MALAYSIAN RUBBER EXCHANGE (INCORPORATION) ACT 1962

This Act shall apply throughout Malaysia.

This Act shall be read and construed as one with the Malaysian

Rubber Board (Incorporation) Act 1996.

In the event of any inconsistency occuring between the provisions of the Malaysian Rubber Board (Incorporation) Act 1996 and the provisions of this Act, the provisions of that Act shall prevail.

The Corporation shall have a common seal and such seal may from time to time be broken, changed, altered and made anew as to the Corporation seems fit.

The Corporation may enter into contracts, may sue and be sued in its corporate name and may acquire, purchase, lease, take, hold and enjoy movable and immovable property of every description, and may sell, exchange, convey, assign, surrender and yield up, mortgage, demise, re-assign, transfer or otherwise dispose of or deal with any movable and immovable property vested in it upon such terms as to it shall seem fit.

All deeds, documents and other instruments requiring the seal of the Corporation shall be sealed with the seal of the Corporation pursuant to a resolution of the Board to that effect in the presence of the Chairman or Deputy Chairman or some other person authorized by the Board to act in that behalf and of the Secretary, who shall sign every such deed, document or instrument to which such seal is affixed, and such signing shall, without further attestation, be sufficient evidence that such seal was duly and properly affixed and that the same is the lawful seal of the Corporation.

Offices

Subsection (1) shall not prevent the payment or repayment of remuneration or expenses to any officer or servant of the

Corporation or to any Member thereof in return for services rendered to the Corporation.

to promote, support, develop and maintain the rubber industry in general, particularly as regards Malaysian national and individual interests therein, and with those

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objects in view to establish a market in Malaysia for the sale and purchase of rubber and to make such arrangements and rules as may be deemed desirable for the proper conduct of the trade and commerce in and for the marketing and distribution of rubber, and for those purposes to secure that such trade, marketing and distribution shall so far as possible be carried on through the market established by, and under the arrangements and rules from time to time formulated by or with the approval of, the Corporation;

(Deleted by Act A959);

to establish and carry on the business of a Clearing House or Settlement House or both for facilitating the conduct of mercantile business and in particular for facilitating the clearing and settlement of contracts for the purchase and sale of rubber, and to make and stipulate such remuneration, terms and conditions in respect of such business as may from time to time be determined;

to enter into relations and to co-operate to such extent and on such conditions as may be deemed desirable with associations or companies having objects all together or in part similar to those of the Corporation and with

Chambers of Commerce and other trade, mercantile and public bodies throughout the world;

(Deleted by Act A959);

(Deleted by Act A959);

to make and enforce in such manner as may seem expedient by-laws and rules as to the conduct of the rubber trade and the terms and conditions on which it is to be carried on and for the maintenance of proper standards of conduct in the carrying on of such trade, and for the regulation of transactions between Members and between Members and others;

to inspect, sample and grade rubber in any part of the world in such manner as may be deemed expedient;

to act as arbitrator and to appoint arbitrators and umpires in any dispute affecting rubber or any dealing therein and otherwise to make arrangements for the settlement of disputes by arbitration;

Malaysian Rubber Exchange (Incorporation)

to appoint agents in any part of the world for any purpose incidental to any of the objects of the Corporation;

(Deleted by Act A959);

(Deleted by Act A959);

(Deleted by Act A959);

(Deleted by Act A959);

(Deleted by Act A959);

(Deleted by Act A959);

(Deleted by Act A959);

(Deleted by Act A959);

to provide and collect from members or otherwise funds for the purpose of carrying on or furthering the objects of the Corporation or any of them;

to do all such other lawful things as are incidental or conducive to the attainment of the above objects or any of them.

be confined to persons carrying on or intending to carry on business in such classes of the rubber trade or industry as may from time to time be prescribed by the rules; and

comprise Ordinary Members, Associate Members and such other category or categories as may from time to time be prescribed by the rules.

(Deleted by Act A959).

The Board may delegate all or any part of the powers of the

Corporation vested in or exercisable by the Board to the Management

Committee.

The Board shall, with the approval of the Minister, appoint the Chairman of the Corporation.

The Board may appoint a Deputy Chairman of the Corporation.

to prescribe the form of application for membership;

Malaysian Rubber Exchange (Incorporation)

to regulate the election of members and to prescribe entrance fees and subscriptions;

to constitute and define the various categories or classes of members and to define the respective rights, privileges and obligations of members and of each such category and class;

to provide for the suspension, cancellation or termination of membership;

to regulate for the maintenance of proper standards of conduct in the carrying on of the rubber trade and to deal with infringements of the same;

(repealed by Act A959);

to provide for the powers and duties of the Chairman and

Deputy Chairman;

to provide for the calling and conduct of meetings of the

Corporation;

to provide for the appointment of a Secretary and other officers of the Corporation;

to provide for the keeping, audit and presentation of accounts;

to authorize the Board to make such by-laws as may be expedient; and

for any other purposes whether of a similar nature to the foregoing or not, necessary or expedient in or about the management of the Corporation or for the carrying into effect of any of the objects of the Corporation.

twenty-one clear days’ notice shall have been given to the Ordinary Members of the Corporation of such meeting and of the proposed revocation, alteration or addition;

and

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no revocation, alteration or addition of or to any rules shall be effective—

unless the same shall have been approved by at least three quarters of the Ordinary Members present and voting at such meeting of the Corporation; and

Notwithstanding any written law to the contrary the Director

General of Insolvency or Liquidator administering the assets of a

Member upon bankruptcy or winding up shall be entitled to all the rights and be bound by all the obligations of such Member under this Act and the rules and by-laws.

Safeguarding of contracts

purports to be a contract or agreement for the sale or purchase of rubber;

is in a form prescribed by the rules or by-laws; and

is entered into by any person with or through the agency of a Member.

Section 31 of the Contracts Act 1950 [Act 136], and section 26 of the Civil Law Act 1956 [Act 67], shall not apply to any contract or agreement which falls within subsection (1).

Notwithstanding anything to the contrary contained in any other written law, no contract or agreement which falls within subsection (1) shall be illegal or invalid on the grounds that the

Malaysian Rubber Exchange (Incorporation)

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parties to such contract or agreement or any of them did not at the time of entering into such contract or agreement hold or possess any licence or permit to sell, purchase or otherwise to deal in rubber, the holding or possessing of which is required under any written law.

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