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, sections 35, 37, 38 and 39 which came in force on 1 September 2000
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2002
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2006
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Act 587
/akn/my/act/act/1998/587
*PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998
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About this act
*PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 is Malaysia Act, cited as Act 587 1998, currently marked in force and first recorded in 1998.
Opening note
Preamble
- An Act to provide special laws for the acquisition, management, financing and disposition of assets and liabilities by the Corporation, the appointment of special administrators with powers to administer and manage persons whose assets or liabilities have been acquired by the Corporation and for matters connected therewith or incidental thereto. [1 September 1998, P.U. (B) 333/1998]
Opening note
Preamble
- WHEREAS special provisions are required in the public interest to assist financial institutions by removing impaired assets, to assist the business sector by dealing expeditiously with financially distressed enterprises and to promote the revitalization of the nation’s economy by injecting liquidity into the financial system, such goals to be achieved through the acquisition, management, financing and disposition of assets and liabilities: AND WHEREAS legislation is the only means by which the acquisition, management, financing and disposition of assets and liabilities can be implemented promptly, efficiently and economically for the public good: AND WHEREAS legislation is the only means by which special administrators may be appointed expeditiously to administer and manage persons whose assets or liabilities have been so acquired: AND WHEREAS Pengurusan Danaharta Nasional Berhad has been established as a corporation incorporated under the Companies Act 1965 for such purposes: NOW, THEREFORE, BE IT ENACTED by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the 8 Laws of Malaysia Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows:
Part I
PART I
PRELIMINARY
Short title, application and commencement
Section 1
(3)
This Act comes into operation 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 different provisions of this
Act in different parts of Malaysia.
Interpretation
Section 2
In this Act, unless the context otherwise requires—
“acquiree” means any person to whom the Corporation disposes an asset under section 19;
“asset” includes any credit facility, property and business or enterprise of any kind;
“authorized depository agent” has the meaning assigned to it in the
Securities Industry (Central Depositories) Act 1991 [Act 453];
“Board” means the board of directors of the Corporation;
“books” includes a register, a document, an account or accounting records, however compiled, recorded or stored, and any other record of information;
“business” means any activity carried on for the purpose of gain and includes all property derived from, or used in or for the purpose
Pengurusan Danaharta Nasional Berhad 9
of, carrying on such activity and all rights and liabilities arising from such activity;
“Central Bank” means the Central Bank of Malaysia established by the Central Bank of Malaysia Act 1958 [Act 519];
“central depository” has the meaning assigned to it in the Securities
Industry (Central Depositories) Act 1991;
“claims” means any claim, defence, counterclaim, set-off, equity, action, legal proceeding or equitable interest of any kind relating to or arising out of an asset by the obligor or any third party against the seller or in respect of the asset, whether vested or contingent, present or future;
“company” means a company incorporated under the Companies
Act 1965 and includes a corporation within the meaning assigned to the term “corporation” under the Companies Act 1965 [Act 125];
“Corporation” means the Pengurusan Danaharta Nasional Berhad;
“credit facility” means—
(a)
the giving of any advance, loan or other facility in whatever form or by whatever name called whereby the person to whom the advance, loan or facility is given has access, directly or indirectly, to the funds of the person giving it and shall include without limitation, any sale and buy back arrangement, hire purchase agreement, lease arrangement, joint venture arrangement, debt trading, guarantee, deferred payment sale, profit sharing arrangement and any other financing arrangements made in accordance with Islamic banking concepts in whatever form or by whatever name;
(c)
any other dealing or transaction as may be prescribed by the Central Bank under section 2 of the Banking and
Financial Institutions Act 1989 [Act 372];
10 Laws of Malaysia
“creditor” means any person who is owed a liability by the affected person;
“disclosed claim” in relation to—
(a)
sections 13 to 18 means any specific claim disclosed to the Corporation in writing prior to the vesting date;
(b)
section 19 means any specific claim disclosed by the
Corporation to the acquiree in writing prior to the date specified in the transfer certificate;
“disclosed obligation” in respect of an asset acquired under Part V in relation to—
(a)
sections 13 to 18 means an obligation or liability owed to the obligor by the seller under or with respect to the asset and which obligation or liability is disclosed by the seller to the Corporation in writing prior to the vesting date;
(b)
section 19 means an obligation or liability owed to the obligor by the Corporation under or with respect to the asset and which obligation or liability is disclosed by the
Corporation to the acquiree in writing prior to the date specified in the transfer certificate;
“Independent Advisor” means a person appointed under section 26;
“interest in land” means—
(a)
any interest in land, whether registered or registrable, including one to which the Strata Titles Act 1985 [Act 318] applies and which is capable of being transferred under Part Fourteen of the
National Land Code [Act 56 of 1965] or Part V of the Land
Ordinance of Sabah [Sabah Cap. 68] or Part VI of the Land
Code of Sarawak [Sarawak Cap. 81];
(c)
any other rights and entitlements relating to land;
Pengurusan Danaharta Nasional Berhad 11
“liabilities” includes debts and obligations of every kind, whether present or future, or whether vested or contingent;
“licensed institution” has the meaning assigned to it in the Banking and Financial Institutions Act 1989;
“merchant bank” has the meaning assigned to it in the Banking and
Financial Institutions Act 1989;
“Minister” means the Minister for the time being charged with the responsibility for finance;
“Minister of Finance” means the Minister of Finance incorporated under the Minister of Finance (Incorporation) Act 1957 [Act 375];
“obligor” means any person who owes a duty or obligation of any nature, whether present or future, or whether vested or contingent, to the seller under or with respect to an asset, including without limitation, an obligor under a credit facility, security or other chose in action;
“property” means any movable or immovable property and includes—
(a)
any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent;
(b)
any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of movable property or immovable property;
(c)
any security, including any stock, share, debenture, bonds, loan stocks, transferable subscription rights or warrants;
(d)
any negotiable instrument, including any bank note, bearer note, bill of exchange, promissory note, cheque and negotiable certificate of deposit;
(e)
any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or
12 Laws of Malaysia discharge of a debt or liability, whether present or future, or whether vested or contingent; and
(f)
any other tangible or intangible property;
“registered interest” means any right or interest in—
(a)
a charge to which subsection 108(3) of the Companies Act 1965 applies and is duly registered in accordance with subsection 108(1) of the Companies Act 1965; or
(b)
land which is duly registered under the Strata Titles Act 1985, the National Land Code, the Land Ordinance of
Sabah or the Land Code of Sarawak;
“Registrar of land” means the Registrar under the National Land
Code, the Registrar under the Land Ordinance of Sabah or the
Registrar under the Land Code of Sarawak, as the case may be;
“security” includes a mortgage or charge, whether legal or equitable, debenture, bill of exchange, promissory note, guarantee, lien or pledge, whether actual or constructive, hypothecation, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent;
“seller” means a person from whom the Corporation acquires an asset;
“Special Administrator” means the person appointed under section 23 or 24;
“subsidiary”—
(b)
includes a scheme involving an interest under section 84
of the Companies Act 1965 and a unit trust scheme in which the Corporation has more than fifty per cent of the voting power or more than fifty per cent of the issued interests;
Pengurusan Danaharta Nasional Berhad 13
“transfer certificate” means a certificate issued under section 19 and includes a replacement transfer certificate issued under section 19A;
“unit trust scheme” means any arrangement made for the purpose, or having the effect, of providing facilities for the participation of persons as beneficiaries under a trust in profits or income arising from the acquisition, holding, management or disposal of debentures, stocks or shares of a company or any other property;
“vesting certificate” means a certificate issued under section 14 and includes a replacement vesting certificate issued under section 14A;
“vesting date” means the date stated on a vesting certificate as the date on which an asset vests in the Corporation or subsidiary, as the case may be.
Part II
PART II
THE CORPORATION
The Corporation and its objective
Section 3
The Corporation incorporated under the Companies Act 1965
under the name “Pengurusan Danaharta Nasional Berhad” shall have the main objective of carrying on business as an asset management company and acquiring, managing, financing and disposing of assets and liabilities.
Section 4
Powers of the Corporation
(1)
Without prejudice to its powers as prescribed in its
Memorandum and Articles of Association, the Corporation shall have the power to—
(a)
carry on business as an asset management company and to acquire the whole or any part of any asset or liability of whatever form of any person, and to manage, finance and dispose of such asset or liability; and
(b)
carry out, manage or enter into any activity in relation to such asset or liability.
14 Laws of Malaysia
(2)
The powers conferred on the Corporation under subsection (1)
shall be in addition to and not in derogation of any of the rights, powers, liberties, privileges and benefits conferred on the
Corporation by this Act or any other law.
(3)
In addition to the powers vested in the Corporation by its
Memorandum and Articles of Association and this Act, the
Corporation may exercise such other powers as may be expedient or reasonably necessary for or in connection with or incidental to its objectives and the provisions of this Act shall apply to the
Corporation in respect of the exercise of such powers.
The Board
Section 5
(2)
For the purposes of subsection (1), the Minister may appoint such persons as he thinks fit and proper to act and assist the
Corporation in achieving its objectives.
(3)
The Managing Director shall be the chief executive officer of the Corporation and shall be entrusted with the day-to-day administration of the Corporation.
(4)
The provisions of the First Schedule shall apply to the Board.
