PUBLIC TRUST CORPORATION ACT 1995

This Act shall come into force on such date as the Minister may, by notification in the Gazette, appoint and the Minister may appoint different dates for the coming into force of all or different provisions of this Act in respect of different States or parts of Malaysia.

Interpretation

Every property vested in the Corporation by virtue of subsection (1) shall be so vested in the Corporation for the like title, estate or interest and on the like tenure as the same was vested or held immediately before the vesting date.

Every chose in action vested in the Corporation by virtue of subsection (1) may, after the vesting date, be sued on, recovered or enforced by the Corporation in its own name and it shall not be necessary for the Corporation or the Public Trustee or the

Government of Malaysia to give notice to the person bound by the chose in action of the vesting under subsection (1).

Every right and liability vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, be sued on, recovered or enforced by or against the Corporation in its own name and it shall not be necessary for the Corporation or the Public Trustee or the Government of Malaysia to give notice to the person whose right or liability is affected by the vesting under subsection (1).

Any pending legal proceedings by or against the Public

Trustee or the Government of Malaysia which relate to any property, right or liability 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.

All property in the possession or under the control, wholly or partly, of the Public Trustee by virtue of any trust shall on the vesting date pass on to the Corporation with all the powers, rights, duties, liabilities and obligations attached thereto immediately before the vesting date to the extent that they are not inconsistent with this Act or any rules made under this Act.

Any reference in any order of Court, deed, contract,

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Public Trust Corporation instrument or other document whatsoever to the Public Trustee or the Official Administrator shall be construed as a reference to the Corporation and all rights, powers, obligations and duties conferred, imposed on, undertaken or incurred by the Public

Trustee or the Official Administrator under or by virtue of any such order of Court, deed, contract, instrument or other document shall be deemed to be conferred or imposed on or undertaken or incurred by the Corporation.

Initial Government holding in the Corporation

Shares required to be issued under this section shall be issued or allotted at such time and on such terms as to allotment as the Minister of Finance may, after consultation with the Minister, direct.

Shares issued under this section—

Any dividends or other sums received by the Minister of

Finance by virtue of this section shall be paid into the Consolidated

Fund.

Government investment in further issues of shares of the

Corporation

Any expenses incurred by the Minister of Finance in consequence of the provisions of this section shall be treated as investments and be authorized under subparagraph 8(3)(a)(iv) of the Financial Procedure Act 1957 [Act 61].

Any dividends or other sums received by the Minister of

Finance under this section shall be paid into the Consolidated

Fund.

Stamp duty shall not be chargeable in respect of any increase in the capital of the Corporation which—

Every such person who opts under subsection (1) to serve as an employee of the Corporation shall be employed by the

Corporation on terms and conditions of service not less favourable than the terms and conditions of service to which he was entitled immediately before the date appointed by the Minister under subsection (1).

Government of Malaysia to hold all shares in the Corporation

Shares in the Corporation held by the Minister of Finance shall be held by the Minister of Finance as incorporated under the Minister of Finance (Incorporation) Act 1957 [Act 375].

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Public Trust Corporation

Notwithstanding any other written law or rule of law, it shall not be necessary to complete or register a transfer of shares of the kind referred to in subsection (2) consequent upon a change in the person holding the office of the Minister of Finance.

The Minister of Finance may exercise all the rights and powers attaching to the shares in the Corporation held by him.

The Minister of Finance may, at any time, by written notice to the Company Secretary of the Corporation, authorize, on such terms and conditions as are specified in the notice, any person as he thinks fit to act as his representative at any or all of the meetings of shareholders of the Corporation or of any class of shareholders, and any person so authorized shall be entitled to exercise the same powers, on behalf of the Minister of Finance, as the Minister of Finance could exercise if present in person at the meeting or meetings.

Minister of Finance to hold shares

sell or otherwise dispose of any shares in the Corporation held by him to any person; or

permit shares in the Corporation to be allotted to any person.

Nothing in subsection (1) shall apply to redeemable preference shares that—

to be an organization that exhibits a sense of social responsibility by having regard to the interests of the

Malaysian community and by endeavouring to accommodate or encourage these when able to do so; and

to be as efficient and profitable as private trust companies.

Appointment of the Corporation

The Corporation may act either alone or jointly with any person or body of persons in any capacity to which it may be appointed and shall have the same powers, duties and liabilities and be entitled to the same rights and immunities and be subject to the same control and orders of the Court as a private person acting in that capacity.

The Corporation shall not decline to accept any appointment on the ground only of the small value of the property to which the appointment relates.

Any person aggrieved by the decision of the Corporation to decline to accept any appointment may, within fourteen days of the decision, appeal to the Minister in writing and the decision of the Minister on such appeal shall be final.

