JW516386 Act 532 tiny laws of MALAYSIA Act REPRINTING 532 PUBLIC TRUST CORPORATION ACT 1995 Contains all amendments until 1 September 2010 PUBLISHED by the COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 2010 2 laws of Malaysia ACT 532 PUBLIC TRUST CORPORATION ACT 1995 date of Assent............... February 7, 1995 date of publication in the Gazette......... 16 February 1995 public trust corporation 3 laws of MALAYSIA Act 532 PUBLIC TRUST CORPORATION ACT 1995 ARRANGEMENT of SECTIONS part I preliminary section 1. Short title and commencement 2. Interpretation part II the CREATION and OWNERSHIP of the CORPORATION and the VESTING PROVISIONS 3. The Corporation 4. Provision vesting provisions 5. The Government's initial holding Corporation 6. Government investment in the publication of further shares of the Corporation 7. Staff is 8. The Malaysian Government will hold shares in the Corporation 9. The Minister of finance must hold shares PART III functions, POWERS and DUTIES of the CORPORATION 10. Objective 11. The appointment of the Corporation 12. The appointment of the Corporation as trustee or executor 13. Grant of probate and letters of Administration to the Corporation 14. The appointment of the Corporation in lieu of the executor, etc.
15. The Corporation may apply for the grant when the provider fails to take the letter of Administration 4 laws of Malaysia ACT 532 Section 16. The Corporation may take possession of property 17. Summary administration estate 18. The administration of the estate of small value 19. Payment for maintenance of minor 20. Unappropriated money 21. The Corporation may represent minor 22. Agency PART IV FINANCIAL PROVISIONS CHAPTER 1 Bank account and the power to Invest 23. Bank account 24. Power to invest the funds of the Joint TERM 2 25. Establishment of a Joint Fund 26. Ketidakmasukan into the Fund With 27. Payment of interest on the money in the Fund With 28. Liability of Corporation 29. General Reserve Fund CHAPTER 3 Investment Fund Group 30. The formation of the Group's Investment Fund 31. Directive 32. The Group's investment fund is not a partnership, etc.
Public trust corporation 5 CHAPTER 4 Fi Section 33. The fee charged by the Corporation part V GENERAL 34. Exemption from wrong assured 35. Exemption from forfeiture notice on the Division of assets 36. Registration of a Corporation is not a notice of trust 37. Annual accounts, etc.
38. An application to the Court 39. Legal proceedings 40. Power to make rules 41. The power to give directions 42. The Corporation shall investigate upon any of the 43. Repeal and saving 6 laws of Malaysia ACT 532 public trust corporation 7 laws of MALAYSIA Act 532 PUBLIC TRUST CORPORATION ACT 1995 an act to amend the law relating to the Trustees and officers of the administrator of the estate, to make provision for vesting date property, rights and liabilities of Trustees Raya and Estate Administrator Officer at a company, to regulate the exercise of the functions and powers of the company and to provide for related and incidental to it.
[Act: Peninsular Malaysia — 1 August 1995; except for Sabah s. 17 & 18 — August 1, 1995; and except Sarawak s. 15 to 18 — 1 August 1995, P.U. (B) 351/1995]
BE IT enacted by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: part I preliminary short title and commencement 1. (1) this Act may be cited as the public trust Corporation Act 1995.
(2) this Act shall come into force on such date as the Minister may, by notification in the Gazette, and the Minister may prescribe different dates for start the currency all or different provisions in this Act in respect of the country or different parts in Malaysia.
