Section 379. Notice of cessation of office

(1) A person who ceases to act as receiver or receiver and manager by—

(a) reason stated under paragraph 378(1)(a), (c), (d) or (e); or

(b) having obtained leave to resign from the Court,

shall lodge with the Registrar a notice of cessation of that fact, in such manner as the Registrar may determine, within fourteen days after the occurrence of such vacancy.

(2) If a vacancy is caused by reason stated under paragraph 378(1)(b), the notice under subsection (1) shall be lodged to the Registrar by the personal representative or debenture holder of a receiver or receiver and manager.

(3) If a vacancy is caused by reason stated under paragraph 378(1)(f), the notice under subsection (1) shall be lodged with the Registrar by the debenture holder within fourteen days from the relevant facts have come to the knowledge of the debenture holder.

(4) Any person who contravenes this section commits an offence and, in the case of a continuing offence, to a further fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.