Kootu Funds (Prohibition) Act 1971 (Act 28)
Kootu Funds (Prohibition) Act 1971 (Act 28)
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LAWS OF MALAYSIA
REPRINT
Act 28
PUBLISHED BY
THE COMMISSIONER OF LAW REVISION , MALAYSIA
UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968
IN COLLABORATION WITH MALAYAN LAW JOURNAL SDN BHD AND
PERCETAKAN NASIONAL MALAYSIA BHD
2006
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PREVIOUS REPRINTS
First Reprint … … … … 1993
Second Reprint … … … … 1999
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LAWS OF MALAYSIA
Act 28
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Unlawful to carry on business of promoting kootu funds
4. Registration of a business which promotes kootu funds prohibited in the
States of Peninsular Malaysia
5. Licensing of a business which promotes kootu funds prohibited in Sabah
6. Licensing of a business which promotes kootu funds prohibited in
Sarawak
7. Registration of a company which promotes kootu funds prohibited
8. Registered company which promotes kootu funds to cease business
9. Winding up on application by Minister
10. Criminal liability
11. Rules
12. This Act to prevail
13. Repeal
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LAWS OF MALAYSIA
Act 28
Short title
Interpretation
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6 Laws of Malaysia A CT 28
(2) The term “kootu funds” wherever used in this Act includes
the term “a kootu fund”.
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(7) Any person who contravenes subsection (2) or (3) and any
associate of a business who fails to comply with subsection (4)
shall be guilty of an offence and shall, on conviction, be liable to
a fine not exceeding five thousand ringgit or to imprisonment for
a term not exceeding three years or to both.
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(7) Any person who contravenes subsection (2) or (3) and any
proprietor or partner of a business who fails to comply with
subsection (4) shall be guilty of an offence and shall, on
conviction, be liable to a fine not exceeding five thousand ringgit
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(7) Any person who contravenes subsection (2) or (3) and any
proprietor of a business who fails to comply with subsection (4)
shall be guilty of an offence and shall, on conviction, be liable to
a fine not exceeding five thousand ringgit or to imprisonment for
a term not exceeding three years or to both.
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12 Laws of Malaysia A CT 28
(4) For the purposes of subsection (3) the Registrar may, from
time to time, give such directions to such company and make such
enquiries from it as he deems expedient or necessary.
such company may, within thirty days from the date on which any
such decision, direction, term or condition was communicated to
such company, appeal therefrom to the Minister whose decision
shall be final.
Provided that such company shall not be liable for such offence
in respect of such of its kootu funds as are in operation on the date
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of coming into force of this Act, from the time that an application
by such company under subsection (3) is received by the
Registrar and until the time that a decision thereon is made by the
Registrar, and, thereafter, for so long as any permission granted
by the Registrar under subsection (3) is in force:
under section 205 of the Companies Act 1965, and such company
shall, for the purpose of the said section, be deemed to be a
declared company in respect of which a report has been made by
an inspector, as referred to in the said section 205, and the petition
shall be dealt with by the Court under the Companies Act 1965,
with such adaptations as may be necessary, as a petition of the
Minister under the said section 205 in respect of a company which
is referred to in the said section 205 as a declared company in
respect of which a report has been made by an inspector.
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(3) The proposals under the proviso to subsection (2), and the
rules made by virtue thereof, may provide for modifying or
excluding, in relation to such companies, the provisions of Part X
of the Companies Act 1965, requiring the holding of meetings or
otherwise relating to the procedure in a winding up.
Criminal liability
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Rules
11. The Minister may make rules for carrying into effect the
objects and purposes of this Act.
Repeal
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LAWS OF MALAYSIA
Act 28
LIST OF AMENDMENTS
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LAWS OF MALAYSIA
Act 28