8 laws of Malaysia ACT 532 interpretation 2. In this Act, unless the context otherwise requires — "trust" includes pewasian or administrative matters; and "trustee" shall be construed accordingly;
"rights" means all rights, powers, privileges and immunities, whether actual, contingent or prospective;
"property" includes all property, movable or immovable, and every estate, interest, isemen and rights, whether in equity or at law within, to or from the property, right in the action, money and good name;
"the trust property" includes all the property in the possession or under the control of, wholly or partly, of the Corporation by virtue of any trust;
"the estate" means any property that is administered, held, managed or controlled by the Corporation either as trustee or administrator or guardian, receiver, receiver and Manager, a liquidator or representative, or upon any other properties;
"Mutual Fund" means the Joint Fund set up under section 25;
"The Group's Investment Fund" or "Fund" means the Fund Investment Group formed under section 30;
"liability" means every type of liabilities, debts, liabilities, duties and obligations (whether present or future, actual or contingent, and whether due or observed or implemented in Malaysia or elsewhere);
"Court" means the High Court or a judge of the Court and includes, in case any of them are authorised to act, the Registrar, the Deputy Registrar, senior assistant registrars and assistant registrars of the High Court;
"Minister" means the Minister charged with the responsibility for the administration of trusts and estate;
Public trust corporation 9 * "Estate Administrator Officer" means an officer of the Estate Administrator, Malaysia, appointed under the Probate and Administration Act 1959 [Act 97];
"Raya Trustee" means a trustee Raya, Malaysia, appointed under the Act the Trustees Ul 1950 [Act 247];
"Administrator" means a person to whom letters of Administration granted;
"Administration" means the administration of the estate of the dead by an executor or administrator;
* * "Corporation" means a corporation under the name of Amanah Raya Berhad which is incorporated under the companies Act, 1965 pursuant to section 3 [Act 125];
"Probate" means a grant under the seal of the Court to authorize the executor or executor-executor named it to administer the estate of the pewasiat;
"letters of administration" etinya letter of administration the estate and the dead, whether General or by the will attached;
"not bequeath" includes a person who is deceased but dead not bequeath of any interest of the beneficiaries of his wealth;
"due date" means the date or date-the start date of the currency of all or any of the provisions of this Act under subsection 1 (2);
"vested", relating to the rights of property, including property which the future or contingent and rights for the reversion and excess;
"executor" means a person to whom the execution of a will on the person who died has been given the mandate, through the appointment of pewasiat. * NOTE — all references to the term "administrative officer" Estate in probate and Administration Act 1959 [Act 97] has been replaced with the term "Corporation" – see section 2 and 3 of the Act and also, subsection A912 43 (3) of this Act. * * NOTE — "Corporation" formerly known as "administrative officer Estate" – see section 3 and subsection 43 (3) of this Act.
10 laws of Malaysia ACT 532 PART II FORMATION and the OWNERSHIP of the CORPORATION and the VESTING PROVISIONS of the Corporation 3. There shall be a corporation incorporated under the companies Act 1965 under the name "Amanah Raya Berhad".
Provision vesting provisions 4. (1) subject to this Act, the Minister may, from time to time, by order published in the Gazette, specify a date and vesting date at that date all property, rights and liabilities of the Trustees and the Government of Malaysia with respect to the administration of the trust and estate as determined by the Minister in such order shall, by virtue of this Act, be transferred to and vested in the Corporation without whatsoever conveyancing , assignment or pemindahmilikan.
(2) every property vested in the Corporation by virtue of subsection (1) shall be vested in the Corporation by title, estate or interest and similar holding as it vested or held immediately before the date of the vesting date.
(3) every right in action is vested in the Corporation by virtue of subsection (1) may, after the date of vesting provisions, claimed through the suit, obtained or enforced by the Corporation in his own name and it shall not be necessary for the Corporation or Trustee Raya or Government shall give notice to the person bound by the right in the action on the vesting date under subsection (1).
(4) every right and liabilities vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, claimed through the suit, obtained or enforced by or against the Corporation in his own name and it shall not be necessary for the Corporation or Trustee Raya or Government shall give notice to the person the rights or liabilities affected by vesting date under subsection (1).
Public trust corporation 11
(5) any legal proceedings pending by or against the holders of the public trust or the Government of Malaysia in relation to any property, rights or liabilities transferred to and vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Corporation.
(6) all the property in the possession or under the control of the trustee's Office, wholly or partly, by virtue of such trustees shall at the date of vesting date moved to the Corporation with all the powers, rights, duties, liabilities and obligations relating to it immediately before the date of vesting provisions in so far as it is in accordance with this Act or any rules made under this Act.
(7) any reference to the trustee or administrator of the estate general election in any court order, deed, contract, instrument or other document whatsoever shall be construed as a reference to the Corporation and all rights, powers, obligations and duties assigned, charged, undertaken or incurred by the Trustee or Estate Administrator Officer under or by virtue of any order of the Court , a deed, contract, instrument or other document shall be deemed to have been given or is charged or undertaken or incurred by the Corporation.
The Government's initial holding Corporation 5. (1) as a result of vesting date property, rights and liabilities in the Corporation under section 4, the Corporation shall issue any shares of the Corporation to the Minister of finance as directed by the Minister of finance from time to time after consultation with the Minister.
(2) shares is required to be published under this section shall be published or assigned at any time and upon such terms as to the earmarking as directed by the Minister of finance after consultation with the Minister.
(3) Shares issued under this section — (a) shall have the nominal value as directed by the Minister of finance; and 12 laws of Malaysia ACT 532 (b) shall be issued as fully paid and calculated for the purposes of the companies Act 1965 as if it paid by virtue of the payment of the value below to the Corporation.
(4) any dividends or other sums of money received by the Minister of finance by virtue of this section shall be paid into the consolidated fund.
