s 295 Winding up
295.—(1) Where a collective investment scheme (other than one constituted as a VCC or sub‑fund) is to be wound up, whether under this section or otherwise, the responsible person for the scheme must give written notice of the proposed winding up to the Authority at least 7 days before the winding up.[44/2018] (1A) Where a collective investment scheme constituted as a VCC or sub‑fund is being wound up under the Variable Capital Companies Act 2018, the VCC must give written notice to the Authority of the winding up within 3 days after the commencement of the winding up.[44/2018] (2) Where the Authority revokes or withdraws the authorisation of a collective investment scheme under section 288, the responsible person and, where applicable, the trustee must take the necessary steps to wind up the scheme. (3) Where —(a) the responsible person for a collective investment scheme authorised under section 286 which is constituted as a unit trust is in liquidation; or (b) in the opinion of the trustee for a collective investment scheme authorised under section 286 which is constituted as a unit trust, the responsible person for the scheme has ceased to carry on business or has, to the prejudice of the participants of the scheme, failed to comply with any provision of the trust deed in respect of the scheme, the trustee must summon a meeting of the participants for the purpose of determining an appropriate course of action. [44/2018] (4) A meeting under subsection (3) must be summoned —(a) by giving written notice of the proposed meeting at least 21 days before the proposed meeting to each participant or, in the case of joint participants, to the participant whose name stands first in the records of the responsible person for the scheme; and[Act 12 of 2024 wef 24/01/2025] (b) by publishing, at least 21 days before the proposed meeting, an advertisement giving notice of the meeting in at least 4 local daily newspapers, one each published in the English, Malay, Chinese and Tamil languages. (4A) For the purposes of subsection (4)(a), written notice is to be given to a participant —(a) in the case of a participant who is an individual —(i) by delivering a written notice to the individual or to some adult member or employee of his or her family or household at his or her last known place of residence; (ii) by leaving a written notice at the individual’s usual or last known place of residence or business in an envelope addressed to him or her; or (iii) by sending a written notice by post addressed to the individual at his or her usual or last known place of residence or business; or (b) in the case of a body corporate or body of persons —(i) by delivering a written notice to the secretary or other similar officer of the body corporate or body of persons at its registered office or principal place of business; (ii) by leaving a written notice at the registered office or principal place of business of the body corporate or body of persons in an envelope addressed to the body corporate or body of persons; or (iii) by sending a written notice by post addressed to the body corporate or body of persons at its registered office or principal place of business.[Act 12 of 2024 wef 24/01/2025] (4B) Any written notice sent by post to any person in accordance with subsection (4A) is deemed to be duly served on the person at the time when the notice would in the ordinary course of post be delivered.[Act 12 of 2024 wef 24/01/2025] (4C) When proving service of the notice mentioned in subsection (4B), it is sufficient to prove that the envelope containing the notice was properly addressed, stamped and posted.[Act 12 of 2024 wef 24/01/2025] (5) If at any such meeting a resolution is passed by a majority in number representing three‑fourths in value of the participants present and voting either in person or by proxy at the meeting that the scheme to which the trust deed relates be wound up, the responsible person for the scheme and, where applicable, the trustee must take the necessary steps to wind up the scheme. (6) Any responsible person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. (6A) Any VCC that without reasonable excuse contravenes subsection (1A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.[44/2018] (7) Any responsible person or, where applicable, trustee who contravenes subsection (2) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. (8) Any trustee who contravenes subsection (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.