Pengurusan Danaharta Nasional Berhad 15
Application of the Corporation’s Memorandum and Articles of
Association
Section 6
(2)
Where there is any conflict or inconsistency between the provisions of this Act and the provisions of the Memorandum and
Articles of Association of the Corporation, the provisions of this Act shall prevail.
Disclosure of interest
Section 7
(2)
A disclosure under subsection (1) shall be recorded in the minutes of the Board or the committee.
(3)
Upon the disclosure under subsection (1) the member—
(a)
shall not take part nor be present in any deliberation or decision of the Board or the committee; and
(b)
shall be disregarded for the purpose of constituting a quorum of the Board or the committee, relating to the matter.
(4)
A member of the Board or the committee who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding five years or to both.
(5)
No act or proceedings of the Board or the committee shall be invalidated on the ground that any member of the Board or the committee has contravened the provisions of this section.
16 Laws of Malaysia
Accounts
Section 8
(2)
The Corporation shall cause its statement of accounts to be audited by such auditors as it may appoint.
(3)
The Corporation shall as soon as practicable send a copy of the audited statement of accounts together with a copy of the auditor’s report thereon to the Minister.
(4)
The provisions of the Statutory Bodies (Accounts and Annual
Reports) Act 1980 [Act 240] shall not apply to the Corporation.
Part III
PART III
ACQUISITION OF SHARE CAPITAL OF THE
CORPORATION BY THE MINISTER OF FINANCE
Acquisition of share capital of the Corporation by the Minister of
Finance
Section 9
(2)
The Minister of Finance may exercise all rights and powers as the holder of shares in the capital of the Corporation as prescribed under its Memorandum and Articles of Association.
(3)
Notwithstanding subsection 147(6) of the Companies Act 1965, where the Minister of Finance is beneficially entitled to the whole of the issued shares of the Corporation, a minute signed by a duly authorized representative of the Minister of Finance stating that any act, matter or thing, or any ordinary or special resolution required by the Companies Act 1965 or by the Memorandum or Articles of
Association of the Corporation to be made, performed or passed by or at an ordinary general meeting or an extraordinary general meeting of the Corporation has been made, performed, or passed that act, matter, thing, or resolution shall, for all purposes, be deemed to have been duly made, performed, or passed by or at an ordinary general
Pengurusan Danaharta Nasional Berhad 17
meeting, or as the case requires, by or at an extraordinary general meeting of the Corporation.
(4)
In the application of section 36, subparagraph 217(2)(a)(i) and paragraph 218(1)(d) of the Companies Act 1965 to the Corporation, the Minister of Finance shall be deemed the holding company of the
Corporation.
Part IV
PART IV
GUARANTEE BY THE GOVERNMENT
Guarantee
Section 10
Section 14 of the Financial Procedure Act 1957 [Act 61] shall apply to the Corporation.
Section 11
The Corporation to repay to Government sums paid under guarantee
If any sum is paid out of the funds of the Government under a guarantee issued under this Part, the Corporation shall repay that sum to the Government in such manner and at such time or by such instalments as the Minister may direct.
Section 12
Terms and conditions which may be agreed to or approved
Without prejudice to section 11, the terms and conditions which may be agreed to by the Government may include, in respect of any guarantee given or agreement concluded under this Part or under any bond, debenture, promissory note or other instrument issued pursuant to any such guarantee or agreement, provision for submission by the
Corporation or the Government or both of them to the jurisdiction of the courts of the country in which the above-mentioned facility is provided.
18 Laws of Malaysia
Part V
PART V
ACQUISITION AND DISPOSITION BY THE CORPORATION
Acquisition
Section 13
(a)
elect to acquire any asset pursuant to the statutory vesting provisions set forth in this Part, in which case all of the rights and obligations of the Corporation set forth in this
Part shall apply and such election shall be conclusively made and evidenced by the Corporation’s issuance of a vesting certificate pursuant to subsection 14(7);
(b)
acquire an asset without the benefit of the provisions of this Part, in which case no vesting certificate shall be issued by the Corporation and the Corporation shall acquire and hold such asset pursuant to all provisions of applicable law other than those set forth in this Part.
(2)
The seller shall disclose to the Corporation in writing prior to the vesting date all specific claims within his knowledge relating to the asset.
(3)
Where a subsidiary of the Corporation prescribed under subsection 60(2) acquires an asset, the provisions of this Part shall apply to that subsidiary as if it were the Corporation itself.
(4)
The Corporation shall not acquire any asset of the following persons without the prior written approval of the Securities
Commission:
(a)
dealers, fund managers, and investment advisers as defined in the Securities Industry Act 1983 [Act 280];
(b)
futures broker, futures fund manager, and futures trading adviser as defined in the Futures Industry Act 1993 [Act 499];
(c)
stock exchange as defined in the Securities Industry
Act 1983;
Pengurusan Danaharta Nasional Berhad 19
(d)
recognized clearing house and participants of a recognized clearing house as defined in the Securities
Industry Act 1983;
(f)
approved clearing house and a futures broker that is an affiliate of a clearing house of an exchange company as defined in the Futures Industry Act 1993;
Section 14
(2)
A vesting under subsection (1) shall have effect according to the provisions of this Part and, notwithstanding the provisions of the
Civil Law Act 1956 [Act 67] or any other law, shall be binding on any person thereby affected in the manner provided in this Part.
(3)
The Corporation shall, on and from the vesting date for an asset, acquire all of the seller’s present and future rights, title and interest in and disclosed obligations with respect to such asset, free of any encumbrance or claim save for any registered interest prevailing as at the vesting date and disclosed claims.
(4)
Without prejudice to subsection (1), (2) or (3) in relation to an asset vested in the Corporation—
(a)
each obligor with respect to such asset shall be deemed to have released and discharged the seller from the disclosed obligations with respect to such asset;
(b)
each obligor and each other person having any right, title or interest in such asset shall be deemed to have consented
20 Laws of Malaysia to and accepted the assumption by the Corporation of all of the disclosed obligations with respect to such asset;
(c)
an existing instrument, whether in the form of a deed, will or otherwise, or order of any court, under or by virtue of which the seller has title or ownership of or rights to such asset, shall be construed and shall have effect as if for any reference therein to the seller there were substituted a reference to the Corporation;
(d)
an existing agreement in relation to such asset to which the seller was a party shall have effect in so far as it is applicable to the disclosed obligations, disclosed claims and registered interest as if the Corporation had been party thereto instead of the seller;
(e)
an existing mandate, power of attorney, authority, undertaking or consent in relation to such asset which was given to the seller, either alone or jointly with another person, shall be deemed to have effect, as if given to the
Corporation either alone or jointly with the other person, as the case may be;
(f)
a negotiable instrument or order for payment of money in relation to such asset which was given to the seller before the vesting date, shall have the same effect on and from the vesting date, as if it had been given to the Corporation;
(g)
where the custody of any goods, things or documents in relation to such asset is held by the seller as bailee immediately before the vesting date, such goods, things or documents shall be deemed to have passed to the
Corporation and the rights and disclosed obligations of the seller under any contract of bailment relating to any such asset shall be transferred to the Corporation free of any claim save for disclosed claims;
(h)
if such asset is security held immediately before the vesting date by the seller, or by a nominee of or trustee for the seller, as security for the payment or discharge of any liability of any person, such security shall be held by the
Corporation or, as the case may be, shall be held by that
Pengurusan Danaharta Nasional Berhad 21
nominee or trustee as the nominee of, or trustee for, the
Corporation with the same priority as the seller, and to the extent of that liability, shall be available to the
Corporation as security for the payment or discharge of that liability; and where any such security extends to future advances or future liabilities, shall be held by, and be available as provided for in this paragraph to the
Corporation as security for future advances by, and future liabilities to, the Corporation in the same manner in all respects as future advances by, or future liabilities to, the seller were secured thereby immediately before the vesting date;
(i)
in addition to any other right, power or remedy granted to the Corporation in this Part, the Corporation shall have the rights, powers and remedies (and in particular the rights and powers as to taking or resisting legal or other proceedings or making or resisting applications to any authority) for ascertaining, protecting or enforcing the rights, titles, interests and disclosed obligations vested in the Corporation including those rights, titles, interests or obligations in respect of any legal or other proceedings or applications to any authority pending immediately before the vesting date by or against the seller, and resisting any disclosed claims or registered interest as if they had at all times been the rights, titles, interests and obligations of the Corporation;
(j)
a judgment or award obtained by the seller in relation to such asset and not fully satisfied before the vesting date shall be enforceable by the Corporation;
(k)
no provision in any law or agreement limiting or prohibiting the right of the seller or requiring any consent to assign, sell, dispose or transfer such asset shall have any application or effect in respect of any acquisition or disposition by the Corporation, except that a disposition of such asset by the Corporation shall be subject to the approval of the relevant regulatory body or relevant State
Authority having jurisdiction over such disposition;
22 Laws of Malaysia
(l)
no acquisition or disposition of such asset by the
Corporation shall be void or voidable by reason of the application of any law;
(m)
where the interest rate under any agreement in respect of an asset acquired by the Corporation is to be determined by reference to the cost of funds or base lending rate of the seller or is an interest rate that is otherwise no longer determinable as provided in the agreement, the interest rate payable under such agreement shall be—
(i)
such interest rate as the Corporation may agree with the obligor of the agreement; or
(ii)
determined in the same manner provided in the agreement by reference to the base lending rate of a licensed institution determined by the Central
Bank.
