Retirement fund 1 laws of MALAYSIA Act REPRINTING 662 Retirement Fund Act 2007 As at 1 November 2012, PUBLISHED by the COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 2012 2 laws of Malaysia Act Royal Assent Date 662...... February 12, 2007, the date of publication in the Gazette of ... February 13, 2007 retirement fund 3 laws of MALAYSIA Act 662 Retirement Fund Act 2007 ARRANGEMENT of SECTIONS part I preliminary section 1. Short title and commencement 2. Interpretation part II KUMPULAN WANG PERSARAAN (incorporated) 3. Establishment of Kumpulan Wang Persaraan (incorporated) 4. Functions and powers of Kumpulan Wang Persaraan (Diperbadankan) 5. Seal 6. Of the Board 7. Investment Panel 8. The Committee 9. Chief Executive Officer 10. Appointment of officers, representatives, servants, agents, etc.
11. Disclosure of interest 12. The power of the Board to make regulations part III FINANCE 13. Retirement fund 14. Investment Fund 4 laws of Malaysia Act 15 Section 662. Unclaimed money 16. Act statutory bodies (accounts and annual reports) 1980 17. The estimated annual part IV GENERAL 18. Government guarantee for the payment of 19. Trial and abetment punishable as offences 20. Liability of managers, etc.
21. Public servants and cover 22. The power to amend the Schedule part V revocation, SAVINGS and TRANSITIONAL 23. The abolishment of the Pension Trust Fund Act 1991 24. Continuation of laws, etc.
25. The transfer of power, etc.
26. Transfer of title and property 27. Existing contract 28. Continuation of the civil and criminal proceedings 29. The transfer of the funds of the Retirement Fund Table 5 laws of MALAYSIA Act 662 Retirement Fund Act 2007 an act for incorporating Kumpulan Wang Persaraan (incorporated), to set up a retirement fund and to provide for matters arising from and incidental to it.
[1 March 2007; P.u. (B) 62/2007] enacted by the Parliament of Malaysia as follows: part I preliminary short title and commencement 1. (1) this Act may be cited as the Pension Fund Act 2007.
(2) of this Act come into force on such date as the Minister may, by notification in the Gazette.
Interpretation 2. In this Act, unless the context otherwise requires — "Committee" means a Committee established under section 8;
"Chief Executive Officer" means the Chief Executive Officer of Kumpulan Wang Persaraan (incorporated) appointed under section 9;
6 laws of Malaysia Act 662 "Fund" means the retirement fund established under section 13;
"Kumpulan Wang Persaraan (incorporated)" means the Kumpulan Wang Persaraan (incorporated) established under section 3;
"Board" means the Board of Kumpulan Wang Persaraan (incorporated);
"Minister" means the Minister charged with the responsibility for finance;
"The investment Panel" means the investment Panel established under section 7;
"remuneration" includes salary or wages, allowances, medical benefits, free housing or provided subsidies and other privileges that can be valued in money;
"securities" means — (a) debentures, stocks or bonds issued or proposed to be published by any Government;
(b) the shares in or debentures of the body corporate; and (c) trust or prescribed instrument, and includes any rights, options or interests in respect of;
"company" means a company incorporated under the companies Act 1965 [Act 125];
"financial year" means the period ending on the day the thirty-one December of each year;
"due date" means the date of commencement of this Act that is prescribed by the Minister under subsection 1 (2).
Kumpulan Wang Persaraan 7 part II KUMPULAN WANG PERSARAAN (DIPERBADANKAN) establishment of Kumpulan Wang persaraan (incorporated) 3. (1) a body corporate by the name Kumpulan Wang Persaraan (incorporated) was established.
(2) Kumpulan Wang Persaraan (Diperbadankan) shall have perpetual succession and a common seal, and may sue and be sued in the name of him.
(3) subject to and for the purposes of this Act, Kumpulan Wang Persaraan (incorporated), on such terms as a personal fit, may — (a) enter into contracts;
(b) acquire, purchase, take, hold and enjoy any kind of movable and immovable property; and (c) transfer, assign, surrender, return, mortgage, charge, pledge, assign the mendemis, transferred, or otherwise dispose of, or make any arrangements regarding, any movable or immovable property or any interest therein vested in Kumpulan Wang Persaraan (incorporated).
F u s i d e n t a n k u a s a K u m p u l a n W a n g p e r s a r a a n (incorporated) 4. (1) the functions of Kumpulan Wang Persaraan (incorporated) is to administer and manage the Fund in accordance with and for the purposes prescribed under this Act and do any other thing required or permitted to be done under this Act.