Appointment of Corporation as trustee or executor

Notwithstanding the fact that any will, settlement or other instrument creating the trust or duty may provide for or direct or require the appointment of two or more trustees, the Corporation may be appointed and lawfully act as a sole trustee.

Where the Corporation has been appointed a trustee of any trust, a co-trustee may retire from the trust under and in accordance with section 43 of the Trustee Act 1949 [Act 208], notwithstanding that there are not more than two trustees and without such consent as are required by that section.

The Corporation shall not be appointed either as a new or additional trustee where the will, settlement or other instrument creating the trust or duty contains a direction to the contrary, unless the Court otherwise orders.

Notice of any proposed appointment of the Corporation either as a new or additional trustee shall, where practicable, be given to all persons beneficially interested who are resident in

Malaysia and whose addresses are known to the person proposing to make the appointment, or, if such beneficiaries are minors, to their guardians.

If any person to whom such notice has been given applies to the Court within twenty-one days from the receipt of the notice, the Court may, if having regard to the interest of all the beneficiaries it considers it expedient to do so, make an order prohibiting the appointment being made:

Provided that a failure to give any such notice shall not invalidate any appointment made under this section.

Grant of probate and letters of administration to Corporation

The Court shall consider the Corporation as in law entitled equally with any other person or class of persons to obtain the grant of letters of administration, save that the consent or citation of the Corporation shall not be required for the grant of letters of administration to any other person and that as between

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the Corporation and the widower, widow or next-of-kin of the deceased, the widower, widow or next-of-kin shall be preferred, unless for good cause shown to the contrary.

Appointment of Corporation in place of executors, etc.

Any executor who has obtained probate or any administrator who has obtained letters of administration or any trustee may, with the sanction of the Court and after giving such notice to the persons beneficially interested as the Court may direct, and notwithstanding that he has acted in the administration of the deceased’s estate or the trust property, transfer such estate or trust property to the Corporation for administration either solely or jointly with the continuing executors, administrators or trustees, if any.

The order of the Court sanctioning such transfer shall, subject to this Act, give to the Corporation all the powers of the executor, administrator or trustee.

The executor, administrator or trustee shall not be in any way liable in respect of any act or default in relation to such estate or trust property subsequent to the date of the order other than his own act or default or the act or default of persons other than himself for whose conduct he is in law responsible.

Corporation may apply for grant on failure of grantee to extract letters of administration

where any person who has received a grant of letters of administration neglects within three months of the date of the grant to furnish such security as he is lawfully required to furnish; or

where an administrator has failed to extract the grant of letters of administration within a reasonable time after an order has been made for a grant to issue,

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Public Trust Corporation the Corporation may apply to the Court to set aside the order for the grant and to grant letters of administration of the estate to itself.

Corporation may take possession of property

Any person who without lawful authority or excuse removes or attempts to remove any portion of the property or destroys, conceals or refuses to yield up the same, on demand, to the Corporation, shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding five hundred ringgit or to imprisonment for a term not exceeding six months or to both.

No suit shall be brought against the Corporation or any of its officers for anything done by the Corporation in relation to any such property under the authority or execution or intended execution of the powers vested in the Corporation by subsection

; but any person who is aggrieved thereby may make application to the Court for redress.

Summary administration of movable property

that the total value of the property without deduction for debts, but not including the value of any property which the deceased possessed or was entitled to as trustee and not beneficially, does not exceed six hundred thousand ringgit; and

that no person is entitled to apply to the Court for grant of probate of will or no petition for letters of administration is pending,

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the Corporation shall, upon the application of a person making a claim on the property and if it thinks fit to do so, by writing declare that it undertakes to administer the property, and thereupon the Corporation shall be empowered to administer the property as though letters of administration of the estate of the deceased person had been granted to the Corporation, and the Corporation’s receipt shall be a sufficient discharge to any person who pays any money or delivers any property to the Corporation; and notice of every such declaration shall be filed in the proper Registry of the Court.

The powers conferred on the Corporation by this section shall be without prejudice to the powers to deal, without a grant of probate of will or letters of administration, with property of a deceased person conferred upon any other person by any other written law:

Provided that every such person shall, on request, supply to the Corporation a full and true account of any such property dealt with by him and shall, if so required, pay or deliver to the

Corporation any money or other property remaining under his control.

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Public Trust Corporation

At any time prior to the distribution of any part of the property among the beneficiaries thereof under this section, the

Corporation may, if it thinks expedient to do so, notwithstanding any declaration made under subsection (1), decline to proceed with the administration of the property in its hands until a distribution order or a grant of probate or grant of letters of administration has been obtained in respect of the estate of the deceased.

The proceeds of the sale of any property received by the

Corporation in accordance with subsection 23(2) of the Police

Act 1967 [Act 344] shall be dealt with in the same manner as the property is by this section ordered to be dealt with.