(5)
Without prejudice to subsection (1), (2), (3) or (4), a vesting of any asset in the Corporation shall not—
(a)
be regarded as placing the Corporation, the seller, or any person deriving title from the Corporation or any other person in breach of, or default under, any contract, or in breach of confidence;
(i)
terminate or cancel or modify an agreement;
(iii)
require the performance of an obligation not otherwise arising for performance;
(c)
be regarded as placing the seller, the Corporation or any other person in breach of any law or agreement prohibiting, restricting or regulating the assignment, sale, disposition or transfer of any asset or disclosure of information;
Pengurusan Danaharta Nasional Berhad 23
(f)
be regarded as terminating, cancelling or varying any rights, privileges, exemptions
(including any tax exemptions) or priorities to which the seller was entitled and which by virtue of this section has vested in the
Corporation.
(4)
or (5), in any proceeding brought by or against the Corporation in respect of any asset vested in the Corporation pursuant to this section, no person shall raise as a claim or defence to such proceedings any of the following matters, unless such claim is a disclosed claim:
(a)
that person has had or would have had a set-off or counterclaim against the seller or any other person;
(c)
any person was a party to or privy to any fraud, duress, coercion, undue influence, or misrepresentation;
(e)
any agreement to which the asset relates was in furtherance of an illegal purpose or that any consideration given or received thereunder was unlawful or that the object of the agreement which constitutes or is one of the constituents of the asset is unlawful;
(f)
there was a total failure of or no consideration or there was any partial failure of consideration;
(g)
the person who executed or is deemed to have executed or who is a party to any document of title for the asset or written contract which evidences, gives rise to or secures the asset did not understand the document;
24 Laws of Malaysia
(h)
the person who executed or is deemed to have executed or who is a party to any document of title for the asset or written contract which evidences, gives rise to or secures the asset did not have the capacity or the authority to do the same; and
(i)
there is an error in any statement of account issued by the seller or any other person in respect of any debt to which the asset relates.
(7)
A vesting certificate executed under the seal of the Corporation stating that an asset has been vested in the Corporation shall be conclusive evidence of such vesting as of the vesting date.
(8)
A vesting certificate as specified in subsection (7) may be issued by the Corporation after the vesting date.
Replacement vesting certificate
Section 14A
(2)
Any replacement vesting certificate issued under subsection (1)
executed under the seal of the Corporation stating that an asset has been vested in the Corporation shall be conclusive evidence of such vesting as of the vesting date specified in the replacement vesting certificate.
(3)
If any law stipulates a time period within which a transfer of any of the assets stated to be the subject of a replacement vesting certificate issued under subsection (1) shall be registered or filed, that period shall commence from the date the replacement vesting certificate is issued.
(4)
Any act done by the Corporation, seller, Special Administrator or any other person in reliance of a vesting certificate previously issued shall not be affected by any omission or error rectified in a replacement vesting certificate issued under subsection (1).
Pengurusan Danaharta Nasional Berhad 25
(5)
For the purposes of this Act, a reference to a vesting certificate shall be deemed to include a reference to a replacement vesting certificate issued under subsection (1).
Preservation of rights
Section 15
(2)
Where the Court is satisfied that the person referred to in subsection (1) has a claim against the seller including any prior equitable interest in the asset which that person could have raised or claimed but is precluded by section 14, that person shall be entitled to such compensation from the seller in respect of such claim as the
Court considers fair and reasonable.
Additional provisions on land
Section 16
(2)
Where a vesting certificate vests in the Corporation any interest in land—
(i)
payment of the prescribed fee; and
(B)
showing the identity of the person and particulars of the land affected by the vesting,
26 Laws of Malaysia the Registrar under the National Land Code shall without the need for any further application or filing of any further document make a memorial on the register document of title and make such other entries and generally do all things as may be necessary to give effect to the vesting;
(i)
payment of the prescribed fee; and
(B)
showing the identity of the person and particulars of the land affected by the vesting, the Registrar under the Land Ordinance of Sabah shall without the need for any further application or filing of any further document make a memorial on the register document of title and make such other entries and generally do all things as may be necessary to give effect to the vesting;
(i)
payment of the prescribed fee; and
(B)
showing the identity of the person and particulars of the land affected by the vesting, the Registrar under the Land Code of Sarawak shall without the need for any further application or filing of any further document make a memorial on the register
Pengurusan Danaharta Nasional Berhad 27
document of title and make such other entries and generally do all things as may be necessary to give effect to the vesting.
(3)
Notwithstanding any provision in the National Land Code, the
Land Ordinance of Sabah, the Land Code of Sarawak or any other law, a vesting certificate shall be conclusive evidence of a vesting of an interest in land in the Corporation.
Other Registrars to give effect to vesting certificate
Section 17
(i)
with the vesting certificate attached to it; and
(ii)
showing the identity of the person or asset affected by the vesting, without the need for any further application or filing of any further documents, do all things and make all entries in any register or record kept by that person as may be necessary to give effect to the vesting of the asset to which the vesting certificate relates.
(2)
For the purpose of this section, subsection 112A(1) of the
Companies Act 1965 shall be deemed to apply to the Corporation as if for the word “thirty” in that subsection the word “ninety” had been substituted.
(3)
A Registrar or person who maintains a register or record mentioned in section 16 and this section shall not be liable to any person in respect of the making of any memorial on the register document of title or any other entry in the register or record in reliance on the vesting certificate.
28 Laws of Malaysia
Vesting of asset outside Malaysia
Section 18
A vesting certificate issued under section 14 may relate to any asset of the seller outside Malaysia and, if it so relates, effect may be given to it either in accordance with any reciprocal arrangements relating to enforcement of judgments that may exist between
Malaysia and the country, territory or place outside Malaysia where such asset is located, or where there are no such arrangements, in accordance with the law applicable in such country, territory or place.
Section 19
Disposition by the Corporation
(2)
Subject to the approval of the relevant regulatory body and
State Authority having jurisdiction over the disposition of an asset by the Corporation, such disposition to any acquiree shall have the effect of an acquisition of an asset by the Corporation as if that acquiree were the Corporation under section 14 and sections 15 to 18 shall apply to that acquire as they apply to the Corporation except that—
(a)
a reference to the “seller” shall be construed as a reference to the Corporation;
(b)
a reference to the “Corporation” shall be construed as a reference to that acquiree;
(c)
a reference to the “vesting certificate” shall be construed as a reference to the transfer certificate; and
(d)
a reference to the “vesting date” shall be construed as a reference to the date specified in the transfer certificate as the date of disposition.
(3)
A disposition of an asset by the Corporation to an acquire shall have the effect of transferring the Corporation’s present and future rights, title and interest in and disclosed obligations with respect to
Pengurusan Danaharta Nasional Berhad 29
such asset, free of any encumbrance or claim save for registered interests prevailing as at the date specified in the transfer certificate as the date of disposition and disclosed claims.
(4)
Subject to any requirement for the written approval of the relevant regulatory body or the relevant State Authority to the transfer, a transfer certificate executed under the seal of the
Corporation stating that an asset has been vested in the acquiree shall be conclusive evidence of such transfer as of the date specified in such transfer certificate as the date of disposition.
(5)
A transfer certificate as specified in subsection (4) may be issued by the Corporation after the date of disposition.
Replacement transfer certificate
Section 19A
(2)
Any replacement transfer certificate issued under subsection (1)
executed under the seal of the Corporation stating that an asset has been transferred to the acquiree shall be conclusive evidence of such transfer as of the date of disposition specified in the replacement transfer certificate.
(3)
If any law stipulates a time period within which a transfer of any of the assets stated to be the subject of a replacement transfer certificate issued under subsection (1) shall be registered or filed, that period shall commence from the date the replacement transfer certificate is issued.
(4)
Any act done by the Corporation, seller, Special Administrator or any other person in reliance of a transfer certificate previously issued shall not be affected by any omission or error rectified in a replacement transfer certificate issued under subsection (1).
(5)
For the purposes of this Act, a reference to a transfer certificate shall be deemed to include a reference to a replacement transfer certificate issued under subsection (1).
30 Laws of Malaysia
Permitted disclosure
Section 20
(2)
Where a seller is a person licensed under the Banking and
Financial Institutions Act 1989, such seller shall be deemed to be permitted to disclose information relating to its affairs or the affairs or the account of its customer to the Corporation.
(3)
Any information disclosed by a seller or the Corporation under subsection (1) shall not be treated as information made lawfully available to the public for the purposes of subsection 97(2) of the
Banking and Financial Institutions Act 1989.