(2) Kumpulan Wang Persaraan (incorporated) shall have the power to exercise any or all of its functions, in whole or in part, within or outside Malaysia.
8 laws of Malaysia Act 662 (3) Kumpulan Wang Persaraan (incorporated) with the approval of the Minister, may — (a) makes any joint venture, undertaking or any form of cooperation or other arrangement for profit sharing or carry out activities associated with, or otherwise, any public authority or Government bodies that carry out or be involved in any such activity;
(b) by order published in the Gazette, establish a corporation with any name it deems fit by Kumpulan Wang Persaraan (incorporated), to conduct and manage any project, a scheme or enterprise that has been planned or undertaken by Kumpulan Wang Persaraan (incorporated) to assist the performance of its functions under this Act, and such corporation can do so either by itself or by making partnerships or any arrangement for profit sharing joint venture, cooperation, or otherwise; and (c) incorporating or taking over a company or other corporation incorporated under the laws of the competent foreign authority, to carry out or be involved in any activities that are approved or undertaken by Kumpulan Wang Persaraan (incorporated).
(4) the provisions of the first schedule shall apply to a corporation established under paragraph (3) (b).
Seal 5. (1) the common seal Kumpulan Wang Persaraan (Diperbadankan) must have a sign approved by the Board and seal may from time to time be broken, changed, altered and made anew as the Board may think fit.
(2) the seal shall be kept in the custody of the Chief Executive Officer and shall be authenticated by either the Chief Executive Officer or by any officer duly authorised by the Board in writing.
The retirement fund 9 (3) all deeds, documents, and other instruments purporting to be sealed with the common seal and authenticated in accordance with subsection (2) shall, until the contrary is proved, be deemed to have been validly executed.
(4) any deed, document or instrument which, if executed by a person not being a body corporate, is not required in order to be sealed, can follow the same way by another Member of Kumpulan Wang Persaraan (incorporated) or any of its officers or servants Kumpulan Wang Persaraan (incorporated) authorized on his behalf.
(3) the Metera i Corporation Kumpulan Wang Persaraan (incorporated) shall be officially and judicially noticed.
Of the Board 6. (1) Kumpulan Wang Persaraan (incorporated) shall have a Board that is responsible for the Administration and management of Kumpulan Wang Persaraan (incorporated).
(2) Notwithstanding subsection (1), all matters regarding the investment of the Fund shall, subject to subsection 7 (4), managed by the investment Panel.
(3) the Board shall have the power to exercise its duties as may be conferred or imposed by this Act and do all such acts which may be exercised or done by Kumpulan Wang Persaraan (incorporated).
(4) the Board shall consist of the following members who shall be appointed by the Minister: (a) a Chairman who shall be the Secretary General of the Ministry of finance;
(b) a representative of the Central Bank;
(c) a representative of the Ministry of finance;
(d) the Chief Executive Officer who shall be a member ex-officio;
10 laws of Malaysia Act 662 (e) three representatives of the Government of Malaysia;
(f) three other people from the private sector with experience and expertise in business or finance; and (g) a person who, in the opinion of the Minister, should fairly represent the contributors to the Fund in addition to representatives of the Government of Malaysia.
(5) the Board may —

(a) appoint a representative or agent and technical advisors including actuarial, advocates and solicitors, bankers, fund managers, stock brokers, surveyors, valuers or any experts or other professionals to conduct any business or to do any act required to be exercised or performed on its functions or to carry out the purposes of this Act; and (b) pay out of the Fund all charges and expenses incurred.
(6) upon request the investment Panel, the Board may appoint and pay any person referred to in subsection (5), within or outside Malaysia, as required by the investment Panel for the purpose of carrying out duties and functions under this Act.
(7) the Minister may issue general guidelines in accordance with the provisions of this Act in respect of the exercise of the functions of the Board and the Board shall implement all guidelines issued under this section.
(8) the provisions of the Second Schedule shall apply to members of the Board.
investment Panel 7. (1) a Panel of Investment responsible for matters related to investment Fund was established.
Retirement fund 11 (2) the investment Panel shall consist of the following members who shall be appointed by the Minister: (a) a Chairman who shall be Chairman of the Board or any other person appointed by the Minister;
(b) a representative of the Central Bank;
(c) a representative of the Ministry of finance;
(d) the Chief Executive Officer who shall be the Secretary; and (e) the three others from the private sector with experience and expertise in business or finance.