This section shall not apply in the case of the property of the deceased to which Part III or IV of the Small Estates

(Distribution) Act 1955 [Act 98] applies, but, subject as aforesaid, shall apply to all States.

Administration of estates of small value

the value of the property without deduction for debts, but not including the value of any property which the deceased possessed or was entitled to as trustee and not beneficially, does not exceed five thousand ringgit;

it appears to the Corporation that the persons beneficially entitled are persons of small means; and

the Corporation can administer the estate under section 17, the Corporation shall administer the estate under section 17.

Where proceedings have been instituted in any Court for the administration of an estate and by reason of the small value of the estate it appears to the Court that the estate can be more economically administered by the Corporation than by the

Court or that for any other reason it is expedient that the estate should be administered by the Corporation instead of the Court, the Court may order that the estate shall be administered by the

Corporation, and thereupon, subject to any directions by the Court, section 17 shall apply as if the administration of the estate had been undertaken by the Corporation under section 17.

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Payment of minor’s maintenance

Where the property so held exceeds forty thousand ringgit in value, the Corporation may make payments of capital money to the extent of twenty thousand ringgit.

Payments under subsections (1) and (2) may be made to the parent or guardian of such person or otherwise as the Corporation may, in its discretion, determine and whether or not there is—

If in any pending suit or proceeding it becomes necessary to add a minor as co-plaintiff, the Court may, on its own motion or on the application of the Corporation or any other person, appoint the Corporation to act as next friend of the minor in the suit or proceeding.

In any suit or proceeding in which a minor is defendant or in which it becomes necessary to add a minor as co-defendant, the Court may, on its own motion or on the application of the

Corporation or any other person, appoint the Corporation to act as guardian for the minor for the purposes of the suit or proceeding.

The Court shall not make any order under this section unless the Corporation has had an opportunity of being heard and provision is made to the satisfaction of the Court for the payment of the Corporation’s costs as between solicitor and client and for the payment of any cost which may be awarded against or directed to be paid by the Corporation.

In any suit or proceeding in which the Corporation is appointed under this section to act for a minor, no costs shall be recoverable from the Corporation.

In this section “suit” means an action or suit for the administration of the estate of any deceased person or of a trust, and “proceeding” means a proceeding under the Rules of the

High Court 1980 [P.U. (A) 50 of 1980].

Agency

a general account in which trust funds may be kept temporarily pending their investment; and

as many special and trust accounts as are necessary to enable the Corporation to perform the duties and functions and exercise the powers of the Corporation.

Any amount standing to the credit of the general accounts of the Public Trustee and the Official Administrator immediately before the appointed date shall be transferred to the general account established under paragraph (1)(a).

Power to invest

on the separate account of the estate, trust, property or person to which or to whom the money belongs;

in the Common Fund; or

in any Group Investment Fund.

Any amount standing to the credit of the Common Fund established under section 10 of the Public Trustee Act 1950 as in force before the commencement of this Act shall on the appointed date be transferred to the Common Fund.

Subject as hereinafter provided, any investment of capital moneys belonging to any estate which are held by the Corporation after the appointed date may be taken over and included in the investment account of the Common Fund.

All investments taken over under subsection (3) shall be taken over at the market rate ruling at the date of the taking over, less any interest accrued at such date, and no such investment shall be taken over unless it is an investment permitted by law for the investment of trust funds and, in the opinion of the Corporation, is likely to continue to be readily realizable. For the purposes of this subsection, interest shall be deemed to accrue from day to day and shall be apportionable in respect of time accordingly.

Any investment made on account of the Common Fund or included in its investment account shall not be made or held on account of or belong to any particular estate.

Exclusions from Common Fund

moneys expressly or by necessary implication forbidden to be included in the Common Fund or directed to be invested in investments other than those permitted by law for the investment of trust funds;

investments held by the Corporation which have not been taken over under subsection 25(3);

moneys forming any of the estates administered by the

Corporation or held by the Corporation as liquidator, receiver, receiver and manager, agent or in any other

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fiduciary capacity, which in the opinion of the Corporation having regard to the circumstances in which it holds the moneys and the duration for which the moneys are available for investment, should not be invested in the

Common Fund.

Interest payments on capital moneys in Common Fund

Such rate may be revised quarterly.

Interest payable from the Common Fund shall be credited half yearly to the respective estates:

Provided that the Corporation may, at its discretion, credit such interest at such more frequent intervals as it may deem fit in the case of any particular estate.

Corporation’s liability

The capital moneys claimable by any estate shall include the moneys from such estate included in the Common Fund and where investments have been taken over under subsection 25(3)

they shall also include the value of such investments as ascertained in accordance with subsection 25(4).

