidak digambarkan oleh aset yang ada.
(2) Jika Mahkamah Tinggi membuat suatu perintah di bawah subseksyen (1) untuk mengurangkan modal syer sesuatu institusi anggota, Mahkamah bolehβ
(a) atas permohonan oleh Perbadanan atau orang dilantik; dan
(b) jika, apabila habis tempoh tiga puluh hari dari tarikh apa-apa panggilan yang dibuat oleh institusi anggota itu kepada pemegang syernya supaya membayar syer mereka
masing-masing, bayaran bagi apa-apa syer itu belum lagi dibuat,
juga memerintahkan supaya syer itu yang bayarannya belum lagi dibuat dibatalkan dengan sewajarnya.
(3) Jika modal syer sesuatu institusi anggota dikurangkan di bawah subseksyen (1), atau mana-mana syernya telah dibatalkan di bawah subseksyen (2), Perbadanan atau orang dilantik boleh menyebabkan dokumen konstituen institusi itu diubah dengan sewajarnya.
(4) Kuasa yang diberikan kepada Perbadanan atau orang dilantik di bawah peruntukan yang disebut terdahulu dalam seksyen ini hendaklah sebagai tambahan kepada apa-apa kuasa yang boleh dijalankan di bawah subseksyen 116(1) Akta Syarikat 2016, dan jika sesuatu permohonan dibuat kepada Mahkamah Tinggi di bawah subseksyen (1)β
(a) Mahkamah Tinggi boleh menjalankan mana-mana kuasa yang diberikan kepadanya di bawah seksyen 116 Akta Syarikat 2016 berhubung dengan suatu permohonan bagi pengesahan yang disebut dalam permohonan itu; dan
(b) seksyen 122 dan subseksyen 116(9), 116(10) dan 116(12) Akta Syarikat 2016 hendaklah terpakai berhubung dengan permohonan itu.
Read this section in the full act β Β· Open Chapter 1 β
Find Act 720 on lom.agc.gov.my β
Text as at 21 July 2023 (LOM reprint); amendments made after that date may not be incorporated.
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).