Part VI
PART VI
MANAGEMENT OF ASSETS AND LIABILITIES
Interpretation in relation to Part VI
Section 21
In this Part, unless the context otherwise requires—
“affected person” means—
(a)
any company owing a duty or liability under a credit facility to the Corporation or any subsidiary of the
Corporation, whether present, future, vested or contingent;
(c)
any company which has provided security for the performance of or discharge of a duty or liability owed by any person to the Corporation or any subsidiary of the
Corporation, whether present, future, vested or contingent;
or
Pengurusan Danaharta Nasional Berhad 31
(d)
any company where at least two per cent of its share capital has been charged, pledged or mortgaged by any person to secure the performance of or discharge of a duty or liability owed by any person to the Corporation or any subsidiary of the Corporation, whether present, future, vested or contingent;
“primary affected person” means any company referred to in paragraph (a) of the definition of “affected person”;
“secured creditor” means a person who holds as security for a liability of an affected person—
(a)
a charge duly registered under the National Land Code, the Land Ordinance of Sabah or the Land Code of
Sarawak over land belonging to the affected person;
(b)
a fixed or floating charge on the undertaking or property of the affected person and which, if required by subsection 108(3) of the Companies Act 1965, is duly registered in accordance with subsection 108(1)
of the Companies Act 1965;
(c)
an assignment by an affected person of its rights under an agreement to purchase land or a parcel of a building where the issue document of title to the land or the strata title to the parcel of a building has not been issued at the time of the assignment;
(d)
the issue document of title to any land or any duplicate lease belonging to the affected person and in respect of which a lienholder’s caveat has been duly entered in accordance with the provisions of the National Land
Code;
(e)
a charge, mortgage, pledge or lien over marketable securities (as defined in the Companies Act 1965)
belonging to the affected person and which, if duly required by subsection 108(3) of the Companies Act 1965, is duly registered in accordance with subsection 108(1) of the Companies Act 1965; or
32 Laws of Malaysia
(f)
a charge, mortgage, pledge or lien over moneys placed on fixed deposit by the affected person duly registered under subsection 108(1) of the Companies Act 1965.
(2)
The Minister may, on the recommendation of the Corporation, amend the definition of “secured creditor” in subsection (1) by notification in the Gazette.
Establishment and functions of the Oversight Committee
Section 22
(b)
to approve the appointment of an Independent Advisor in the manner set out under section 26;
(c)
to approve the recommendations made by the Corporation for the extension or termination of any moratorium in effect pursuant to section 41; and
(d)
to approve the recommendation of the Corporation for the termination of the appointment of a Special Administrator appointed under this Act or for the termination of the administration of an affected person.
(2)
The Oversight Committee shall consist of the following members who shall be appointed by the Minister:
(3)
The persons appointed under subsection (2) may be paid such honorarium and travelling and subsistence allowances by the
Corporation as the Minister may determine.
Pengurusan Danaharta Nasional Berhad 33
(3A)
No act or proceeding of the Oversight Committee shall be invalid merely because of—
(a)
any vacancy in the membership, or any defect in the constitution, of the Oversight Committee;
(b)
any contravention by any member of the Oversight
Committee of section 65 of this Act; or
(c)
any omission, defect or irregularity in the proceedings of the Oversight Committee.
(3B)
A certificate signed by a secretary of the Oversight
Committee confirming any decision of the Oversight Committee shall be conclusive evidence of that decision.
(4)
The decision of the Oversight Committee shall be final and binding and shall not be reviewed, quashed, appealed against, or set aside by any court.
Application by affected person for appointment of Special
Administrator
Section 23
“Oversight Committee” whose functions shall be—
Subject to section 25, the board of directors or the majority of the members of an affected person may apply to the Corporation and the Corporation may recommend to the Oversight Committee for the appointment of a Special Administrator of the affected person.
Recommendation by Corporation for appointment of Special
Section 24
Administrator
Subject to section 25, the Corporation may, on its own motion, recommend to the Oversight Committee for the appointment of a
Special Administrator of any affected person.
Section 25
Criteria for appointment of Special Administrator
The Corporation may recommend the appointment of a Special
Administrator under section 23 or 24 if the Corporation is satisfied
34 Laws of Malaysia that it would serve public interest to do so or if the Corporation is satisfied that—
(i)
is unable or likely to be unable to pay its debts; or
(ii)
is unable or likely to be unable to fulfil its obligations to its creditors;
(b)
the survival of the primary affected person and the whole or any part of its assets as a going concern may be achieved;
(c)
a more advantageous realization of the primary affected person’s assets may be achieved than on a winding up; or
(d)
the appointment may achieve a more advantageous realization or a more expeditious settlement of a duty or liability owed by any person to the Corporation or any subsidiary of the Corporation, whether future, present, vested or contingent.
Appointment of Special Administrator
Section 25A
(2)
The Corporation may at any time after the appointment of the
Special Administrator under subsection (1), with the approval of the
Oversight Committee, appoint an additional Special Administrator and may, at any time, appoint a new Special Administrator to replace any existing Special Administrator.
(3)
Any decision of the Corporation under this section and sections 23, 24 and 25 shall be final and binding and shall not be reviewed, quashed, appealed against or set aside by any court.
Pengurusan Danaharta Nasional Berhad 35
Appointment of Independent Advisor
Section 26
(2)
The Corporation may, with the approval of the Oversight
Committee, appoint the Independent Advisor.
Circumstances where Special Administrator cannot be appointed
Section 27
A Special Administrator shall not be appointed—
(a)
in respect of an affected person if the affected person has been wound up by the court and the winding up order is still subsisting;
(b)
unless the written approval of the relevant regulatory body has first been obtained, in respect of an affected person that is—
(i)
licensed under the Insurance Act 1996 [Act 553];
(iii)
a dealer, fund manager or investment adviser as defined in the Securities Industry Act 1983;
(iv)
a futures broker, futures fund manager or futures trading adviser as defined in the Futures
Industry Act 1993;
(v)
a stock exchange as defined in the Securities
Industry Act 1983;
(vi)
a recognized clearing house and participant of a recognized clearing house as defined in the
Securities Industry Act 1983;
36 Laws of Malaysia
(viii)
an approved clearing house or a futures broker that is an affiliate of a clearing house of an exchange company as defined in the Futures
Industry Act 1993;
(ix)
central depository or its authorized depository agents as defined in the Securities Industry
(Central Depositories) Act 1991;
(x)
licensed under the * Offshore Banking Act 1990 [Act 443]; or
(xi)
licensed under the Islamic Banking Act 1983 [Act 276].
Duration of administration
Section 28
(2)
The Special Administrator shall be released from his appointment upon the approval of the termination of his appointment by the Oversight Committee on the recommendation of the
Corporation.
(3)
Where the Special Administrator is released from his appointment under this section, he shall, with effect from such release, be discharged from all duties and liabilities in respect of his administration or otherwise in relation to his conduct as a Special
Administrator.
*NOTE—This Offshore Banking Act 1990 [Act 443] has since been repealed by Labuan Financial
Services and Securities Act 2010 [Act 704] which comes into operation on 11 February 2010 —see
Labuan Financial Services And Securities Act 2010 [Act 704].
Pengurusan Danaharta Nasional Berhad 37
(4)
Nothing in this section shall prevent an action or other proceedings by any party for loss or damage due to the willful misconduct or gross negligence of the Special Administrator.
Notification of appointment of Special Administrator
Section 29
(a)
within two days after such appointment give written notice thereof to the affected person;
(b)
within seven days after such appointment lodge a notice of the Special Administrator’s appointment with the
Registrar of Companies in the form prescribed under this
Act; and
(c)
within seven days after such appointment cause a notice of the Special Administrator’s appointment to be published in at least two national daily newspapers, one of which shall be in the national language.
(2)
Every invoice, order for goods or services, business letter, cheque, credit note or negotiable instrument or bill of lading which, after the appointment of a Special Administrator in relation to the affected person, is issued by or on behalf of the affected person or the
Special Administrator, being a document on or in which the affected person’s name appears, shall contain the words “Special
Administrator Appointed” or similar words.
(3)
A contravention of this section shall not affect the validity of the acts of the Special Administrator in the administration of the affected person.
(4)
Any person who contravenes this section commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
38 Laws of Malaysia
Effect of appointment of Special Administrator
Section 29A
The appointment of a Special Administrator under section 23 or 24 shall not—
(a)
be regarded as placing the Special Administrator, the affected person or any other person in breach of or in default under any contract, or in breach of confidence;
(i)
terminate, cancel or modify an agreement;
(iii)
require the performance of an obligation not otherwise arising for performance;
(c)
be regarded as placing the Special Administrator, the affected person or any other person in breach of any law or agreement prohibiting, restricting or regulating the assignment, sale, disposition or transfer of any asset or disclosure of information;
(f)
be regarded as terminating, cancelling or varying any right, privilege, exemption (including any tax exemption)
or priorities in relation to an asset.
(g)
be regarded as placing the Corporation, the Oversight
Committee or the Special Administrator in breach of any law or any order of any court.
General powers of Special Administrator
Section 30
The Special Administrator shall have the powers specified in the
Second Schedule.
Pengurusan Danaharta Nasional Berhad 39
Section 31
General duties of Special Administrator
(2)
The Special Administrator shall manage the asset and affairs of the affected person—
(a)
at any time prior to the approval of the proposal by the secured creditors of the affected person under section 46, in accordance with any directions given by the
Corporation; and
(b)
at any time after the approval of the proposal by the secured creditors of the affected person under section 46, in accordance with that proposal as it may be modified from time to time in accordance with section 48.
(3)
Any Special Administrator who contravenes this section commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Special Administrator as affected person’s agent
Section 32
The Special Administrator shall, in the administration of the affected person, be deemed to be acting as the agent of the affected person.
Section 33
Officers of affected person to perform or exercise function with written approval
(2)
For the purpose of subsection (1) the Special Administrator shall be entitled to exercise all the functions of the board of directors of the affected person.
