Revised Version of the Companies Act 2016

The Companies Commission of Malaysia (SSM) has made an important announcement that the Companies Act 2016 [Act 777] has been reprinted as at 1 November 2018 with certain minor revisions. These typographical revisions were made under the powers of the Revision of Laws Act 1968.

The reprinted Companies Act 2016 (as at 1 November 2018) can be found on the SSM website here.

From a comparison of the gazetted Companies Act 2016 and the reprinted version, here are the 7 changes:

 CA 2016Subject matterChange to the wording
1.47(2)Documents to be kept at registered office“(2) Any document referred to in subsection (1), other than documents referred to in paragraph (1)(e), may be kept at a place other than at the registered office of a company provided notice to that effect has been given to the Registrar.”
2.56(7)Power of company to require disclosure of beneficial interest in its voting shares“(7) Subject to subsection (9), any person who …”
3.137(4)Substantial shareholder to notify company of his interest“(4) The notice shall be given notwithstanding that the person has ceased to be a substantial shareholder before the expiration of the period referred to in subsection (3).”
4.223(1)(b)(i), (ii)Approval of company required for disposal by directors of company’s undertaking or property[now renamed to 223(1)(b)(A) and 223(1)(b)(B)]

 

5.224(3), (4) and (5)Loans to director“(3) Paragraph (2)(b) or (c) …”

“(4) If there is no prior approval given under subsection (3) …”

“(5) If there is no authorization given by company under subsection (4) …”

 

6.266(2)(a)(i) and (b)(i)Powers and duties of auditors“(2) An auditor shall, in a report under this section, state …

(a)   …

(i)      so as to give a true and fair view of the matters required by section 249

(b)   …

(i)      … have given a true and fair view of the matters required under section 249 …”

 

7.448Conversion to creditors’ voluntary winding up“As from the day on which the creditors’ meeting is held under section 447 …”

 

 

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