Government investment in the publication of further shares of the Corporation 6. (1) further Publication will share in the Corporation can only be made as directed by the Minister of finance, at any time after consultation with the Minister.
(2) any expenses incurred by the Minister of finance pursuant to the provisions of this section shall be calculated as an investment and allowed under subparagraph 8 (3) (a) (iv) Financial Procedure Act 1957 [Act 61].
(3) any dividends or other sums of money received by the Minister of finance under this section shall be paid into the consolidated fund.
(4) the stamp duty shall not be levied in respect of any increase in capital Corporation — (a) effected by the issue of shares; and (b) certified by Treasury as having been effected by the issue of shares applied for purchase by the Minister of finance under subsection (1).
Staff is 7. (1) the Corporation shall accept as employees, on a date to be determined by the Minister by notification in the Gazette, every person who immediately before the date of the staff member Trustee Raya or Office administrative officer Estate and was given a choice by the Malaysian Government and have made the choice to serve as an employee of the Corporation.
Public trust corporation 13 (2) every such person who has made a choice under subsection (1) to serve as an employee of the Corporation shall be employed by the Corporation on the terms and conditions of service no less favourably than the terms and conditions of service to which he is entitled to immediately before the date prescribed by the Minister under subsection (1).
The Malaysian Government will hold shares in the Corporation 8. (1) the Minister of finance may, from time to time, on behalf of the Malaysian Government, apply for purchase or otherwise acquire shares in the Corporation.
(2) shares in a Corporation held by the Minister of Finance shall be held by the Minister of finance as incorporated under the Act the Minister of Finance (incorporation) 1957 [Act 375].
(3) Notwithstanding any other written law or other legal method, then it is not necessary to resolve or register the transfer of shares of the type referred to in subsection (2) following the change of the person who held the post of Minister of finance.
(4) the Minister of finance may exercise all rights and powers relating to the shares of the Corporation held by him.
(5) the Minister of finance may, at any time, by notice in writing to the Secretary of the Corporation, to authorize, upon such terms and conditions as specified in the notice, any person he deems qualified to act as its representative at any or all meetings of the shareholders of the Corporation or of any class of shareholders, and any person so authorized shall be entitled to exercise the same power on behalf of the Minister of finance, as the Minister of finance can run it if he present himself at the meeting or at the meeting.
14 laws of Malaysia ACT 532 the Minister of finance must hold shares 9. (1) the Minister of Finance shall not — (a) sell or otherwise dispose of any shares in a Corporation held by it to any person; or (b) allow the shares in the Corporation assigned to any person.
(2) no nothing in subsection (1) applies in respect of redeemable preference shares — (a) cannot be converted into the shares of any other class; and (b) does not give any right to vote at any general meeting of the Corporation.
PART III Functions, POWERS And DUTIES Of The CORPORATION Objectives 10. The objectives of the Corporation are as follows: (a) to be an organization that reflects a sense of social responsibility by giving attention to the interests of the community and striving to take into account or encouraging these things when it can do so; and (b) to be and as far as profitability as a private trust company.
The Appointment Of The Corporation 11. (1) where a court, the Government of Malaysia or someone inside or outside Malaysia has the power to appoint a trustee, executor, administrator, guardian, friend Attorney, agent, representative, receiver, receiver and Manager or liquidator or to make any other appointment of a fiduciary, the Corporation may be appointed in such a way.
Public trust corporation 15 (2) the Corporation may act either alone or in association of any person or group of persons on any properties that it was appointed and shall have the powers, duties and liabilities of the same and shall be entitled to the same rights and immunities and shall be subject to the control and the same court order as a private person acting upon the property.
(3) the Corporation may not refuse to accept any appointment solely on grounds of their small value of the property the appointments in relation to him or her.
(4) any person aggrieved by the decision of the Corporation to refuse to accept any appointment may, within fourteen days of the decision, appeal to the Minister in writing and the decision of the Minister on the appeal shall be final.
The appointment of the Corporation as trustee or executor 12. (1) the Corporation may be appointed as trustee of any wills or berian or other instrument creating the trust or to execute any trust or obligation which belong to the class that it is allowed to accept, and such may be appointed either a will or other customary instrument creating the trust or obligation is made or comes into operation before or after a specified date , and either as trustee or new trustees, or as an extra, in the same thing and in the same way and by the same person or the Court as if it were a private person acting upon the property.
(2) despite the fact any will, berian or other instrument creating the trust or obligation to make provision for or direct or require the appointment of two or more trustees, the Corporation may lawfully acted as sole trustee.