(3)
In this section—
(a)
an “officer” in relation to the affected person includes a receiver, receiver and manager, provisional liquidator and director; and
(b)
an employee of the affected person shall not be construed as an officer solely by virtue of him being an employee of the affected person.
(4)
Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Dealings with affected person’s assets
Section 34
(b)
the prior written consent of the Special Administrator was obtained for the transaction or dealing.
(2)
Any person who purports to enter into a transaction or dealing in contravention of subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Pengurusan Danaharta Nasional Berhad 41
Compensation
Section 35
(2)
Notwithstanding subsection (1) the Special Administrator may commence civil proceedings against any person to recover the asset of the affected person or compensation in lieu thereof.
Obligations of officer of affected person
Section 36
(a)
deliver to the Special Administrator all books of the affected person in the possession of the officer or employee; and
(b)
if the officer or employee knows the location of other books relating to the affected person, inform the Special
Administrator of the location of those books.
(2)
An officer or employee of an affected person shall—
(b)
give the
Special
Administrator such information concerning the affected person’s assets, affairs and financial circumstances, as the Special Administrator may reasonably require.
(3)
In this section, “officer” in relation to the affected person includes a receiver, receiver and manager, provisional liquidator and director (as defined in the Companies Act 1965).
(4)
Any person who contravenes this section or submits or causes to be submitted any information that is materially false or misleading or from which there is a material omission, commits an offence and
42 Laws of Malaysia shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Investigation of affairs
Section 37
(c)
the securities held by the creditors of the affected person referred to in paragraph (1)(b);
(d)
the dates when the securities referred to in paragraph (1)(c)
were given;
(da) a statutory declaration made pursuant to the provisions of the Statutory Declarations Act 1960 [Act 13], declaring the information in the statement of affairs as being true and correct; and
(e)
such further or other information as may be required by the Special Administrator.
(2)
The Special Administrator may require the following persons to verify and submit the statement of affairs referred to in subsection (1):
(a)
persons who are or have been officers of the affected person;
Pengurusan Danaharta Nasional Berhad 43
(b)
persons who have taken part in the formation of the affected person at any time within two years prior to the appointment of the Special Administrator; or
(c)
persons who are in the affected person’s employment or have been in the affected person’s employment within two years before the appointment of the Special Administrator who, in the opinion of the Special Administrator, have knowledge of the information required.
(3)
The Special Administrator may at any time release a person from any obligation imposed on him under subsection (1) or (2).
(4)
The Special Administrator shall, on completion of his functions and duties under this Act, return to the affected person any books, statements, documents or anything referred to under subsection 36(1)
and sections 37 and 38.
(5)
In this section “employment” includes employment under a contract for services and “officer” includes a receiver, a receiver and manager, a provisional liquidator and a director (as defined in the
Companies Act 1965).
(6)
Any person who contravenes this section commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Special Administrator’s rights to the books of the affected person
Section 38
(2)
The Special Administrator may give notice to a person and such person shall deliver to the Special Administrator the books so specified in the notice that are in his possession.
44 Laws of Malaysia
(3)
Subsections (1) and (2) shall not apply in relation to any books—
(a)
to which a secured creditor of the affected person is entitled to possession otherwise than because of a lien; or
(b)
of the affected person impounded by any regulatory body, but the Special Administrator shall be entitled to inspect and make copies of such books.
(4)
Any person who contravenes subsection (1) or (2) commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Special Administrator’s rights to assets of the affected person
Section 39
(2)
Where the Special Administrator seizes any property which is not property of the affected person and at the time of the seizure, believes, and has reasonable grounds for believing, that he is entitled to seize that property, then, the Special Administrator is not liable to any person in respect of any loss or damage resulting from the seizure unless that loss or damage is caused wilfully by the Special
Administrator or any person who acts on his behalf or by the Special
Administrator’s own negligence.
(3)
Any person who fails to comply with the requirement of the
Special Administrator under subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Pengurusan Danaharta Nasional Berhad 45
Effect of obstructing or hindering the Special Administrator
Section 39A
(2)
Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Disclaimer
Section 40
(d)
any other asset that is not saleable, or not readily saleable, by reason of its binding the possessor thereof to the performance of any onerous act, or to the payment of any sum of money, the Special Administrator may within twelve months after he becomes aware of any of the above-mentioned asset, disclaim any such asset.
(2)
The rights of any person affected by the Special Administrator pursuant to the exercise of his power to disclaim under subsection (1)
shall be dealt with in the manner set out in the proposal and any compensation to such person shall rank as an unsecured debt.
(3)
The Special Administrator may not exercise his power under subsection (1) to disclaim any market contract.
(4)
For the purpose of subsection (3), a “market contract” shall have the meaning assigned to it under section 126B of the Securities
46 Laws of Malaysia
Industry Act 1983 and shall include futures contracts traded on futures market that are cleared through an approved clearing house.
Effect of appointment of Special Administrator
Section 41
(a)
any petition for the winding up of the affected person shall be dismissed by the court;
(b)
no resolution may be passed or order made for the winding up of the affected person;
(c)
no receiver, receiver and manager or provisional liquidator, except any receiver, receiver and manager or provisional liquidator appointed by the relevant regulatory body in respect of any of the persons referred to in paragraph 27(c), may be appointed, or if appointed, his appointment shall immediately cease and he shall vacate his office;
(i)
to create, perfect or enforce any security over any asset of the affected person;
(iii)
to re-possess any asset in the possession, custody or control of the affected person; or
(iv)
to set off any debt owing to the affected person in respect of any claim against the affected person, except with the prior written consent of the Corporation;
(e)
no proceedings and no execution or other legal process may be commenced or continued with, and no distress
Pengurusan Danaharta Nasional Berhad 47
may be levied, against the affected person or its assets except with the prior written consent of the Corporation;
(f)
any application made under section 176 of the Companies
Act 1965 shall be adjourned sine die and any restraining order issued pursuant to subsection 176(10) of the
Companies Act 1965 shall be immediately discharged and set aside; and
(g)
no proceedings and no execution or other legal process may be commenced, or continued with, against any person providing a guarantee or acting as a guarantor for the liability of the affected person in respect of that liability except with the prior written consent of the Corporation.
(2)
The duration of the moratorium provided for in subsection (1)
shall be for a period of twelve months commencing from the date of the appointment of the Special Administrator and may be terminated at any time by the Corporation with the approval of the Oversight
Committee.
(3)
If—
(a)
the Corporation receives the Independent Advisor’s report before the expiry of the period specified in subsection (2), the Corporation may if it deems fit, extend the moratorium for a further period of twelve months or the duration required to complete the implementation of the proposal approved under section 46 or 48, as the case may be; or
(b)
in the opinion of the Corporation it is unlikely to receive the Independent Advisor’s report before the expiry of the period specified in subsection (2), or in any other case, upon the recommendation of the Corporation for an extension of the moratorium, the Oversight Committee may extend the moratorium for such period or periods as the Corporation may recommend or such other period or periods as the Oversight Committee may deem appropriate.
(4)
If the period of the moratorium is extended pursuant to subsection (3), a notice of the extension shall be published in at least
48 Laws of Malaysia two national daily newspapers one of which shall be in the national language.
(5)
The Corporation shall not be liable to an action or other damages in respect of a refusal to give its consent under subsection (1).
(6)
Nothing in this section shall prevent any civil or criminal proceedings from being instituted or continued by any regulatory body under any written law against the affected person.
(7)
Any decision of the Corporation under this section shall be final and binding and shall not be reviewed, quashed, appealed against or set aside by any court.
(8)
Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Undue preference
Section 42
Administrator, a moratorium shall take effect during which—
(2)
For the purposes of this section, where reference is made in the law of bankruptcy to a date for the purpose of determining the effect of bankruptcy on transactions specified therein, that date shall be the date of the appointment of the Special Administrator.
Pengurusan Danaharta Nasional Berhad 49
Recovery of cash considerations from assets acquired or sold before the appointment of Special Administrator
Section 42A
(a)
from a person who was at the time of the acquisition a director of the affected person; or
(b)
from a company of which, at the time of the acquisition, a person was a director who was also a director of the affected person, the Special Administrator may recover from the person or company from which the asset was acquired any amount by which the cash consideration for the acquisition exceeded the value of the asset at the time of its acquisition.
(2)
Where any asset has been sold by the affected person for a cash consideration within a period of two years before the appointment of a Special Administrator under this Act—
(a)
to a person who was at the time of the sale a director of the affected person; or
(b)
to a company of which, at the time of the sale, a person was a director who was also a director of the affected person, the Special Administrator may recover from the person or company to which the asset was sold any amount by which the value of the asset at the time of sale exceeded the cash consideration.
(3)
For the purposes of this section—
“cash consideration”, in relation to an acquisition or sale by the affected person, means consideration for the acquisition or sale payable otherwise than by the issue of shares in the affected person;
“value of the asset” includes the value of any goodwill or profits which might have been made from the asset or similar considerations;
and
50 Laws of Malaysia
“director” has the meaning as assigned to it in the Companies Act 1965.
Vacation of office of receiver, etc.
Section 43
(2)
All sums properly incurred in respect of the costs, expenses and remuneration of such receiver, receiver and manager, or provisional liquidator, as the case may be, shall be charged on and paid out of the realised proceeds of the affected person in the manner set out in the proposal.
Special Administrator to prepare proposal
Section 44
(1A)
The proposal of the Special Administrator or any modification to the proposal under section 48 may include any provision as the
Special Administrator thinks fit.
