*UNCLAIMED MONEYS ACT 1965

This Act shall apply throughout Malaysia.

Interpretation

which are legally payable to the owner and have remained unpaid for a period of not less than two years after they have become payable;

to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years; and

to the credit of a trade account which has remained dormant for a period of not less than two years.

The Minister may appoint one or more officers in the

Government service to be the Deputy Registrars of Unclaimed Moneys and Assistant Registrars of Unclaimed Moneys for the purposes of this

Act.

Subject to the general direction and control of the Registrar and to such restrictions and limitations as may be prescribed under this Act or authorized or required to be done or signed by the Registrar may be done or signed by any Deputy Registrar or Assistant Registrar and shall be as valid and effectual as if done or signed by the Registrar.

No person dealing with any Deputy Registrar or Assistant

Registrar shall be concerned to see or inquire whether any restrictions or limitations have been prescribed, and every act or omission of a

Deputy Registrar or Assistant Registrar so far as it effects any such person shall be as valid and effectual as if done or omitted by the

Registrar.

Provision for payment into Consolidated Revenue Account in certain cases of unclaimed money in court

until the day on which (according to satisfactory evidence filed in the court) such person became of age or such other disability was determined or such event happened (as the case may be); or

until the day on which (according to satisfactory evidence filed in the court) such person died, whichever day was the earlier.

Interpretation of “money paid into court” to include securities, interest, dividends, etc.

For the purposes of this Part “money paid into court” means money or any security paid into court or paid into any bank (whether in the name or to the credit of the Registrar or any person appointed by the Minister under subsection 4A(2)) or paid into any Bank Simpanan

Nasional to be subject to the order or disposition of the court, and from the time of such payment includes any security or money into which such first-mentioned money or security or any part thereof is or has been converted and all interest and every dividend or other profit

Unclaimed Moneys 9

accrued or accruing from any such money or security up to the time of payment into the Consolidated Revenue Account, and for the purpose of such payment into the Consolidated Revenue Account includes the proceeds of the sale or conversion into money of any such security under section 6.

Power of Registrar or person appointed to sell securities and power of Judge of High Court to make vesting orders

When any such order is made and a copy thereof is served upon the Minister he shall in compliance with such order without any further or other authority than this Act pay the amount specified in such order

(without interest from the date of payment into the Consolidated

Revenue Account) to the person to whom such order directs such payment to be made; and such amount shall be charged upon the

Consolidated Fund and be payable out of the Consolidated Revenue

Account (which is hereby to the necessary extent appropriated for the purpose accordingly).

any Board established to manage employees provident fund superannuation schemes or any other fund relating to retirement benefits;

all societies and co-operative societies registered under any written law relating to societies or to co-operative societies; and

all corporations, public authorities and trade unions;

“firm” means an unincorporated body of persons (whether consisting of individuals or of corporations or partly of individuals and

*NOTE—The Companies Act 1965 [Act 125] has been repealed by the Companies Act 2016 [Act 777]

which comes into operation on 31 January 2017―see subsection 620(1) of Act 777.

Unclaimed Moneys 11

partly of corporations) associated together for the purpose of carrying on business;

“officer”—

in relation to a company includes—

any director secretary or employee of the company;

and

in relation to a firm includes any partner, member, manager or employee of the firm;

(Deleted by Act A1161);

“owner” means the person entitled to any unclaimed moneys and includes his executors, administrators or assigns or, in the case of a company within the meaning of the *Companies Act 1965 its liquidators, or his or their lawful attorney or agent in Malaysia.

The company or firm shall annually, not later than the last day of March, lodge with the Registrar at his office a copy of the register which shall contain particulars of all unclaimed moneys which have remained unpaid up to the last day of December of the previous year together with all the unclaimed moneys reported in the register.

The Registrar may, on the application of the company or firm, grant an extension of time for the lodgment of the register together with the unclaimed moneys to the Registrar under subsection (2).

A company or firm which fails to comply with subsections (1)

and (2) shall be guilty of an offence and the company or firm and every officer of the company or firm who is in default shall be liable, on conviction, to a fine not exceeding twenty thousand ringgit and shall, in the case of a continuing offence, be liable to a further fine not exceeding one thousand ringgit for each day during which the offence continues.