(3) the investment Panel may, with the prior approval of the Minister, delegate to the Chairman of any of the powers specified in subsection 14 (1), for the purpose of carrying out its functions in an emergency, as may be determined by the Board. The Chairman shall exercise that power in accordance with the directions of the investment Panel.
(4) the investment Panel shall be subject to any instructions about general policies issued by the Board and approved by the Minister from time to time.
(5) the investment Panel shall report its activities to the Board in accordance with such form and manner as may be determined by the Board.
(6) the provisions of the Second Schedule shall apply to members of the investment Panel.
The Committee 8. (1) the Board may establish such committees to assist it in carrying out its functions under this Act. The Board may determine the Chairman, number of members and terms of reference of each Committee established.
(2) members of a Committee shall hold office for such period as may be specified in the terms of his appointment and shall be eligible for re-election.
12 laws of Malaysia Act 662 (3) a member of the Committee may, at any time, resign by giving a notice in writing to the Chairman of the Committee.
(4) the Board may revoke the appointment of any member of the Committee without assigning any reason for the revocation.
(5) the Board may, at any time, discontinue or modify the membership of a Committee.
(6) a Committee may regulate its own procedure and, in the exercise of its powers under this subsection, the Committee shall be subject to and act in accordance with any instructions given to the Committee by the Board.
(7) meetings of a Committee shall be held at any time and any place determined by the Chairman of the Committee that, subject to any direction of the Board under subsection (6).
(8) a Committee shall cause to be — (a) the minutes of all its meetings to be maintained and stored in a proper form; and (b) a copy of the minutes of all its meetings shall be submitted to the Board with the dapa secepa t t implemented.
(9) a Committee may invite any person to attend any meeting of the Committee for the purpose of advising it on any matter under discussion but that person shall not be entitled to vote at any meeting.
(10) members of a Committee or any person invited under subsection (9) shall be paid such allowances and other expenses as determined by the Board.
Chief Executive Officer 9. (1) subject to the approval of the Minister, the Board may appoint a Chief Executive Officer upon such terms and conditions as may be deemed fit by the Board.
Kumpulan Wang Persaraan 13 (2) the Board may appoint any member of the Board to act as the Chief Executive Officer if — (a) there is a vacancy at the Chief Executive Officer under subsection (1); or (b) the Chief Executive Officer is unable due to illness, vacation or any other reason to perform the duties of his Office.
(3) the Chief Executive Officer shall have such powers and duties conferred or imposed upon him by this Act conferred or imposed by the Board from time to time in addition to any power or duty as stated in the contract of appointment.
(4) the Chief Executive Officer shall be responsible for the Administration and management of the Affairs of the day to day Kumpulan Wang Persaraan (incorporated), including for the implementation of decisions made by the Board and the investment decisions made by the investment Panel in accordance with section 14 and for administrative control of the employees, officers and servants.
(5) the Chief Executive Officer shall be liable to answer and be liable to the Board for the exercise of its powers and the performance of its duties.
(6) the Chief Executive Officer shall be paid such remuneration as may be determined by the Board, with the approval of the Minister.
appointment of officers, representatives, servants, agents, etc.
10. (1) subject to any regulations made under section 12, the Board may from time to time appoint and employ any officers and servants upon such terms and conditions as the Board thinks fit to carry out the purposes of this Act and exercise disciplinary control over such officers and servants.
14 laws of Malaysia Act 662 (2) the Board may delegate to any member of the Board, Committee members or officers, consisting of the officer or member or both members and the officer, who is appointed by the Board, any of its powers under subsection (1) and member of the Board, Committee members or the officer shall exercise that power under the direction and control of the Board.
(3) the officers and servants Kumpulan Wang Persaraan (incorporated) shall hold office for such period, receive such remuneration subject to such terms and conditions of service including pension benefits as may be determined by the Board.
(4) the Board may, by instrument under seal, appoint any person in or outside Malaysia to be a representative or agent of Kumpulan Wang Persaraan (incorporated) for such purposes and with such powers as may be deemed fit by the Board to be given through the instrument.
disclosure of interest 11. (1) any member of the Board, the investment Panel or Committee that has or acquires an interest directly or indirectly by himself, through a member of his family or through its affiliates in connection with any matter under discussion by the Board, the investment Panel or Committee shall disclose to the Board, the investment Panel or Committee, as the case may be, the fact of his interest and the interest of the type.