(1B)
Without prejudice to the generality of the foregoing, the proposal may include provision for—
(a)
a compromise or arrangement between the affected person and its creditors or any class of them or between the affected person and its members or any class of them or between the affected person and its debtors or any class of them;
(b)
the alteration or reduction of all or part of the share capital of the affected person;
Pengurusan Danaharta Nasional Berhad 51
(c)
the sale of all or part of the undertaking or property of the affected person;
(d)
the transfer to a company of the whole or any part of the undertaking, property or liabilities of the affected person;
(e)
the transfer to any company of all or part of the shares, or all the shares of a particular class, in the affected person;
(f)
the continuation by or against the company referred to in paragraph (d) of any legal proceedings pending by or against the affected person;
(h)
any other provision necessary to ensure that the Special
Administrator’s proposal or plan or any compromise, arrangement, reconstruction or amalgamation with respect to the affected person shall be fully and effectively carried out.
(2)
Upon receiving the proposal from the Special Administrator the
Corporation shall submit the proposal to the Independent Advisor appointed under section 26.
(3)
The Independent Advisor shall review the reasonableness of the proposal taking into consideration the interests of the unsecured creditors, secured creditors and members of the affected person and as soon as reasonably practicable provide his report to the
Corporation.
The Corporation to consider proposal
Section 45
(2)
The Corporation may approve the proposal for implementation once the Corporation has received the proposal together with the
Independent Advisor’s report.
52 Laws of Malaysia
Secured creditors meeting
Section 46
(c)
where the Corporation deems appropriate, a memorandum from the Corporation setting out such matters which in the view of the Corporation should be taken into account by the secured creditors in considering the proposal; and
(d)
a notice of meeting of secured creditors for the purpose set out in this section.
(2)
A meeting of secured creditors of the affected person shall be convened within fourteen days after issuance of the notice of meeting of secured creditors under subsection (1).
(3)
The meeting of secured creditors of the affected person convened under subsection (2) shall decide whether to approve or reject the proposal.
(4)
If—
(a)
a majority in value of the secured creditors, present and voting, either in person or by proxy, at the meeting approves the proposal; or
(b)
there are no secured creditors of the affected person known to the Special Administrator and the Corporation approves the proposal under subsection 45(2), the proposal, including the proposal as it may subsequently be modified under section 48, shall be binding on the affected person, all members and creditors of the affected person and any other person
Pengurusan Danaharta Nasional Berhad 53
affected by the proposal, whether or not the person had knowledge or notice of the proposal.
(5)
For the purpose of paragraph (4)(a), a resolution to approve the proposal with any modification shall be deemed to be a rejection of the proposal.
(5A)
Notwithstanding any law—
(a)
the approval or the implementation of a proposal under subsection (4), including the proposal as it may subsequently be modified under section 48, shall not release or discharge any security provided by any person to secure any duty or liability owed by the affected person to any creditor of the affected person; and
(b)
each such security and any such duty or liability of the person providing the security shall remain valid and enforceable against that person notwithstanding the approval or implementation of the proposal, including the proposal as it may subsequently be modified under section 48, or any compromise, arrangement, reconstruction or amalgamation in connection with the affected person.
(6)
The failure to notify any secured creditor of the affected person of the meeting of the secured creditors shall not invalidate the meeting convened under subsection (2) nor the validity of the resolution passed at that meeting.
(7)
For the avoidance of doubt, if the Corporation is a secured creditor of the affected person, the Corporation shall be entitled to attend and vote at a meeting of secured creditors of the affected person convened by the Special Administrator under subsection (2) or section 48.
(8)
A Special Administrator who contravenes subsection (1)
commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
54 Laws of Malaysia
Implementation of proposal
Section 47
(2)
The Special Administrator shall—
(a)
within fourteen days from the date of the approval of the proposal by the secured creditors of the affected person under section 46;
(b)
where there are no secured creditors known to the Special
Administrator, within fourteen days from the date of the approval of the proposal by the Corporation under subsection 45(2); or
(c)
within fourteen days from the date of the approval of the proposal under subsection 48(6), cause to be published in at least two national daily newspapers, one of which shall be in the national language, the approval of the proposal and the time and place for any creditor of the affected person to examine the details of the proposal.
(3)
Notwithstanding the provisions of any law or contract, a proposal approved or modified under this Act may be implemented, and the Special Administrator shall have the power to implement and do all things necessary to fully and effectively carry out and give effect to the proposal or any part of the proposal without the need for any notice to or approval or consent of any member or creditor of the affected person or any other person affected by the proposal, or approval of or confirmation by a court and any such notice, approval, consent or confirmation (whether required under any law or contract or otherwise) shall be deemed to have been duly given or obtained, as the case may be.
(4)
Where any part of the assets of the affected person is subject to the rights of the secured creditors or any other person and a proposal has been approved under this Act, the Special Administrator shall be entitled to deal with such asset in the manner set out in the proposal.
Pengurusan Danaharta Nasional Berhad 55
(5)
The Special Administrator shall apply all proceeds realised in the implementation of the proposal in the manner set out in the proposal.
(6)
Where a Special Administrator transfers property or liabilities pursuant to a proposal, then that property shall be transferred to and vest in, and those liabilities shall be transferred to and become the liabilities of, the transferee, free in the case of any particular property if the proposal so directs, from any charge, caveat or other encumbrance.
(7)
Notwithstanding anything to the contrary in any law, the
Corporation or any related company (as defined in the Companies
Act 1965) or subsidiary of the Corporation may acquire any property of, or marketable securities issued by, the affected person.
(8)
Notwithstanding anything to the contrary in any law, the
Special Administrator shall have the power to do all things necessary to give effect to and to implement the proposal approved in accordance with sections 44 to 46 or modified in accordance with section 48.
Modifications to the proposal
Section 48
(a)
the approval of the proposal by the secured creditors of the affected person under section 46; or
(b)
where there are no secured creditors known to the Special
Administrator, the approval of the proposal by the
Corporation under subsection 45(2), propose modifications to the proposal.
(2)
The Independent Advisor appointed in relation to the affected person shall review the reasonableness of the proposed modifications and shall determine the necessity to convene a meeting of the secured creditors to approve the proposed modifications.
(3)
The decision of the Independent Advisor under subsection (2)
shall be binding on the Special Administrator, the affected person, all
56 Laws of Malaysia members and creditors of the affected person and any other person affected by the proposal, whether or not the person had knowledge or notice of the modified proposal.
(4)
If the Independent Advisor thinks that it is necessary to convene a meeting of the secured creditors to consider the proposed modifications, the Special Administrator shall within sixty days from the receipt of the report of the Independent Advisor on the proposed modifications or such extended period as may be granted by the
Corporation, convene such meeting.
(5)
The Special Administrator shall, prior to the meeting convened under subsection (4) send by prepaid registered post or in such other manner prescribed under this Act to the last known address of the affected person and each of the secured creditors of the affected person known to the Special Administrator—
(b)
a copy of the report of the Independent Advisor on the proposed modifications;
(c)
where the Corporation deems appropriate, a memorandum from the Corporation setting out such matters which in the view of the Corporation should be taken into account by the secured creditors in considering the proposed modifications; and
(d)
a notice of the meeting of secured creditors for the proposed modifications set out in this section.
(6)
The meeting of the secured creditors of the affected person to consider the proposed modifications shall be convened and conducted in the manner set out in section 46.
(7)
If the Independent Advisor thinks that it is not necessary to convene a meeting of the secured creditors within a period specified in subsection (4), the Special Administrator may implement the proposed modifications which shall be binding on the affected person, all members and creditors of the affected person and any other person affected by the proposal, whether or not the person had knowledge or notice of the modifications.
Pengurusan Danaharta Nasional Berhad 57
(8)
Without prejudice to section 49, compliance with any approval condition imposed by a regulatory body shall not be construed as a modification to the proposal for the purposes of this section.
Regulatory approval conditions
Section 49
(a)
the approval of any regulatory body is required to implement the proposal; or
(b)
the approval of any regulatory body is required to implement any proposed modifications to the proposal, and approval conditions are imposed by such regulatory body, the
Corporation may, notwithstanding that the secured creditors of the affected person have agreed to the proposal under section 46 or 48, direct the Special Administrator to abandon the proposal or otherwise discontinue the implementation of the proposal if the Corporation thinks that such approval conditions are not in the interest of the affected person.
(2)
The decision of the Corporation under subsection (1) shall be binding on the affected person, all members and creditors of the affected person and any other person affected by the proposal, whether or not the person had knowledge or notice of the proposal.
Rejection or discontinuance of proposal
Section 50
If —
Where the Corporation directs the Special Administrator to abandon the proposal or otherwise discontinue the implementation of the proposal under section 49 or the proposal is not approved under section 46 or 48, the Corporation may consider other options to deal with the management and disposition of the assets of the affected person and may —
(c)
appoint a replacement Special Administrator.
Qualifications of Special Administrator
Section 51
(b)
he has consented in writing to his appointment and has not withdrawn his consent as at the date of his appointment.
(2)
The following persons shall be qualified to be appointed as a
Special Administrator:
(b)
a person who has, in the opinion of the Corporation, the requisite experience; or
(c)
a person who is, in the opinion of the Corporation, capable of performing the duties of a Special Administrator.