(3) if the Corporation has been appointed as a trustee of any trust, a trustee with can retire from the trust under and in accordance with section 43 of the Act 16 laws of Malaysia ACT 532 Trustee 1949 [Act 208], although there are more than two trustees and without any consent required by that section.
(4) the Corporation shall not be appointed as either new or additional trustee if will, berian or other instruments that create trust or obligation that contains instructions to the contrary, unless the court orders otherwise.
(5) notice of any proposed appointment of the Corporation as either new or additional trustee shall, if practicable, be given to all those who have the interests of beneficiaries residing in Malaysia and that the address they are known by the person proposing to make the appointment, or, if the beneficiary is a person who is a minor, to the guardians.
(6) if any person to whom the notice was given to apply to the Court within twenty-one days from the receipt of the notice, the Court may, if after taking into account the interests of all beneficiaries it thinking that it is expedient to be made so, make an order prohibiting the appointment is made: provided that the failure to give any such notice shall not menidaksahkan any appointment made under this section.
Grant of probate and letters of Administration to the Corporation 13. (1) the Corporation may, on application or on the application of any other person, the probate of a will or given letter of administration by the Court.
(2) the Court shall consider the Corporation as equally entitled in law to any other person or class of persons to get the grant of letters of administration, except that the agreement or order is not required for the granting of the Corporation letters of Administration to any others and that between the Corporation and widower, widow or beneficiary of the deceased, kadim, the widow or widower ofkin shall be given priority , unless good reason to the contrary is shown.
Public trust corporation 17 Appointment Corporation in lieu of the executor, etc.
14. (1) the Court may, upon the application of any person beneficially interested, appoint the Corporation, if sufficient reason is shown, in lieu of the whole or any executor, administrator or trustee of an existing one.
(2) any executor who has obtained probate or any administrator who has obtained letters of administration or any of the Trustees may, with the consent of the Court and upon giving notice to the person who has the interest of the beneficiaries as directed by the Court, and although he has acted in administering the deceased's estate or the trust property, to transfer the estate or property of the trust to the Corporation for the Administration either singly or in association wasi , an administrator or trustee continues, if any.
(3) court order giving permission on the transfer shall, subject to this Act, grant to the Corporation of all power of the executor, administrator or trustee.
(4) the executor, administrator or trustee is not in any way liable in respect of any act or default in relation to the estate or property of the trust after the date of the order in addition to his own disbelief or act or the Act or default of the person other than himself who over his actions he is responsible in law.
The Corporation may apply for the grant when the provider fails to take the letter of Administration 15. In the following matters, that is to say — (a) if any person who has received a grant of letters of Administration to ignore, within three months from the date of vesting, to give any guarantee that he/she is required to provide in accordance with the law; or 18 laws of Malaysia ACT 532 (b) If a administrator failed to obtain the grant of letters of administration within a reasonable period after the order is made for the provision to issue, the Corporation may apply to the Court to set aside an order for the grant of that and to provide letter of administration of the estate to him.
The Corporation may take possession of property 16. (1) the Corporation shall, as soon as they find out upon such evidence as it considers sufficient that any person had died not bequeath by leaving assets in Malaysia, immediately take possession of such property and allocated for the care of how safe until the letter of Administration granted by the Court.
(2) any person who without lawful authority or excuse or try to move move any part of the property or destroy, conceal or refuse to surrender the property to the Corporation when requested to do so, commits an offence and shall, on conviction, to a fine not exceeding five hundred dollars or to imprisonment for a term not exceeding six months or to both.
(3) No suit can be brought against the Corporation or any officer for anything done by the Corporation in connection with any such property under power or performance or implementation of the proposed powers are vested in the Corporation by subsection (1); but any person aggrieved with him can make an application to the Court for redeem the losers.
Summary administration estate 17. (1) when any person dies, whether or not bequeath bequeath, by leaving the movable property in Malaysia and the Corporation satisfied after any investigation he may deem sufficient — (a) that the overall value of the property without deducting debt, but does not include the value of any property belonging to the deceased or the deceased's entitled to him as trustee and not beneficially, not exceeding six hundred thousand dollars; and public trust corporation 19 (b) that no person is entitled to apply to the Court for the grant of probate of the will or no petition for letters of administration pending, the Corporation shall, on the application of the person making the charge on the property and if it thinks should be made in such a way, in writing declares that it undertakes to administer such property, and thereafter the Corporation are hereby authorized to administer the estate as if the letter of administration of the estate of the person who died has been given to the Corporation, and receipts of the Corporation shall be sufficient discharge to any person who pays any money or deliver any property to the Corporation; and notice of every such declaration shall be filed at the registry of the Court appropriately. (2) (a) where the Corporation is satisfied that the value of any property referred to in subsection (1) not exceeding fifty thousand dollars, it may direct that such property or any part thereof submitted to any person when satisfied about title claimant and the value of the property through the oath or pledge of claimant or by any other evidence required by the Corporation and the Corporation may in its absolute discretion take any guarantee he deems fit for the administration of the corrective actions will be the property or the protection of the rights of any other person.