(2) a disclosure under subsection (1) shall be recorded in the minutes of Board meetings, the investment Panel or Committee, as the case may be, in which the matter is discussed and, after the disclosure, the Member — (a) cannot attend or take part in any discussion or decision of the Board, the investment Panel or Committee, as the case may be, on the matter; and the retirement fund 15 (b) cannot be counted for the purpose of forming a quorum of the Board, the investment Panel or Committee, as the case may be, when the matter is discussed or decided.
(3) a member of the Board, the investment Panel or Committee who did not disclose his interest as required under subsection (1) commits an offence and shall, on conviction, to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding five years or both.
(4) no act or proceeding of the Board, the investment Panel or Committee may ditidaksahkan on the ground that any member of the Board, the investment Panel or Committee has violated this section.
(5) for the purposes of this section — "family member", in respect of a member of the Board, the investment Panel or Committee, including — (a) his spouse;
(b) parent (including parent's spouse);
(c) his children (including adopted children or stepchildren);
(d) other siblings (including brothers husband spouse); and (e) a husband or his wife or his sister;
"allies", in respect of a member of the Board, the investment Panel or Committee, means — (a) a person who is a member or employee of the trustee (s);
(b) the Member firms or any nominee of his, is a partner;
(c) partner to the Member;
16 laws of Malaysia Act 662

(d) the trustee of a trust under which the Member or a member of his family is a beneficiary; or (e) any corporation within the meaning of the companies Act 1965, which to the Member or any nominee of his or of a member of his family is a Director or has a substantial holding of shares in such Corporation.
The power of the Board to make regulations 12. (1) the Board may, with the approval of the Minister, make regulations as may be necessary or expedient for carrying out the provisions of this Act.
(2) without prejudice to the generality of subsection (1), regulations may be made — (a) with respect to matters of finance and accounting, including storage, closing and auditing accounts Kumpulan Wang Persaraan (incorporated) and the creation of its accounting and financial procedures themselves;
(b) to fix the responsibility of officers and servants Kumpulan Wang Persaraan (incorporated) including matters in respect of remuneration, terms and conditions of service, length of service and public officers and pekhidmatnya;
(c) with respect to conduct and discipline officers and servants Kumpulan Wang Persaraan (incorporated), the establishment of the disciplinary authority appropriate for the category of different officers and servants. Regulations made under this section may establish any disciplinary offence and provide for any disciplinary punishment as may be thought fit by the Board, such allotted and the sentence may include dismissal or demotion, and may include provision for hold work with remuneration or suspension without remuneration of an officer or the servants while waiting for the completion of the disciplinary proceedings against him;
Kumpulan Wang Persaraan 17 (d) with respect to the establishment of a Committee and procedure of the Committee;
(e) to regulate its own procedure including procedures relating to handling matters;
(f) to prescribe how a document, check and instrument of any description shall be signed or executed on behalf of Kumpulan Wang Persaraan (incorporated);
(g) to prescribe emergency circumstances as anticipated by subsection 7 (3);
(h) to regulate its own procedure in respect of unclaimed moneys pursuant to section 15; and (i) to provide for all matters that are required to be prescribed or as are necessary or expedient to give effect to and for the purpose of carrying out the provisions of this Act.
(3) regulations made under this section — (a) may provide that any act or omission that violates any of the provisions to be an offence; and (b) may provide for the imposition of a fine not exceeding five thousand dollars or imprisonment not exceeding one year or both for the offence.
Part III FINANCIAL retirement fund 13. (1) a fund known as the retirement fund was established.
(2) shall be paid or transferred from time to time into the Fund — (a) the money allocated from the consolidated fund to and for the purposes of the Fund;
18 laws of Malaysia Act 662 (b) any sum of money paid from time to time by the Board of the employees Provident Fund under section 56 employees Provident Fund Act 1991 [Act 452];
(c) all monthly contributions made by employers and organizations to Fund under section 8 of the Pension Act statutory authority and local 1980 [Act 239];
(d) money and any other property obtained or resulting from any investment Fund; and (e) contribution from pensionable officer as may be specified in any law relating to pensions.
(3) moneys and property referred to in paragraph (2) (d) shall include — (a) moneys derived from the conduct of any project or scheme, agencies, enterprises run by Kumpulan Wang Persaraan (incorporated);
(b) any property, investment, mortgage, lease, rental, charges or debentures come by or vested in Kumpulan Wang Persaraan (incorporated) and funds obtained or arising therefrom; and (c) all sums of money or other property in such a way become payable to or vested in Kumpulan Wang Persaraan (incorporated) in respect of any matter incidental to the functions, powers or duties.
