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ArticleWith effect of $31$ January $2016,$ the Companies Act $2016($CA $2016)$ repealed the Companies Act $1965($CA $1965)$ and changed the landscape of company law in Malaysia. Section $9($b$)$ CA $2016$ Act stipulates that $$A company shall have twoor more members...$.$ This provision allows the incorporation of a company with two members or more.Section $10(1)$ CA $2016$ states that a company may be incorporated as $($a$)$ a company limited by shares; $($b$)$ a company limited by guarantee; or $($c$)$ an unlimited company.$$ Where the company is a company limited by shares, the member$$s liability is limited tothe amount they agreed to contribute in the event the company is wound up$,$ and where the company is a company limited by guarantee, a member$$s liability is limited to the amount paidon their shares.There is no limit placed on the liability of a member of an unlimited company.Under s$15(1)$ of the CA $1965,$ a private company is allowed to invite the public to subscribe its shares or debentures. Under the CA $1965,$ every company was required to have a memorandumand articles of association. The memorandum and articles of association are now collectively known as the constitution, and it is expressly stated in s$31$ and $38$ CA $2016$ that only a company limited by shareshall have a constitution; other types of companymay or may not have a constitution. It is optional for them.If a company has no constitution, the company, each director and each member of the company shall have the rights, powers, duties and obligations as set out in the Act. For companies which were registered prior to the coming into operation of the CA $2016,$ s$619(3)$ provides that the memorandum and articles of association of a company existing before the operation of the Act shall have effect as if made or adopted under the Act unless otherwise resolved by the company. Thus, a company$$s existing memorandum and articles shall form the company$$s constitution until the company alters it by passing a special resolution.Under CA $2016,$ all unlimited companies with share capital migrated to no par valueregime. Section $74$ CA $2016$ reads, $$All shares issued before or upon the commencement of this Act shall have no par or nominal value.In general, the different classes of shares can be categorised into ordinary shares and preference shares. $$Preference shares$$ is defined in s$2(1)$ to mean a share by whatever name called, which entitle the holder to the right to vote on a resolution or to any right to participate beyond a specified amount in any distribution whether by way of dividend, or on redemption, in awinding up$,$ or otherwise.As a company$$s memorandum and articles are now combined to form its constitution, the CA $2016$ allows the rights attached to the preference shares to be modified or varied. If the company$$s constitution has provided the procedurefor the variation of class rights, then the procedure is to be followed $($section $91(1)($a$)).$ If the constitution does not prescribe the procedure, then the company may do so with the consent of the holders of the shares in that class $($section $91(1)($b$)).$ The consent of the holders may be obtained as follows:First the approval may be by way of written consent representing not less than $50\%$ of the total voting rights of the holders of shares of that class.Second, the approval may be given by passing a special resolution of the holders of shares of that class.Generally, a company is not permitted to purchase its own shares or that of its holding company $($s$123$ and $22)$ unless it is $(1)$ a redemption of preference shares $($s$72)$; $(2)$ a cancellation of shares $($s$.116$ and $177)$; $(3)$ a share buyback by public listed companies $($s$127)$; or $(4)$ a remedy awarded by the court in a case of oppression $($s$346).$In the CA $2016,$ the dividend rule is found in s$131.$ It has two principles $$ie $(1)$ the dividend is to be paid out of the company$$s reserve for example revaluation reserve; and $(2)$ the dividend should not be paid if the payment will cause the company to be insolvent. A company is regarded as solvent if it is able to pay its debts $($as and when the debts become due$)$ within$24$ months from the date of dividend distribution. The company$$s director or manager who will fully phase out any dividendin contravention of Section $131$ or $132$ of the CA$2016$ will also be liable to the company to the extend of the amount exceeding the value of any distribution of dividend that could properly have been made