(b) there is nothing in this subsection affects the right of any person to obtain the whole or any part of the property that has been sent under paragraph (a) of the person to whom it was submitted.
(c) if the intangible property is its value or its value is, in the opinion of the Corporation, is so small to make it not practical for sale, the Corporation may direct that the estate be destroyed or otherwise disposed of as he may deem fit.
(3) the power conferred upon the Corporation by this section shall not affect the power to manage, without grant of probate of the will or letters of administration, property person 20 laws of Malaysia ACT 532 dead provided to any other person by any other written law: provided that every such person shall, when requested, submit to the Corporation the full and true explanation of any property under management and shall be , if so required, pay or deliver to the Corporation any money or other property which remained under his control.
(4) At any time before any part of the property of a trust between under this section, the Corporation may, if it thinks expedient been so made shall, notwithstanding any declaration made under subsection (1), refuses to continue to administer the property in his hands until a distribution order or the granting of probate or grant of letters of administration obtained in respect of the deceased's estate.
(5) the proceeds of any property received by the Corporation in accordance with subsection 23 (2) of the Police Act 1967 [Act 344] shall be managed according to the same way as the property is ordered by this section in order to be managed.
(6) this section does not apply in the case of the deceased to whom part III or IV of the Act a small estate (distribution) 1955 [Act 98] apply, but, subject to the aforesaid, shall apply to all States.
The administration of the estate of small value 18. (1) where — (a) the value of the property without deducting debt, but does not include the value of any property belonging to the deceased or to which he is entitled as trustee and not beneficially, not exceeding five thousand dollars;
(b) the Corporation finds that the person is entitled beneficially are those earning small; and (c) the Corporation may administer the estate under section 17, then the Corporation shall administer the estate under section 17.
Public trust corporation 21
(2) where proceedings have been instituted in any court for the administration of an estate and due to their small value of the estate that the Court finds that the estate can be administered in the more economically by Corporations compared with by the Court or that for any other reason it is expedient that the estate is governed by the Corporation and not by the Court, the Court may order the estate administered by the Corporation , and thereupon, subject to any direction of the Court, section 17 shall apply as if the administration of the estate has been undertaken by the Corporation under section 17.
Payment for maintenance person minor 19. (1) where any property value not exceeding twenty thousand dollars held by the Corporation, either by virtue of a grant of letters of Administration to the Corporation or pursuant to the powers granted to the Corporation by this Act, and such property held by the corporation upon trust for any person for whatever interest, whether vested or contingent, then, subject to any interest or charges previously touched the property , The Corporation may, at its sole discretion, upon any such person a minor, make payment of the whole or any part of the income and capital money the property as may be reasonable in all the circumstances for the maintenance, education or benefit of that person.
(2) where the value of assets held in such a way for more than forty-thousand dollars, the Corporation may make payment of money capital to the extent of twenty thousand dollars.
(3) payment under subsection (1) and (2) shall be made to the parent or guardian of that person or otherwise as determined by the Corporation in its absolute discretion and whether there is or not — (a) any other money that can be used for the same meaning; or (b) any person who is bound by law to provide for maintenance or education of the person.
22 laws of Malaysia ACT 532 unappropriated Money 20. If, on completion of the administration of the estate of a person dying bequeath or not bequeath, are still available with Corporation money that cannot be disposed of forthwith by him through the distribution according to the law by reason of the ketakdayaan person who is entitled to provide relief, because less ability in law or otherwise, or by any other causes found adequate by the Corporation, the Corporation may use the money for the benefit of such person and may for that purpose exercise every effort under section 19.
The Corporation may represent minor 21. (1) the Corporation may, on application or on the application of any other person through summons, appointed by the Court to act as companions representative any minor for the purpose of initiating any suit or proceeding in the name of the minor.
(2) if in any suit or proceeding pending appears necessary to add someone minor as joint plaintiff, the Court may, on its own or usulnya on the application of the Corporation or any other person, appoint such Corporation to act as companions of the minor's representative in such suit or proceeding.
(3) in any suit or proceeding in which someone minor is the defendant or that it was found necessary to add someone minor as defendants together, the Court may, on its own or usulnya on the application of the Corporation or any other person, appoint such Corporation to act as guardian to the minor for the purpose of such suit or proceeding.