(4) Notwithstanding subsection (2) and (3), shall be paid into or vested in the Fund any money and property from any source or under any law or as approved by the Minister.
(5) the Fund shall be used for the cost of the payment of any pension, gratuity or other benefits granted under any law for public service officers and employees of the statutory and local authorities in such manner and at any time as permitted by the Minister.
Kumpulan Wang Persaraan 19 (6) the Fund may be used for — (a) settle all payments required to be made under this Act; (b) any investment permitted under this Act; (c) payment to meet any judgment, decision or award by any court or tribunal of Kumpulan Wang Persaraan (incorporated);
(d) pay the expenses, costs, or expenses incurred with appropriate and necessary by the Board in discharging its duties;
(e) the costs and expenses incurred for the creation, incorporation or acquisition of a corporation or company under paragraph 4 (3) (b) or (c);
(f) remuneration, termination benefits and the granting of loans and advances to employees, officers or servants Kumpulan Wang Persaraan (incorporated) in accordance with any regulations made under this Act or upon such terms as may be determined by the Board; and (g) any costs of administration, cost, expense or other payments arising from or incidental to or related to the Administration and management of the Fund and to carry out the provisions of this Act.
(7) any person who causes money or any property to be paid or transferred out of the Fund in contravention of subsection (4), (5) and (6) commits an offence and shall, on conviction, to a fine not exceeding two million ringgit or to imprisonment for a term not exceeding ten years or both.
Investment Fund 14. (1) the investment Panel shall, subject to such restrictions or limitations that may be imposed in accordance with any instructions issued under subsection 7 (4), invested Fund — (a) as a deposit in Bank Negara Malaysia, any bank or financial institution licensed accordingly as defined under the banking and 20 laws of Malaysia Act 662 financial institutions Act 1989 [Act 372], any development financial institutions as defined under the development financial institutions Act 2002 [Act 618] , any bank Islam under the Islamic Banking Act 1983 [Act 276] and any bank or financial institution duly licensed outside Malaysia in any currency including ringgit;
(b) in money market instruments, including Treasury bills, bankers ' acceptances and certificates of deposits in any currency including ringgit;
(c) in loans, the terms profitable Kumpulan Wang Persaraan (incorporated), to the Federal Government or the Government of any State in Malaysia subject to article 111 of the Constitution;
(d) in loans, the terms profitable Kumpulan Wang Persaraan (incorporated), in respect of any public authority or Corporation of the Federal Government has an interest in it;
(e) in loans, the terms profitable Kumpulan Wang Persaraan (incorporated), in respect of any company;
(f) in bonds, notes, commercial, private debt securities, promissory notes and bills of exchange within the meaning of the Bills of Exchange Act 1949 [Act 204] negotiable instruments and other similar types of the terms profitable Kumpulan Wang Persaraan (incorporated), with respect to any company or Corporation;
(g) in bonds, notes, commercial, private debt securities, promissory notes and bills of exchange within the meaning of the Bills of Exchange Act 1949 and negotiable instruments other similar type the terms profitable Kumpulan Wang Persaraan (incorporated), in respect of any public authority or Corporation of the Federal Government has an interest in it;
Kumpulan Wang Persaraan 21 (h) in the acquisition or subscription shares in or debentures of any security listed public companies or have been approved for listing on the stock exchange in Malaysia, issued or approved sales under * the securities industry Act 1983 [Act 280];
(i) in securities of the company or corporation that is not listed and mentioned in any stock exchange established in Malaysia provided that the total amount of money invested in such in any one company or corporation not more than thirty per cent of the total amount of the Fund's shareholders for the enterprise at the time of the investment unless prior written approval has been obtained to invest in excess of that percentage;
(j) the procurement of any movable or immovable property and interests therein; and (k) any other investment with the approval of the Minister.

(2) in granting any approval under paragraph (1) (i), the Minister may impose any terms or conditions that it considers necessary.
(3) any person who causes money or any property placed with contravenes this section commits an offence and shall, on conviction, to a fine not exceeding two million ringgit or to imprisonment for a term not exceeding ten years or both.
Unclaimed money 15. (1) subject to the exceptions made under section 18 unclaimed moneys Act 1965 [Act 370], all unclaimed money held by Kumpulan Wang Persaraan (incorporated) should be included in a register kept by the Chief Executive Officer.