(3)
The following persons shall not be qualified to be appointed as a Special Administrator:
Section 52
No person shall be appointed as an Independent Advisor unless —
(a)
the person has consented in writing to the appointment and has not withdrawn its consent as at the date of its appointment; and
(i)
a merchant bank;
(iii)
a person (other than a natural person) who, in the opinion of the Corporation, has the requisite experience or is capable of performing the duties of an Independent Advisor.
Two or more Special Administrators
Section 53
Pengurusan Danaharta Nasional Berhad 59
Where two or more persons are appointed as the Special
(a)
the functions or the powers of the Special Administrator may be performed or exercised by any one of them or by both or all of them jointly;
(b)
a reference to the Special Administrator in this Act shall be a reference to whichever one of the persons appointed, as the case may be.
Report of misconduct
Section 54
Administrators of an affected person—
Special Administrator reveals any fraud, misfeasance or other misconduct in connection with the promotion or formation of the affected person or in the management of an affected person or its affairs, or where there has been any misappropriation or wrongful retention of any asset which belongs to an affected person, the
Special Administrator shall report such fraud, misfeasance or misconduct to the appropriate regulatory or enforcement body.
60 Laws of Malaysia
Section 55
Validity of transaction
Any payment made, transaction entered into, or any other act or thing done in good faith by, or with the consent of the Special
Administrator, is valid and effective for the purposes of this Act and shall not be void or voidable nor be considered as an undue preference in the winding up of the affected person.
Section 56
Extension of time
(a)
for any purpose an act is required to be done within a particular period or before a particular time under the provision of any law or any agreement; and
(b)
this Part prevents the act from being done within that period or before that time, the period is deemed to be extended or the time is deemed to be deferred for the duration of the period that such act is prevented by this Part from being done.
Part VII
PART VII
ADDITIONAL RIGHTS
Entitlement to dispose assets by private treaty
Section 57
(a)
to dispose of such property or any part of such property by way of private treaty; and
(b)
where such property consists of land, to take all steps as it deems fit to preserve the value of the land or to facilitate the disposal of the land by way of private treaty, including
Pengurusan Danaharta Nasional Berhad 61
entering the land (whether by itself or by any person authorized by it) to inspect, protect, secure, maintain or repair the land.
(2)
A sale by private treaty under subsection (1) may be effected by private contract, auction, tender or any other mode of sale.
(3)
For the purposes of subsection (1), the Corporation or the acquiree shall be deemed to be authorized by the grantor of the security to effect the transfer of ownership of the property to the purchaser.
(4)
Every Registrar of the High Court, the Registrar of Companies, the Registrar of land, the Registrar General of Ships, a central depository, an authorized depository agent, and any person maintaining a register or record of ownership or interest, as the case may be, shall accept a transfer certificate or an instrument of transfer or other registration document executed by the Corporation or the acquiree and effect the transfer of the property or any part of the property to the purchaser without the need for any further application or filing of any further documents.
(5)
Notwithstanding anything to the contrary in any law, the
Corporation or any related company or subsidiary of the Corporation may, without having to pay any deposit, acquire any property disposed of under subsection (1) and be entitled to set off the purchase price against the liability owed to any one or more of the following:
(6)
The Corporation’s rights under subsection (1) —
(a)
may be exercised notwithstanding any order for sale made whether pursuant to any rules of the court, the National
Land Code, the Land Ordinance of Sabah or the Land
Code of Sarawak or any other law and notwithstanding any step or proceedings taken or pending to sell the property;
62 Laws of Malaysia
(b)
may be exercised without the need for any approval, confirmation or order of court;
(c)
are cumulative and not exclusive of any other right or remedy provided by law or contract;
(d)
may be exercised concurrently with any right or remedy provided by law or contract.
(7)
For the purpose of this section, “related company” has the meaning assigned to it by the Companies Act 1965.
Part VIII
PART VIII
APPLICATION OF OTHER ACTS
Section 58
(b)
receive deposits (other than on current account or savings account) from any person in accordance with Islamic banking concepts; and
(2)
The provisions of the Moneylenders Act 1951 [Act 400] shall not apply to the Corporation.
(3)
Section 132G of the Companies Act 1965 shall not apply to an acquisition or disposition by the Corporation under Part V or to any transfer referred to in section 59.
Pengurusan Danaharta Nasional Berhad 63
Part IX
PART IX
APPLICATION OF THE ACT
Transfers to and between subsidiaries of the Corporation
Section 59
The Corporation may effect —
(a)
any transfer of an asset by the Corporation to any subsidiary of the Corporation;
(c)
any transfer of an asset to the Corporation from any subsidiary of the Corporation, by issuing a vesting certificate under section 14 which shall have effect of vesting all rights and liabilities of the transferor to the transferee.
Application of the Act to subsidiaries of the Corporation
Section 60
(2)
The Minister may, on the recommendation of the Corporation, by notification in the Gazette, prescribe such subsidiaries of the
Corporation for the purpose of subsection (1).
(3)
Subsection (1) shall immediately cease to apply when a subsidiary prescribed under subsection (2) is no longer a subsidiary of the Corporation.
(4)
Where a subsidiary does not carry on activities pursuant to the objectives of the Corporation, the Corporation shall inform the
Minister.
(5)
The Minister may, upon being informed by the Corporation under subsection (4) or upon being otherwise satisfied that a
64 Laws of Malaysia subsidiary does not carry on activities pursuant to the objectives of the Corporation, revoke the prescription of that subsidiary by notice in the Gazette, and subsection (1) shall immediately cease to apply to such subsidiary.
(6)
The notice of revocation under subsection (5) may contain such transitional provisions as the Minister thinks fit.
Power of Minister to direct certain provisions not to apply
Section 61
(2)
Any direction under subsection (1) may be revoked at any time by the Minister, by notice in the Gazette, if the Minister is satisfied that the circumstances that led to the giving of the direction no longer exist.
Application of Part IV to be continued
Section 62
For the avoidance of doubt, notwithstanding that the Minister of
Finance holds fifty per cent or less of the issued share capital of the
Corporation, any guarantee given by the Government pursuant to Part
IV shall continue to subsist and be fully effective and valid in accordance with its terms and Part IV shall continue to apply.
Part X
PART X
GENERAL
Judicial notice
Section 63
The Court shall take judicial notice of—
(a)
any fact or matter required to be published under this Act;
and
Pengurusan Danaharta Nasional Berhad 65
(b)
any fact or matter set out in any certificate issued under this Act.
Offer to the Corporation
Section 64
(2)
Without prejudice to subsection (1), an offer or invitation with respect to shares or debentures made to the Corporation shall be taken to be an offer or invitation that is not deemed to be an offer to the public under subsection 4(6) of the Companies Act 1965.
Obligation of secrecy
Section 65
(2)
Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
66 Laws of Malaysia
Immunity
Section 66
(2)
A Special Administrator or an Independent Advisor appointed under this Act shall not be liable to any action or other proceedings in a Court by any party for any loss or damage caused by any act or matter done or statement made or omitted to be done by him in good faith and in the intended exercise of any function or power, conferred or imposed on him under this Act except where such loss or damage is due to the wilful misconduct or gross negligence of the Special
Administrator or the Independent Advisor, as the case may be.
Indemnity
Section 66A
(a)
in the case of the Special Administrator, his costs, expenses and remuneration as approved by the
Corporation;
(b)
in the case of the Corporation, the repayment of any credit facility provided by the Corporation to the Special
Administrator or the affected person during the administration of the affected person;
(c)
in the case of any other person, the repayment of any credit facility provided by that person to the Special
Administrator or the affected person during the administration of the affected person with the approval of the Corporation.
(2)
Notwithstanding any other law, a right of indemnity under subsection (1) shall have priority over the assets of the affected
Pengurusan Danaharta Nasional Berhad 67
person and shall be paid in priority to all other secured and unsecured debts.
Offences committed by company
Section 66B
(2)
Any person who would be liable under this Act to any penalty for anything done or omitted if the thing had been done or omitted by him personally shall be liable to the same penalty if the thing had been done or omitted by his agent, unless he proves that he took all reasonable precautions to prevent the doing or omission of the thing.
(3)
In this section, “director” and “officer” shall have the meanings assigned to them in the Companies Act 1965.
No petition to wind up the Corporation
Section 67
(2)
The Corporation, its officers or employees shall not at any time be taken for any purpose, or declared by any Court or person, as carrying on the business of the Corporation with intent to defraud creditors or to have committed any offence by reason of the fact that the Corporation is carrying on business when it is insolvent or likely to be insolvent.
68 Laws of Malaysia
(3)
No officer of the Corporation shall be held liable or be guilty of an offence in any proceedings related to subsection (2).
(4)
No officer or employee of the Corporation shall be disqualified under section 130A of the Companies Act 1965 or in any way precluded or otherwise barred from holding any office, or from admission to or membership of any professional or other body under any laws solely by reason of the fact that the officer or employee was an officer or employee of the Corporation.
(5)
An officer or employee of the Corporation shall not be taken to be no longer a fit and proper person solely by reason of the fact that the officer or employee was an officer or employee of the
Corporation.
(6)
For the purpose of this section —
“officer”, in relation to the Corporation, includes a person occupying the position of a director by whatever name called, a person in accordance with whose directions or instructions the members of the Board are accustomed to act, an alternate director and the secretary of the Corporation;
“employee” means any person employed by the Corporation.