Notwithstanding any rule of law to the contrary, any rights of the owner in respect of unclaimed moneys which exist at the time of the making of the entries in the register under subsection (1) shall not be prejudiced or affected by the making of such entries, but those moneys may be recovered from the company or firm by the owner at any time before the moneys are lodged with the Registrar under subsection (2).

Where the unclaimed moneys have been lodged with the

Registrar, the owner of the unclaimed moneys may recover the moneys from the Registrar in accordance with the provisions of this Part.

Requirement to publish register

Any company or firm which fails to comply with subsection (1)

shall be guilty of an offence and shall be liable, on conviction, to a fine not exceeding twenty thousand ringgit and shall, in the case of a continuing offence, be liable to a further fine not exceeding one thousand ringgit for each day during which the offence continues.

Enquiries into unclaimed moneys

Any unclaimed moneys credited to the Consolidated Trust

Account (to the extent to which they have not been paid out of the

Consolidated Trust Account under this Part) shall, on the lapse of ten years from the date the moneys were credited to the Consolidated Trust

Account, be transferred to the Consolidated Revenue Account.

No interest shall be payable on all moneys held in the

Consolidated Trust Account or in the Consolidated Revenue Account under this Part.

Registrar may inspect register, etc., to ascertain whether company or firm is complying with this Part

No person shall make an inspection under subsection (1) unless he has made a declaration of secrecy in the form to be determined by the Registrar.

Penalties

A person—

A company or firm and any officer of a company or firm—

Where any unclaimed moneys paid to any claimant are afterwards claimed by any other person that other person shall not be entitled to the payment thereof, but such person may have recourse against the claimant to whom the unclaimed money has been paid.

16 Laws of Malaysia ACT 370

Persons not so required by this Part may pay moneys not claimed to the Registrar

This section shall not apply to any money paid into court pursuant to Part I of this Act.

Regulations

*15. The Minister of Finance may make regulations for or with respect to—

An offer under subsection (1) may be made at any time after the offence has been committed, but before prosecution for it has been instituted, and if the amount specified in the offer is not paid within the time specified in the offer or within such extended period as the

Registrar may grant, prosecution for the offence may be instituted at any time after that against the person to whom the offer was made.

If an offence has been compounded under subsection (1), no prosecution shall be instituted in respect of the offence against the person to whom the offer to compound was made.

All sums of money received by the Registrar under this section shall be paid into and form part of the Federal Consolidated Fund.

Forms

Any extension of time granted under subsection 10(3) of the principal Act before the date of coming into operation of this Act shall, on the date of coming into operation of this Act, be dealt with as if the principal Act had not been amended by this Act.

19

Act 370

LIST OF AMENDMENTS

Amending law Short title In force from

Act 146

Bank Simpanan Nasional Act 1974 01-12-1974

Unclaimed Moneys (Amendment)

01-06-1975

Act 1975

Unclaimed Moneys (Amendment)

01-01-1976

Act 1976

Unclaimed Moneys (Amendment)

01-06-1989

Act 1989

Unclaimed Moneys (Amendment)

01-01-2003

Act 2002

Act A1708

Unclaimed Moneys (Amendment)

01-08-2024

Act 2024

_________________

20

Act 370

LIST OF SECTIONS AMENDED

Section

Amending authority

In force from

2

2A

3

Act A722 01-06-1989

4

4A

5

Act 146

Act A1708 01-12-1974 01-08-2024

6

7

Heading of Part II

Act A1161 01-06-1989

01-01-2003

8

Act A1708 01-06-1989 01-01-2003 01-08-2024

9

Act A1708 01-06-1975 01-08-2024

10

Act A1161 01-01-1976 01-06-1989 01-01-2003

10A

Act A1708 01-01-2003 01-08-2024

10B

Unclaimed Moneys 21

Section

Amending authority

In force from

11

Act A1708 01-01-1976 01-06-1989 01-01-2003 01-08-2024

12

Act A1161 01-01-1976 01-06-1989 01-01-2003

13

Act A1161 01-06-1989 01-01-2003

14

15

Act A1708 01-01-2003 01-08-2024

16

Act A1161 01-06-1975 01-01-2003

17

18

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