Companies Commission of Malaysia LAWS OF MALAYSIA RepRint Act 614 COMpAnIeS COMMISSIOn OF MALAYSIA ACt 2001 Incorporating all amendments up to 1 January 2006 published by the CommissioneR of law Revision, malaysia undeR the authoRity of the Revision of laws aCt 968 in CollaboRation with peRCetakan nasional malaysia bhd 2006  COMpAnIeS COMMISSIOn OF MALAYSIA ACt 2001 date of Royal assent ... ... ... ... 6 september 00 date of publication in the Gazette ... 7 september 00 Previous rePrint First Reprint ... ... ... ... ... 2002  LAWS OF MALAYSIA Act 614 COMpAnIeS COMMISSIOn OF MALAYSIA ACt 2001 aRRanGement of seCtions Part i pReliminaRy section . short title and commencement . interpretation Part ii the Commission . establishment of the Commission 4. vesting provisions 5. Common seal 6. membership of the Commission 7. tenure of office 8. Revocation and resignation 9. vacation of office 0. Remuneration or allowance . the Chief executive officer and directors . meetings . the Commission may invite others to meetings 4. power of minister to give directions and require information 5. disclosure of interest 6. minutes Act 614 4 Laws of Malaysia Part iii funCtions and poweRs of the Commission section 7. functions of the Commission 8. powers of the Commission 9. the Commission may establish committees 0. delegation of the Commission's functions or powers Part iv pRovisions RelatinG to employees . employment of Government employees . appointment of other employees, agents and consultants . Regulations with respect to employment 4. Continuation and completion of disciplinary proceedings 5. protection from personal liability 6. public servants 7. public authorities protection act 948 Part v finanCe 8. the fund 9. expenditure to be charged on the fund 0. preparation of estimates . Conservation of the fund . accounts and reports . power to borrow 4. investment 5. payment to the federal Consolidated fund Part vi GeneRal 6. institution of prosecution 5 Companies Commission of Malaysia section 7. proceedings conducted by officers of Commission 8. obligation of secrecy 9. power of minister to amend the first and second schedules 40. Regulations First schedule second schedule Act 614 6 Laws of Malaysia 7 Companies Commission of Malaysia LAWS OF MALAYSIA Act 614 COMpAnIeS COMMISSIOn OF MALAYSIA ACt 2001 an act to establish the Companies Commission of malaysia, to provide for its functions and powers and for matters connected therewith. [16 April 2002, P.U. (B) 127/2002] enACteD by the parliament of malaysia as follows: Part i pReliminaRy Short title and commencement 1. () this act may be cited as the Companies Commission of malaysia act 00. () this act comes into operation on a date to be appointed by the minister by notification in the Gazette, and the minister may appoint different dates for different provisions of this act. Interpretation 2. in this act, unless the context otherwise requires-- "this act" includes any subsidiary legislation made under this act; "member" means a member of the Commission and includes the Chairman; "rights" means all rights, powers, privileges and immunities, whether actual, contingent or prospective; Act 614 8 Laws of Malaysia "property" includes all property, movable and immovable, and all estates, interests, easements or rights, whether equitable or legal in, to or out of property, choses-in-action, money and goodwill; "committee" means any committee established by the Commission under section 9; "Chief executive officer" means the Chief executive officer appointed under section ; "fund" means the fund established under section 8; "liabilities" means liabilities, debts, charges, duties and obligations of every description whether present or future, actual or contingent, and whether payable or to be observed or performed in malaysia or elsewhere; "minister" means the minister for the time being charged with the responsibility for the registration of companies, trust companies and businesses; "Registrar of businesses" means the Registrar of businesses under the Registration of businesses act 956 [Act 197]; "Registrar of Companies" means the Registrar of Companies under the Companies act 965 [Act 125]; "Chairman" means the Chairman appointed under section 6; "corporation" has the meaning assigned to it in the Companies act 965; "business" has the meaning assigned to it in the Registration of businesses act 956; "Commission" means the Companies Commission of malaysia established under section ; "company" has the meaning assigned to it in the Companies act 965; "vesting date" means the date on which property, rights and liabilities specified by the minister in the order under subsection 9 Companies Commission of Malaysia 4(), to which the Government of malaysia, the Registrar of Companies and the Registrar of businesses were entitled or subject to, are transferred to and vested in the Commission; "appointed date" means the date on which this act comes into force; "vested", in relation to property, includes having rights to property which are future or contingent and rights in reversion and remainder. Part ii