General Reserve Fund

The Corporation may direct such part of the balance standing to the credit of the income account of the Common Fund at the end of the preceding year (after deducting the interest payable to the beneficiaries and other lawful charges) to be carried to the credit of the General Reserve Fund.

The General Reserve Fund shall be used for—

The General Reserve Fund may be invested by the

Corporation in such investments as are permitted by law for the investment of trust funds or may be deposited in any bank.

All moneys forming part of any Group Investment Fund shall be invested in such class or classes of investments as the

Corporation determines at the time when the Fund is established,

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being investments authorized by the instrument or other authority by which the moneys are held or any investment permitted by law for the investment of trust funds.

Subject to this section, where moneys of any estate is in its possession and is available for investment but is not invested in the Common Fund, the Corporation may invest that money in any of its Group Investment Funds in which the money might lawfully be invested if the money is not directed to be invested in some other specified manner and investment in a Group

Investment Fund is not inconsistent with the terms of the trust instrument (if any) or other authority governing the money.

Investments made from moneys forming part of a Group

Investment Fund shall not be made on account of or belong to any particular estate.

Directions

the liquidity of the Group Investment Fund;

payment or allocation of income from the Group Investment

Fund;

the holding of the capital of the Group Investment

Fund;

the capital valuation of the Group Investment Fund;

winding up of the Group Investment Fund; and

any other matter which the Minister of Finance and the

Minister consider necessary for the protection of the investors of the Group Investment Fund.

Group Investment Fund not a partnership, etc.

as a partnership between persons entitled to interests in a Group Investment Fund; or

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Public Trust Corporation

as a scheme issuing interests within the meaning of

Division V of Part IV of the Companies Act 1965.

Any expense which might in law be retained or paid out of the trust property by a trustee shall be so retained or paid, and the fees shall be retained or paid in the like manner as and in addition to such expenses.

The incidence of the fees and expenses under this section as between capital and income shall be determined by the

Corporation.

prejudice the right of any person to follow the property representing the same, into the hands of any person, other than a purchaser, who may have received it; or

free the Corporation from any obligation to make searches similar to those which an intending purchaser would be advised to make or obtain.

Registration of the Corporation not notice of trust

The Corporation shall furnish the Minister with all such

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Public Trust Corporation returns, reports, accounts and information with respect to its property, investments and activities as the Minister may from time to time require.

Application to Court

The performance of any function or duty or the exercise of any power of the Corporation under sections 15 to 21 shall be judicially reviewable.

Legal proceedings

any matters for which rules are expressly permitted to be made under this Act;

the performance of the functions and duties or the exercise of the powers of the Corporation under sections 15 to 21;

procedures and proceedings in respect of any matter under sections 15 to 21;

any matter relating to the Group Investment Fund for which directions may be given under section 31; and

any other matter generally to give effect to the objectives of this Act.

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Before making any rules, the Minister shall—

The Minister may make such rules as he considers necessary or expedient for the purpose of removing any difficulty occasioned by the coming into force of this Act, and any such rules may be so made as to have effect from the commencement of this Act.

Power to give directions

The Public Trustee, being a corporation sole established under the Public Trustee Act 1950 and the Official Administrator being a statutory office established under the Probate and Administration

Act 1959 shall cease to exist on the appointed date.

Subject to the provisions of this Act, all written laws affecting the Public Trustee and the Official Administrator and in force immediately before the appointed date, shall, until amended or revoked, continue in force on and after the appointed date and be construed as if this Act had not been passed:

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Public Trust Corporation

Provided that any references therein to the Public Trustee and the

Official Administrator shall, unless the context otherwise requires, be construed as references to the Corporation, and expressions importing such references shall be construed accordingly.

All orders, appointments and notifications made under the Public Trustee Act 1950 and in force immediately before the appointed date shall, insofar as they are not inconsistent with this Act, be deemed to have been made under this Act and shall continue in force until other provisions are made under this Act or until the date upon which they expire.

It is hereby declared that the repeal of the Public Trustee

Act 1950 and any repeal of the provisions or amendment of the

Probate and Administration Act 1959 shall not affect any document made or anything whatsoever done under the provision so repealed or amended, and every such document or thing, so far as it is subsisting or in force at the time of the repeal or amendment and could have been made or done under this Act, shall continue and have effect as if it had been made or done under the corresponding provision of this Act and as if that provision had been in force when the document was made or the thing was done.

Subject to the provisions of this Act, neither the repeal of the Public Trustee Act 1950 nor anything contained in this

Act shall affect any person’s right to be compensated from the

Consolidated Fund and which right has arisen under the repealed

Act before the appointed date.

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Act 532

LIST OF AMENDMENTS

Amending law

Short title

In force from

– NIL –

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Public Trust Corporation

Act 532

LIST OF SECTIONS AMENDED

Section

Amending authority

In force from

– NIL –

KUALA LUMPUR

JW516386 23-09-2010