* NOTE — this Act was repealed by the capital markets and Services Act 2007 [Act 671] which comes into operation on 28 September 2007. Term 2 part VI have effect as at 1 April 2010 — see P.U. (B) 342/2007 and P.U. (B) 143/2010.
22 laws of Malaysia Act 662 (2) Notwithstanding any other law to the contrary, all unclaimed money should be held under the Fund until the money is paid to the person entitled to it, which, in respect of an individual, their respective heirs, executors, personal representatives, administrators, submitters rights, legal representative or agent of the individual.
Act statutory bodies (accounts and annual reports) 1980 16. Provisions of the Act statutory bodies (accounts and annual reports) 1980 [Act 240] shall apply to Kumpulan Wang Persaraan (incorporated).
The estimated annual 17. The Chief Executive Officer shall, not later than one month before the commencement of each financial year, present in front of the Board of an estimate of the expense of Kumpulan Wang Persaraan (incorporated) includes capital expenditure, for the ensuing year with such particulars and in the form specified by the Board.
Part IV GENERAL Government Guarantee for the payment of 18. (1) where any debts or liabilities of Kumpulan Wang Persaraan (Diperbadankan) cannot be explained by the Fund, debts or liabilities shall be charged on and payable out of the consolidated fund.
(2) any payment out of the consolidated fund under subsection (1) shall as soon as practicable be reimbursed by Kumpulan Wang Persaraan (incorporated) to the Consolidated Fund and until the repayment has been made, any sums owing shall be a debt due to the Government and secured by a first charge on the assets of the Fund.
Kumpulan Wang Persaraan 23 trial and abetment punishable as offences 19. (1) any person who — (a) attempting to commit any offence under this Act or any regulations made under this Act;
(b) commits any act in preparation to commit or to facilitate the Commission of any offence under this Act or any regulations made under this Act; or (c) colluding or engaging in a criminal conspiracy as defined in penal code [Act 574] to commit any offence under this Act or any regulations made under this Act, whether or not the offence was done arising thereto, commits an offence and shall, on conviction, be liable to the penalty provided for the offence.
Liability of managers, etc.
20. (1) where any offence under this Act has been committed by a person, in this section referred to as the "principal", any person who at the time of the offence, in such a way or up to any extent is responsible for the management of the business or Affairs of the principal or assist in the management of that committed such offence unless he proves that the offence was committed without the consent or pembiarannya and that he took all reasonable steps that should be taken by him , taking into account the type of functions on the property, to prevent the Commission of the offence.
(2) if any of the principal shall be liable to any penalty or penalties under this Act or any regulations made under this Act for any act, omission, neglect or default, he shall be liable to the same punishment or penalty for every act, omission, neglect 24 laws of Malaysia Act 662 or default of any servants or agents if the Act, omission, neglect or default is done by the servants in the course of his employment or by the agent while acting on behalf of the principal.
public servants and protection 21. (1) all members of the Board, the investment Panel, Committee, officers and servants Kumpulan Wang Persaraan (Diperbadankan) shall be deemed to be public servants within the meaning of the Penal Code.
(2) the Public authorities Protection Act 1948 [Act 198] shall apply to any action, suit, prosecution or proceedings against any member of the Board, the investment Panel, Committee, officers and servants Kumpulan Wang Persaraan (incorporated) in respect of any act, omission, neglect or default committed by him upon such property.
The power to amend Schedule 22. The Minister may by order published in the Gazette amend, revoke, add to or amend any Schedule to this Act.
Part V revocation, SAVINGS and TRANSITIONAL repeal Act 1991 23 pension trust fund. On the appointed date — (a) Pension Trust Fund Act 1991 [Act 454], referred to as "the repealed Act" in this Act, shall cease to have effect and shall be repealed; and (b) the Pension Trust Fund, the Pension Trust Fund and the investment Panel established under the repealed Act shall cease to exist.
Kumpulan Wang Persaraan 25 continuation law, etc.
24. (1) subject to this Act, all written law that touched or for protection of the Pension Trust Fund and in force immediately before the appointed date shall, until amended or revoked by the authority having power to do so, continue in force on and after a specified date and interpreted as if this Act was not made.
(2) any reference in any law of the repealed Act, the Pension Trust Fund or Pension Trust Fund shall, unless the context otherwise requires, be construed as a reference to this Act, Kumpulan Wang Persaraan (incorporated) or, as the case may be, and the expression that contains such a reference shall be construed accordingly.
the transfer of power, etc.