Power to make regulations
Section 68
(2)
Without prejudice to the generality of subsection (1), regulations may be made for prescribing—
(a)
forms (including forms of notification, notices and certificates) for the purposes of this Act; and
(b)
any other matter which is authorized or required or permitted by this Act to be prescribed or which is necessary or expedient to be prescribed for carrying this
Act into effect.
Pengurusan Danaharta Nasional Berhad 69
Things done in anticipation of the enactment of this Act
Section 69
All things done by any person on behalf of the Corporation in the preparation of and towards the proper implementation of any of the provisions of this Act, and any expenditure incurred in relation thereto, in anticipation of the enactment of this Act shall be deemed to have been authorized by this Act, and all rights acquired or obligations incurred on behalf of the Corporation from anything so done shall upon the coming into operation of this Act be deemed to be the rights and obligations of the Corporation.
Section 70
Power to terminate operation of this Act
(2)
As soon as possible after a Board's meeting pursuant to subsection (1), the Minister may by order published in the Gazette declare that this Act shall cease to remain in operation, and such an order may contain such consequential or transitional provisions as the
Minister may deem necessary or expedient.
Acts done in good faith
Section 71
Without prejudice to the application of any provision of this
Act, a breach of this Act or any other law by the Corporation, Special
Administrator, Independent Advisor or the Oversight Committee does not invalidate any act done by them in good faith.
Section 72
Limits on the grant of orders of court
(a)
which stays, restrains or affects the powers of the
Corporation, Oversight Committee, Special Administrator or Independent Advisor under this Act;
70 Laws of Malaysia
(b)
which stays, restrains or affects any action taken, or proposed to be taken, by the Corporation, Oversight
Committee, Special Administrator or Independent Advisor under this Act;
(c)
which compels the Corporation, Oversight Committee,
Special Administrator or Independent Advisor to do or perform any act, and any such order, if granted, shall be void and unenforceable and shall not be the subject of any process of execution whether for the purpose of compelling obedience of the order or otherwise.
Pengurusan Danaharta Nasional Berhad 71
FIRST SCHEDULE
[Subsection 5(4)]
Appointment revocation and resignation
Section 1
(2)
The appointment of any member of the Board, may at any time, be revoked by the Minister if such person is found by the Minister no longer to be a fit and proper person having regard to-
(a)
his probity, his competence and soundness of judgment for fulfilling the responsibilities as a member of the Board; and
(b)
the diligence with which he is fulfilling or likely to fulfill his responsibilities as a member of the Board.
(3)
Every member of the Board shall devote such time to the business of the Corporation as is necessary to discharge his duties effectively.
Board may invite others to attend
Section 2
The Board may invite any person to attend any meeting or deliberation of the Board for the purpose of advising it on any matter under discussion, but any person so attending shall have no right to vote at that meeting or deliberation.
Section 3
Minutes
(2)
Minutes made of meetings of the Board shall, if duly signed, be admissible in evidence in all legal proceedings without further proof.
(3)
Every meeting of the Board in respect of the proceedings of which minutes have been so made shall be deemed to have been duly convened and held and all members thereat to have been duly qualified to act.
Vacation of office
Section 4
(b)
if there has been proved against him, or he has been convicted on, a charge in respect of-
(i)
an offence involving fraud, dishonesty or moral turpitude;
(iii)
any other offence punishable with imprisonment (in itself only or in addition to or in lieu of a fine) for more than two years; or
(iv)
any provision of any written law designed to protect members of the public against financial loss due to incompetence or malpractice by persons concerned in the provisions of banking, insurance, investment or other financial services or management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts;
(d)
if he is of unsound mind or is otherwise incapable of discharging his duties;
(e)
if he absents himself from three consecutive meetings without leave of the Chairman, or, if in the case of the Chairman, without leave of the Minister;
(2)
Where any person ceases to be a member by reason of any of the provision of this Act, another person shall be appointed in his place in accordance with the provisions applying.
Validity of acts and proceedings
Section 5
No act done or proceeding taken under this Act shall be questioned on the ground of-
(a)
any vacancy in the membership of, or of any defect in the constitution, of the Board;
(b)
the contravention by any member of the Board of section 7 or section 65;or
Pengurusan Danaharta Nasional Berhad 73
(c)
any omission, defect or irregularity in the proceedings of the
Board.
Managing Director to attend meeting
Section 6
The Managing Director shall attend and participate in the discussion of any meeting of the Board but he shall not vote thereat.
Section 7
Procedure
Subject to this Act, the Board shall determine its own procedure.
74 Laws of Malaysia
SECOND SCHEDULE
[Section 30]
Section 1
Power to do all things (including the carrying out of works) as may be necessary for the management and realization of the assets and affairs of the affected person.
Section 2
Power to remove or suspend from office any director of the affected person or appoint other persons to act as directors of the affected person notwithstanding the Memorandum and Articles of Association of the affected person or any other law.
Section 3
Power to appoint any person as a director of the affected person, whether to fill a vacancy or otherwise.
Section 4
Power to take possession of, collect and get in the assets of the affected person and for that purpose, to take such proceedings as may seem to him expedient.
Section 5
Power to sell or otherwise dispose of the assets of the affected person by public auction or private contract.
Section 6
Power to raise or borrow money and grant security therefor over the assets of the affected person.
Section 7
Power to appoint a solicitor or accountant or other professionally qualified person to assist him in the performance of his functions.
Section 8
Power to bring or defend any action or other legal proceedings in the name and on behalf of the affected person.
Section 9
Power to refer to arbitration any question affecting the affected person.
Section 10
Power to effect and maintain insurances in respect of the assets of the affected person.
Section 11
Power to use the common seal of the affected person.
Section 12
Power to do all acts and to execute in the name and on behalf of the affected person any deed, receipt or other document.
Section 13
Power to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the affected person.
Section 14
Power to appoint any agent to do any business which he is unable to do himself or which can more conveniently be done by an agent and power to employ and dismiss employees.
Section 15
Power to carry on the business of the affected person.
Section 16
Power to establish subsidiaries of the affected person.
Section 17
Pengurusan Danaharta Nasional Berhad 75
Power to transfer to subsidiaries of the affected person the whole or any part of the assets of the affected person.
Section 18
Power to grant or accept a surrender of a lease or tenancy of the assets of the affected person, and to take a lease or tenancy of any asset required or convenient for the assets of the affected person.
Section 19
Power to make any arrangement or compromise on behalf of the affected person.
Section 20
Power to call up any uncalled capital of the affected person.
Section 21
Power to rank and claim in the bankruptcy, insolvency or liquidation of any person indebted to the affected person and to receive dividends, and to accede to trust deeds for the creditors of any such person.
Section 22
Power to present or defend a petition for the winding up of the affected person.
Section 23
Power to change the location of the affected person's registered office.
Section 24
Power to perform any function and exercise any power,that the affected person or any of its directors or officers could perform or exercise if a
Special Administrator had not been appointed.
Section 25
Power to make any payment which is necessary or incidental to the performance of his functions.
Section 26
Power to do all other things incidental to the exercise of the foregoing powers
76
Act 587
LIST OF AMENDMENTS
Amending law
Short title
In force from
Act A1087
Pengurusan Danaharta Nasional
Berhad (Amendment) Act 2000 01-09-1998
except para 4(d), s.11, 15, 21, 22, 23,
24, para 25(c), s.27, para 29(b) and (c), s.35, 37, 38 and 39 :
01-09-2000
77
Act 587
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from 2
01-09-2000 14
Act A1087 01-09-1998 14A
Act A1087 01-09-1998 16
Act A1087 01-09-1998 19
Act A1087 01-09-1998 19A
Act A1087 01-09-1998 20
Act A1087 01-09-1998 21
Act A1087 01-09-2000 22
Act A1087 01-09-1998 23
Act A1087 01-09-1998 24
Act A1087 01-09-1998 25
Act A1087 01-09-2000 25A
Act A1087 01-09-1998 26
Act A1087 01-09-1998 27
Act A1087 01-09-1998 28
Pengurusan Danaharta Nasional Berhad 78
Section
Amending authority
In force from 29A
Act A1087 01-09-1998 33
Act A1087 01-09-2000 36
Act A1087 01-09-2000 37
Act A1087 01-09-2000 39A
Act A1087 01-09-2000 41
Act A1087 01-09-1998 01-09-2000
42
Act A1087 01-09-1998 42A
Act A1087 01-09-2000 44
Act A1087 01-09-1998 46
Act A1087 01-09-1998 01-09-2000
47
Act A1087 01-09-1998 48
Act A1087 01-09-1998 49
Act A1087 01-09-1998 59
Act A1087 01-09-1998 65
Act A1087 01-09-2000 66
Act A1087 01-09-1998 66A-66B
Act A1087 01-09-2000 71-72
Act A1087 01-09-2000
First Schedule
Act A1087 01-09-2000
Common questions
- What is PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998?
- *PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 is Malaysia Act, cited as Act 587 1998, currently marked in force and first recorded in 1998.
- Is PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 still in force?
- Yes — PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 is currently in force.
- When did PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 take effect?
- PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 was first recorded in 1998.
- How many sections does PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 have?
- PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 contains 113 sections.
- Where can I read the official version of PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998?
- The official text of PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998 is published at lom.agc.gov.my.