Question 4 The Companies Act 2016 repeale landscape of company law all aspects of company law in Malaysia. CL 2016 repealed the Companies Act 1965 and changed the mpany law in Malaysia. The Companies Act 2016 reformed almost Required: By referring ning to the Companies Act 2016, insert the correct sections in column (A) for each description in column B. any TORRELODON connnnnnnnnnnnnnn0000seccanonum m Column A Example: Section 3 Column B Corporation refers to any body corporate formed or incorporated or existing in Malaysia or outside Malaysia. Other than companies limited by guarantee, a company may! may not has a constitution. A private company has not more than 50 shareholders. Preference shares may be redeemed out of profit; a fresh issues of shares or capital of company. All ordinary shares now carry no par value. The directors will make calls on unpaid shares at a fixed date. Any shareholders fail to pay any calls within stipulated time, the company has the right to forfeit the shares A company should states in its constitution the voting rights of different classes of shares The company can only make a distribution to the shareholders out of profits if the company is solvent. A prospectus can only be circulated after the prospectus has been lodged with Registrar. Shares can't be allotted unless minimum subscription and application payable have been received. A shareholder of company limited by shares has liability limited to any amount unpaid on a share held by him. A private company must have at least one director. Subsidiaries' financial year end must coincide with the holding company If any subsidiaries are not being consolidated, the directors of the company should disclose in notes the reason for not consolidate the subsidiaries. Annual general meeting should be held within 6 months after the financial year end. Every resolution should be kept for seven years. [8 marks] Question 5