(4) the Court shall not make any order under this section unless the Corporation has been granted an opportunity to be heard and the provisions made until the satisfaction of the Court for the payment of the cost of the Corporation on the basis of the costs between the solicitor and client basis and for the payment of any costs that may be awarded against or directed so that paid by the Corporation.
Public trust corporation 23 (5) in any suit or proceeding in which the Corporation appointed under this section to a person acting on behalf of a minor person, there are cost can be obtained from the Corporation.
(6) in this section "legal" means an action or suit for the administration of the estate of any person who dies or a trust, and "proceeding" means a proceeding under the rules of the High Court 1980 [p.u.(a) 50/1980].
22 agencies. It is valid for the Corporation to act under any deed or instrument that through it the Corporation appointed as agent or Attorney for any person, and all the powers granted to the Corporation by any deed or instrument that may be exercised by any officer of the Corporation designated by the Corporation for that purpose: provided that nothing-nothing in this section shall be deemed to authorize any person to provide to the Corporation any power that cannot be delegated by valid by it.
PART IV FINANCIAL PROVISIONS CHAPTER 1 a Bank account and the Bank account to invest 23. (1) the Corporation may establish and keep in any bank (s) — (a) a general account in which trust money may be temporarily stored while waiting for investment; and (b) as many special accounts and trust funds to enable the Corporation of its duties and functions and exercise of its powers.
24 laws of Malaysia ACT 532 (2) any amount which is a credit balance for the General account Trustee and Estate Administrator Officer before the date specified shall be transferred to the General account established under paragraph (1) (a).
Power to invest 24. Subject to the hereinafter, the Corporation may invest any money either — (a) on a separate account for the estate, trust, property or person by whom the money belongs;
(b) in the Mutual Fund; or (c) in any of the Investment Fund of the group.
2 TERM of the Fund With the formation of the Joint Fund 25. (1) subject to the hereinafter, all moneys capital available for investments held by the Corporation after the appointed date, shall become a Mutual Fund and shall be invested in any investment permitted by law for the investment of trust funds.
(2) any amount which is a credit balance of mutual Fund established under section 10 of the Act the Trustees Ul 1950 [Act 247] as in force before the currency of this Act shall on the appointed date transferred to a joint Fund.
(3) subject to the hereinafter, any investment capital money belonging to any estate held by the Corporation after a specified date, may be acquired and incorporated into the joint Fund investment account.
Public trust corporation 25 (4) all investments acquired under subsection (3) shall be acquired at market rates applicable at the date of acquisition, less any interest accrued at that date, and no such investments can be acquired unless it is of an investment authorised by law for the investment of the Trust Fund and, in the opinion of the Corporation, are likely to continue to be able to yield easily. For the purposes of this subsection, interest shall be deemed to accrue from day to day and can be divided in respect of time accordingly.
(5) any investment made on Mutual Fund account or put into the investment account shall not be made or held on account or be owned by any particular estate.
Ketidakmasukan into the Fund With 26. The following shall not include or be part of a Mutual Fund: (a) the money expressly or by necessary implication was prohibited from inclusion in the Mutual Fund or directed so invested in the investment other than those allowed by law for the investment of trust money;
(b) investments held by the Corporation that are not acquired under subsection 25 (3);
(c) moneys forming part of any estate that is governed by the Corporation or held by the Corporation as a liquidator, receiver, receiver and Manager, agent or for any other fiduciary property, which in the opinion of the Corporation after taking into account the circumstances in which it holds the money and the time frame for which the money is available to be invested, should not be invested in a Mutual Fund.
Payment of interest on the money in the Fund With 27. (1) the interest payable in respect of capital moneys forming part of the Mutual Fund shall at reasonable rates laid down by 26 laws of Malaysia ACT 532 Corporation with the approval of the Minister, taking into account the Mutual Fund income can be divided and the ability of the Fund and the General Reserve Fund to settle all payments required to be made.
(2) the Rate may be revised each quarter.
(3) Interest payable out of the Fund shall be credited With every half-year to the respective estate:
Provided that the Corporation may, at its discretion, credit the flower at any intervals more often as he thinks fit in the case of any particular estate.
Liability Of Corporation 28. (1) the Corporation shall be liable to pay any legitimate claim over Mutual Fund that cannot be explained from the Mutual Fund or from the General Reserve Fund, whether the claim is in relation to money capital or income.
(2) capital Money that can be claimed by any inherited property including money from the estate included in Mutual Fund and if the investment has been acquired under subsection 25 (3) it includes also the investment value as determined in accordance with the provisions of subseksen 25 (4).
