Akta Suruhanjaya Syarikat Malaysia 2001 (Akta 614) & Companies Commission of Malaysia Act 2001(Act 614)
Detailed Contents Of Akta Suruhanjaya Syarikat Malaysia 2001 (Akta 614) :
The Akta Suruhanjaya Syarikat Malaysia 2001, also known as the Companies Commission of Malaysia Act 2001 (Act 614), is a Malaysian law that establishes the Companies Commission of Malaysia (CCM) as a regulatory body for companies operating in Malaysia. The act came into force on January 16, 2002, and has undergone several amendments since its enactment.
The Companies Commission of Malaysia (CCM) is responsible for overseeing and regulating companies registered in Malaysia, including their incorporation, administration, and dissolution. The CCM also has the power to investigate and take legal action against companies and their officers who breach company law and regulations.
The act outlines the functions and powers of the CCM, including the power to register and regulate companies, promote corporate governance, and ensure compliance with the Companies Act 2016 and other related legislation. The CCM is also responsible for maintaining and making publicly available a register of all companies registered in Malaysia.
Some of the key provisions of the act include:
Incorporation of companies: The CCM is responsible for processing applications for the incorporation of companies in Malaysia. The act outlines the requirements for the incorporation of a company, including the minimum number of shareholders and directors, the type of company, and the necessary documents and fees.
Corporate governance: The CCM is responsible for promoting and ensuring compliance with good corporate governance practices in Malaysian companies. The act outlines the responsibilities of directors and officers of companies, including their duty to act in the best interests of the company and to disclose any conflicts of interest.
Disclosure requirements: Companies registered in Malaysia are required to disclose certain information to the CCM, including their financial statements, shareholdings, and details of their directors and officers. The CCM is responsible for maintaining a public register of this information.
Inspections and investigations: The CCM has the power to inspect and investigate companies and their officers who are suspected of breaching company law and regulations. This includes the power to access company records, conduct interviews, and take legal action against those found to be in breach.
Overall, the Akta Suruhanjaya Syarikat Malaysia 2001 (Act 614) and the Companies Commission of Malaysia are important tools for regulating companies in Malaysia and ensuring that they comply with the law and promote good corporate governance practices.
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