Kootu Funds (Validation) Act 1974

Original Language Title: Kootu Funds (Validation) Act 1974

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Act 142 BM laws of MALAYSIA ACT 142 Act REPRINTING KOOTU FUNDS (VALIDATION) Act 1974 Contains all amendments to 1 January 2006 PUBLISHED by the COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 in COLLABORATION with PERCETAKAN NASIONAL MALAYSIA BHD 2006 laws of Malaysia ACT 1422 ACT KOOTU FUNDS (VALIDATION) 1974 date of Assent............ 30 July 1974, the date of publication in the Gazette......... August 22nd, 1974 REPRINT BEFORE Reprinting the first............ 1997 Reprint the second............ 2001 Kootu funds (Validation) 3 laws of MALAYSIA Act 142 ACT KOOTU FUNDS (VALIDATION) 1974 ARRANGEMENT of SECTIONS section 1. Short title 2. Interpretation 3. Kootu funds certain is valid in law and enforceable 4. Powers of liquidator laws of Malaysia ACT 1424 Kootu funds (Validation) 5 laws of MALAYSIA Act 142 ACT KOOTU FUNDS (VALIDATION) 1974 an act to confirm, for the purpose of winding-up, a few transactions a week ago about the lice Fund carried out by the company.
[August 23rd, 1974]
BE IT enacted by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: short title 1. This Act may be cited as the Act Kootu funds (Validation) Act 1974.
Interpretation 2. In this Act, unless the context otherwise requires — "kootu funds" have the same meaning as given to the expression in (Prohibition) Act Kootu funds 1971 [Act 28];
"company" means a company as defined in the companies Act 1965 [Act 125], and includes a corporation as defined in the Act.
Kootu funds certain is legally binding and enforceable laws 3. (1) it is hereby declared that all kootu funds that have been running on or before February 18, 1971 and was carried out by a company — (a) that has been wound up in accordance with paragraph 8 (2) (b) (Prohibition) Act Kootu funds 1971; or laws of Malaysia ACT 1426 (b) that has been wound up under the provisions of the companies Act 1965, notwithstanding any law to the contrary, lawful legal and enforceable.
(2) References in this section on the winding up of a company including, if the company is a foreign company, a reference to the winding up of the Affairs of the foreign company to the extent of the assets of the foreign company in Malaysia concerned.
Powers of liquidator 4. For the purpose of winding-up a company referred to in section 3, the liquidator has the power — (a) to collect all money due from the defaulters participants for a kootu funds referred to in that section and carried out by the company; and (b) to pay any money payable to the participant a kootu funds.
Kootu funds (Validation) 7 laws of MALAYSIA Act 142 ACT KOOTU FUNDS (VALIDATION) 1974 LIST AMENDMENT law short title force amend from — NO — the laws of Malaysia ACT 1428 laws of MALAYSIA Act 142 ACT KOOTU FUNDS (VALIDATION) 1974 LISTS the SECTION AMENDED Section Power amend with effect from — NO —