the Commission establishment of the Commission 3. () a body corporate by the name of "Companies Commission of malaysia" is established. () the Commission shall have perpetual succession and a common seal. () the Commission may sue and be sued in its name. (4) subject to and for the purposes of this act, the Commission may, upon such terms as the Commission deems fit-- (a) enter into contracts; (b) acquire, purchase, take, hold and enjoy movable and immovable property of every description; and (c) convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer, or otherwise dispose of, or deal with, any movable or immovable property or any interest in such property vested in the Commission. Vesting provisions 4. () subject to this act, the minister may, from time to time, by order published in the Gazette, appoint a vesting date and on such date all property of the Government of malaysia and all the rights or liabilities of the Government of malaysia, the Registrar Act 614 0 Laws of Malaysia of Companies and the Registrar of businesses specified by the minister in such order shall, by virtue of this act, be transferred to and vested in the Commission without any conveyance, assignment or transfer. () every property vested by virtue of subsection () in the Commission shall be so vested in the Commission for the like title, estate or interest and on the like tenure as the property was vested or held immediately before the vesting date. () every chose-in-action vested by virtue of subsection () in the Commission may, on and after the vesting date, be sued on, recovered or enforced by the Commission in its own name and it shall not be necessary for the Commission, the Government of malaysia, the Registrar of Companies or the Registrar of businesses to give notice to the person bound by the chose-in- action of the vesting effected under subsection (). (4) every right and liability vested by virtue of subsection () in the Commission may, on and after the vesting date, be sued on, recovered or enforced by the Commission in its own name and it shall not be necessary for the Commission, the Government of malaysia, the Registrar of Companies or the Registrar of businesses to give notice to the person whose right or liability is affected by the vesting effected under subsection (). (5) any pending legal proceedings by or against the Government of malaysia, the Registrar of Companies or the Registrar of businesses which relate to any property, right or liability transferred to and vested in the Commission by virtue of subsection () may, on and after the vesting date, be continued by or against the Commission. (6) in the case of rights and liabilities arising under any loans which are vested in the Commission on the vesting date, the Commission may enter into such arrangements or agreements over such rights and liabilities with the Government of malaysia or any other party. (7) on and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the Commission under subsection () to which the Government of malaysia, the Registrar of Companies or the Registrar of businesses was a party immediately before the vesting date,  Companies Commission of Malaysia whether in writing or not, and whether or not of such a nature that rights and liabilities under the agreement could be assigned by the Government of malaysia, the Registrar of Companies or the Registrar of businesses, shall have effect as if the Commission had been a party to the agreement. Common seal 5. () the common seal of the Commission shall bear such device as the Commission may approve and such seal may, from time to time, be broken, changed, altered and made anew as the Commission thinks fit. () the common seal shall be kept in the custody of the Chairman or any other person authorized by the Commission, and shall be authenticated by either the Chairman or by such authorized person or by any officer authorized by the Chairman in writing. () all deeds, documents and other instruments purporting to be sealed with the common seal and authenticated in accordance with subsection () shall, until the contrary is proved, be deemed to have been validly executed. (4) the common seal of the Commission shall be officially and judicially noticed. Membership of the Commission 6. () the Commission shall consist of the following members who shall be appointed by the minister: (a) a Chairman; (b) the Chief executive officer; and (c) not less than five and not more than seven other persons, three of whom shall be from the public service. () the members appointed under paragraph ()(c) other than those who are from the public service shall be qualified persons as defined in the legal profession act 976 [Act 166] or persons who possess relevant knowledge or experience in commercial or company matters. Act 614  Laws of Malaysia tenure of office 7. subject to such conditions as may be specified in his instrument of appointment, a member of the Commission shall, unless he sooner resigns or vacates his office or his appointment is sooner revoked, hold office for a term not exceeding three years and is eligible for