General Reserve Fund 29. (1) any amount which is the credit balance of the reserve fund established under subsection 14 (4) of the trustee (S) Ul 1950 [Act 247] as in force before the currency of this Act shall on the appointed date be transferred to the General Reserve Fund credit. Public Trust Corporation 27 (2) the Corporation may direct that any part of the balance at the account credit Income Fund Together at the end of the previous year (after deducting interest payable to the beneficiary and legal liability another) brought to the credit of the General Reserve Fund.
(3) General Reserve Fund shall be used to — (a) explaining the losses arising from the disposal of an investment Fund Together; (b) maintaining a reasonable rate for payments of the flower or flower set upon payment of money capital in Mutual Fund;
(c) conducting the General purpose Fund Together; or (d) any other purpose prescribed by the Minister by rules.
(4) General Reserve Fund may be invested by the Corporation in any investment permitted by law for the investment of trust funds or money should be deposited in any bank.
CHAPTER 3 Investment Fund Formation Group Investment Fund Group 30. (1) the Corporation may, from time to time, with the approval of the Minister of finance and the Minister, set up and store, in addition to and separate from the joint Fund, a fund or more each shall be called the Fund Group's investment. If more than one Group investment fund which was set up in such a way, each of the Fund must be given the appropriate name or number that distinguish it.
(2) all moneys forming part of any group's Investment Fund shall be invested in such class or classes of investments designated by the Corporation at the time the Fund was established, 28 laws of Malaysia ACT 532 which is permitted by the instrument or other power through it the money held or any investment permitted by law for the investment of trust funds.
(3) subject to this section, if any money the estate is in his possession and is available to be invested but not invested in a Mutual Fund, then the Corporation may invest the money in any Investment Fund Companies in which the money can be invested with valid if the money is not directed so invested in such a way and certain other investment in an investment fund which the group is in accordance with the terms of the trust instrument (if any) or other authority control of the money.
(4) investment made out of money which forms part of an Investment Fund of the Group shall not be made on the account or be owned by any particular estate.
Instructions 31. Minister of finance and the Minister may, in approving an Investment Fund group, consider and give directions to the Corporation in respect of any of the following matters: (a) kebolehcairan the Group's Investment Fund;
(b) the payment or allocation of income from the Group's Investment Fund;
(c) Capital Investment Fund holdings of the Group;
(d) assessment of the Capital Investment Fund of the Group;
(e) the winding up of the Group's Investment Fund; and (f) any other matter deemed necessary by the Minister of finance and Minister for investor protection Fund Investment Group.
Public trust corporation 29 Group investment fund which is not a partnership, etc.
32. An Investment Fund of the Group shall not be calculated — (a) as a partnership between the person who is entitled to the interest in an Investment Fund of the Group; or (b) a scheme of issuing interest within the meaning of Division V of part IV of the companies Act 1965.
CHAPTER 4 the fee the fee charged by the Corporation 33. (1) there shall be charged in respect of the duties of the Corporation, any fees, whether by way of percentage or otherwise, as prescribed by the Corporation with the approval of the Minister.
(2) any expenses which the law can be saved or paid out of the trust property by a trustee is to be kept or paid the fee and shall be kept or paid in the same way as and in addition to the expenses.
(3) the burden of fees and expenses under this section between capital and income shall be determined by the Corporation.
Part V GENERAL exemption from wrong assure 34. If any bond or guarantee required from private person on the granting to him will letter of administration or on his appointment to act on such properties, the Corporation, if given letter of administration or appointed to act on any such property, shall not be required to 30 laws of Malaysia ACT 532 give bond or guarantee such but are subject to the same liabilities and obligations as if it has given bond or guarantee that.
Exemption from forfeiture notice on the Division of property 35. If the full value of any property (without deducting debt, but does not include the value of any property belonging to the deceased or to which he is entitled as trustee and not beneficially) which is administered by the Corporation, whether or not pursuant to any instrument of trust or a will or by virtue of the grant of letters of Administration to the Corporation or pursuant to the powers granted to the Corporation by this Act not more than six hundred thousand dollars, then it shall not be necessary for the Corporation to give notice of his intention to divide the estate or require any interested persons to send details of its claim against the estate, but the Corporation may immediately continue to transfer rights or dividing the estate or any part thereof to or among the persons entitled thereto, taking into account the claim only , whether formal or not, with which the Corporation was given notice at the time, and the Corporation shall not, in respect of property transferred such rights or be divided, be liable to any person who on the claim of the Corporation has not given notice at the time the distribution or conveyancing; but nothing-nothing in this section shall — (a) affects the right of any person to follow the property, which is the same property, into the hands of any person, other than a purchaser, who may have received it; or (b) release the Corporation from any obligation to search similar to search a prospective buyer should do or get.
