Interest Schemes Act 2016 s 66
s 66 Duties of management company in winding up of a scheme
(1) The management company shall ensure that the scheme is wound up in accordance with its trust deed or contractual agreement and any order under subsection 67(2)—
(a) on the occurrence of the specified circumstances or events referred to in section 62;
(b) if a special resolution has been passed under section 63; or
(c) if the Court makes an order under section 65.
(2) An interest shall not be issued by a management company once the circumstance under subsection (1) arises.
(3) The management company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit and in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.
Malay text (authoritative)
Kewajipan syarikat pengurusan dalam penggulungan skim
(1) Syarikat pengurusan hendaklah memastikan bahawa skim digulung mengikut surat ikatan amanah atau perjanjian kontraktualnya atau apa-apa perintah di bawah subseksyen 67(2)—
(a) jika berlakunya hal keadaan atau kejadian tertentu yang disebut dalam seksyen 62;
(b) jika suatu ketetapan khas telah diluluskan di bawah seksyen 63; atau
(c) jika Mahkamah membuat suatu perintah di bawah seksyen 65.
(2) Suatu kepentingan tidak boleh dikeluarkan oleh suatu syarikat pengurusan apabila hal keadaan di bawah subseksyen (1) timbul.
(3) Syarikat pengurusan dan tiap-tiap pegawai yang melanggar seksyen ini melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi lima ratus ribu ringgit dan dalam hal suatu kesalahan berterusan, didenda selanjutnya tidak melebihi satu ribu ringgit bagi setiap hari kesalahan itu berterusan selepas sabitan.
Read this section in the full act → · Open Part V →
Find Act 778 on lom.agc.gov.my ↗
Text as at 1 March 2018 (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).
