Section 488. Liquidator to pay moneys received into bank account

(1) Every liquidator shall, in the manner and at the time prescribed by the rules, pay the money received by him into such bank account as is prescribed by the rules or as is specified by the Court.

2) If any liquidator retains for more than ten days a sum exceeding ten thousand ringgit, or such other amount as the Court in any particular case authorizes him to retain, then unless he explains the retention to the satisfaction of the Court he shall pay interest on the amount so retained in excess computed from the expiration of the ten days until he has complied with subsection (1) at the rate of twenty per centum per annum, and shall be liable—

(a) to disallowance of all or such part of his remuneration as the Court thinks just;

(b) to be removed from his office by the Court; and

(c) to pay any expenses occasioned by reason of his default.

(3) Any liquidator who pays any sums received by him as liquidator into any bank or account other than the bank or account prescribed or specified under subsection (1) commits an offence.