Registration of a Corporation is not a notice of trust 36. Application by the Corporation for registration as a member of the shareholder in any company or public trust corporation 31 entry name of the Corporation in the books of any company shall be a notice of a trust, and no company has the right to object to the inclusion of the name of the Corporation in his book alone points by virtue of that Corporation may or was a trustee, and, in the management of the property, the fact that the person or one of the people whom they are dealing is the Corporation shall not in itself be a notice of a trust.
Annual accounts, etc.
37. (1) the Corporation shall submit to the Minister the annual audited accounts for each financial year in such time and manner prescribed by the Minister.
(2) the Corporation shall submit to the Minister all statements, reports, accounts and information concerning the property, investments and activities required by the Minister from time to time.
Application to the Court 38. (1) the Corporation may make an application to the Court to get directions on any matter arising out of the implementation of any of the functions or duties or exercise any of the powers of the Corporation under section 15 to 21.
(2) the implementation of any of the functions or duties or exercise any of the powers of the Corporation under section 15 to 21 may be checked in the judiciary.
Legal proceedings 39. Notwithstanding the provisions of any written law, in any proceedings involving the Corporation, any officer of the Corporation approved by the Minister by notification in the Gazette may, on behalf of the Corporation, starting, present in and conduct such proceedings and may make and do all presence, acts and applications in respect of the proceedings.
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Power to make rules 40. (1) the Minister may make rules in respect of — (a) any matter for which the rules are expressly permitted to be made under this Act;
(b) implementation of the functions and duties or the exercise of the powers of the Corporation under section 15 to 21;
(c) procedures and proceedings in respect of any matter under section 15 to 21;
(d) any other matter relating to the Group's Investment Fund for which instructions can be given under section 31; and (e) any other matters generally to give effect to the objectives of this Act.
(2) before making any rules, the Minister shall — (a) take into account part III; and (b) consult with the Corporation on matters to be dealt with in the rules.
(3) the Minister may make such rules as he thinks necessary or expedient for the purpose of removing any inconvenience due to start the currency of this Act and any rules that may be made in such a way so as to have effect from the first currency of this Act.
The power to give instructions 41. Subject to the provisions of this Act, the Minister may, from time to time, give directions of a General in accordance with the provisions of this Act concerning the implementation of the functions or duties and the exercise of the powers of the Corporation.
Public trust corporation 33 the Corporation shall investigate upon any of the 42. Without prejudice to the power of Minister to give directions under section 41, the Minister shall also have the power to direct the Corporation to investigate any complaints made by any member of the public against the Corporation or any of his officers.
Repeal and saving 43. (1) the Trustee Act 1950 general election and any rules made thereunder is repealed.
(2) the public trust which is a corporation established under the Trustee Act 1950 general election and administrative officer Estate which is a statutory office established under the Probate and Administration Act 1959 shall cease to exist on the appointed date.
(3) subject to the provisions of this Act, all written law affecting Trustee Raya and Estate Administrator Officer and in force immediately before the date specified shall, until amended or revoked, remain in force on and after a specified date and interpreted as if this Act was not approved: provided that any mention of it on the Trustees Raya and Estate Administrator Officer shall , unless the context otherwise requires, be construed as a reference to the Corporation, and the pronunciation containing expressions shall be construed accordingly.
(4) all orders, appointment and notification made under the Trustee Act Ul 1950 and in force immediately before the date specified shall, in so far as it is in accordance with this Act, be deemed to have been made under this Act and shall remain in force until other provision is made under this Act or until the expiration date.
(5) it is hereby declared that the revocation of the Trustee Act 1950 general election and any revocation provisions or amendments to the Probate and Administration Act 1959 is not touched 34 laws of Malaysia ACT 532 any document made or whatsoever things are done under the repealed or amended provision so, and every document or matter that, to the extent it exists or in force at the time of abolition or amendment of that and can be made or done under this Act , shall be continued and have effect as if it had been made or done under a corresponding provision of this Act and as if the provision had been in force when the document is made or the matter is done.
(6) subject to the provisions of this Act, repeal of the Trustee Act 1950 general election or anything contained in this Act shall not affect the right of any person to obtain compensation from the Consolidated Fund and the rights arising under the repealed Act before a specified date.
Public trust corporation 35 laws of MALAYSIA Act 532 PUBLIC TRUST CORPORATION ACT 1995 LIST AMENDMENT law short title force amend from – No – 36 laws of Malaysia ACT 532 laws of MALAYSIA Act 532 PUBLIC TRUST CORPORATION ACT 1995 LIST SECTION AMENDED Section Power amend with effect from – THERE are –