25. Subject to this Act, all the powers, rights, privileges, obligations, liabilities or obligations which immediately before the appointed date is powers, rights, privileges, obligations, liabilities or obligations of the Pension Trust Fund Council shall be from the date it is down to Kumpulan Wang Persaraan (incorporated).
transfer of ownership of land and property 26. (1) subject to this Act, all land immediately before the appointed date that vested in the Pension Trust Fund Council shall at the date it vested in Kumpulan Wang Persaraan (incorporated).
(2) subject to this Act and any directions of the Minister, all rights in action, assets and any other property besides the land immediately before the appointed date vested in the Pension Trust Fund Council or any person on behalf of the Pension Trust Fund Council shall at the date it vested in Kumpulan Wang Persaraan (incorporated).
26 laws of Malaysia Act existing Contracts 662 27. Subject to this Act, all deeds, bonds, agreement, instrument and work arrangements that existed immediately before the appointed date and touch any property transferred title under section 26 shall have effect and the full effects against or in favour of Kumpulan Wang Persaraan (incorporated) and can be enforced fully and effectively as if Kumpulan Wang Persaraan (Diperbadankan) rather than Council Pension Trust Fund has been named it or has become a party to it.
continuation of the civil and criminal proceedings 28. (1) subject to this Act, be repealed Act or repeal anything contained in this Act shall not affect the liabilities of any person prosecuted or sentenced for offences committed under the repealed Act before a specified date, or any proceeding brought or penalties incurred before that date in respect of the offence.
(2) subject to this Act, any proceedings whether civil or criminal, or cause of action is pending or existing immediately before the appointed date by or against the Pension Trust Fund Council or any person acting on behalf of the Council may be continued or commenced by or against the Kumpulan Wang Persaraan (incorporated) as it may be continued or commenced by or against the Pension Trust Fund Council or such person as if this Act was not made.
(3) any appeal brought or any truth appeal applied for on or after a specified date against a judgment given in any legal proceedings before that date to which the Council Pension Trust Fund may be brought by a party or against Kumpulan Wang Persaraan (incorporated).
Retirement fund 27

Transfer Fund 29. Subject to this Act, all moneys which were in and due to the Pension Trust Fund established under the repealed Act shall on the appointed date transferred to the Fund.
The first schedule [paragraphs 4 (3) (b)] the regulations in respect of the Corporation 1. Kumpulan Wang Persaraan (Diperbadankan) shall, on or before the date on which any corporation established under paragraph 4 (3) (b), make regulations with respect to the Corporation which provides for — (a) the purpose and objectives of the Corporation is established;
(b) the rights, powers, duties and functions of the Corporation;
(c) the system of management of the Corporation;
(d) proceedings and meetings of the Corporation, including the quorum required, and how to vote at the meeting;
(e) Financial Corporation, accounts to be kept and auditing accounts;
(f) the terms and conditions of service of officers and servants of the Corporation;
(g) the relationship between the Corporation with Kumpulan Wang Persaraan (incorporated) and the right controls on such Corporation; and (h) any other matter relating to the winding-up and dissolution of the Corporation.
Effective regulations 2. Subject to the provisions of this Act and an order made under paragraph 4 (3) (b), any regulations made under paragraph 1 shall be binding on the Corporation in respect of which regulations is made and shall have effect for all purposes as-by regulations that have been made in this Act.
28 laws of Malaysia Act 662 amendment regulations 3. Kumpulan Wang Persaraan (incorporated) may, at any time with the approval of the Minister, amend, revoke, add to or amend any regulations made in respect of any corporation under paragraph 1.
the winding 4. (1) Kumpulan Wang Persaraan (incorporated) may, with the approval of the Minister, by order published in the Gazette, direct any corporation established by him wound up and dissolved.
(2) the extent of the liability of the Corporation to his creditors shall be limited to the value of its assets at the time of the winding-up and dissolution order is to take effect.
(3) upon the dissolution of any corporation under this paragraph, the assets of the Corporation after discharged all liabilities shall be transferred to and vested in the Kumpulan Wang Persaraan (incorporated).
(4) Kumpulan Wang Persaraan (Diperbadankan) cannot be called at any time to settle the liabilities of the Corporation if the Corporation's assets are insufficient to settle its liability.
