Section 548. Outstanding assets of a dissolved unregistered company

(1) Where an unregistered company, of which the place of incorporation or origin of which is in a designated country, has been dissolved and there remains in Malaysia any outstanding property, movable or immovable, including things in action which at the time it was dissolved—

 \(a\) was vested in the company; 

 \(b\) the company was entitled to it; or 

 \(c\) the company had a disposing power,

but which was not acquired, realized upon or otherwise disposed of or dealt with by the company or its liquidator before the dissolution, the property, except called and uncalled capital, shall be and become vested in such person as is entitled according to

the law of the place of incorporation or origin of the company, in respect of the estate and interest, legal or equitable, of the company or its liquidator at the date the company was dissolved.

(2) Where the place of origin of an unregistered company is Malaysia, sections 556 to 560 shall, with such adaptations as may be necessary, apply in respect of that company.

(3) Where it appears to the Minister that any law in force in any other country contains provisions similar to the provisions of this section, he may, by notice published in the Gazette, declare that other country to be a designated country for the purposes of this section.