The standard of the Corporation 5. Every corporation established under paragraph 4 (3) (b) shall be a body corporate with any name conferred upon him by Kumpulan Wang Persaraan (incorporated). The Corporation shall have perpetual succession and a common seal, and may sue or be sued in the name of it, and can enter into contracts and hold and make arrangements with any movable or immovable property and may do all things and other things that are incidental or related to a body corporate in accordance with the provisions of this Act and shall be subject to such restrictions or limitations as may be prescribed by Kumpulan Wang Persaraan (incorporated) in each case.
Seal 6. (1) every corporation shall have a common seal, which contains such a corporation, with the approval of Kumpulan Wang Persaraan (incorporated), can approve such seal and may from time to time be broken, changed, altered and made anew by the Corporation as the Corporation may think fit.
Kumpulan Wang Persaraan 29 (2) until a seal is provided by the Corporation under this paragraph, a stamp bearing the name of the Corporation that surrounds the word "Kumpulan Wang Persaraan (incorporated)" may be used as a seal.
(3) the common seal or stamp mentioned in subparagraph (2) shall be kept in the custody of any person as directed by the Corporation and shall be authenticated by the person.
(4) all deeds, documents and other instruments purporting to be sealed or stamped, certified as provided in subparagraph (3), shall be deemed to have been validly executed until the contrary is proved.
(5) any deed, document or instrument which, if executed by a person not being a body corporate, is not required in order to be sealed, can follow the same way by the Corporation or any of its officers or servants of the Corporation duly authorised on his behalf.
(6) the common seal of every corporation shall be officially and judicially noticed.
Second Schedule [Subsection 6 (8) and 7 (6)] the appointment, revocation and resignation 1. (1) a member of the Board or the investment Panel shall, subject to any conditions specified in the instrument of appointment, hold office for a term not exceeding three years and upon the completion of that period, shall be eligible for re-election.
(2) the appointment of any Member may at any time be revoked by the Minister without assigning any reason for the revocation.
(3) a member may at any time resign his Office by letter addressed to the Minister.
(4) every Member should devote time to the business of the Board and their respective Investment Panel, as much as necessary to meet their obligations effectively.
30 laws of Malaysia Act 662 vacation of Office 2. (1) the position of Member of the Board or the investment Panel shall be vacated if — (a) he dies;
(b) has been proved against him or if he has been convicted on a charge in respect of — (i) an offence involving fraud, dishonesty or moral turpitude;
(ii) an offence under any law relating to corruption; or (iii) any other offence punishable with imprisonment (whether imprisonment only, or in addition to a penalty or in lieu of a fine) for more than two years;
(c) he becomes bankrupt;
(d) he is not of unsound mind or otherwise is unable to meet its obligations;
(e) he fails to attend three consecutive meetings without the permission of the Chairman of the Board or the Chairman of the investment Panel, as the case may be; or (f) resignation accepted by the Minister.
(2) if any person cease to be a member by virtue of any other provision of this Act, another person shall be appointed to replace it.
3 remuneration. Subject to the approval of the Minister, a member of the Board and the investment Panel shall be paid such remuneration as may be determined by the Board from time to time.
Meeting 4. (1) the Board shall meet at least once in every three months.
(2) the investment Panel shall meet as and when required.
(3) the Chairman and two other members of the Board or the investment Panel shall constitute a quorum at any meeting of the Board and the investment Panel, respectively.
Retirement fund 31 (4) the Chairman or, if he is not, a member elected by the members present shall preside at the meeting.
(5) where on any question there is an equality of votes, the Chairman shall have a casting vote in addition to his original vote.
(6) any minutes of meetings of the Board and the investment Panel shall, if duly signed, is admissible in evidence in all legal proceedings without further and proved every meeting in respect of which minutes have been so made shall be deemed to have been duly convened and held and all members of the meeting have been duly qualified to act.
(7) subject to subparagraph (1), (2), (3), (4) and (5), the Board and the investment Panel may determine its own procedure.
investment Panel may invite others to meetings 5. Investment Panel may invite any person who is not a member of the investment Panel to attend any meetings or discussions for the purpose of advising it on any matter under discussion but that person shall not be entitled to vote at the meeting or deliberation.
Minute 6. The Board and the investment Panel shall cause minutes of all its meetings to be maintained and stored in a proper form.
32 laws of Malaysia Act 662 laws of MALAYSIA Act 662 Retirement Fund Act 2007 LIST AMENDMENT of laws that amend the short title effect from – no – retirement fund 33 laws of MALAYSIA Act 662 Retirement Fund Act 2007 LIST SECTION AMENDED Section Power amend with effect from – THERE are –