MALAYSIAN RUBBER EXCHANGE (INCORPORATION) ACT 1962

Malaysian Rubber Exchange (Incorporation) LAWS OF MALAYSIA REPRINT Act 402 MALAYSIAN RUBBER EXCHANGE (INCORPORATION) ACT 1962 Incorporating all amendments up to 1 January 2006 PUBLISHED BY THE COMMISSIONER OF LAW REVISION, MALAYSIA UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968 IN COLLABORATION WITH PERCETAKAN NASIONAL MALAYSIA BHD 2006 1 2 MALAYSIAN RUBBER EXCHANGE (INCORPORATION) ACT 1962 First enacted … ... ... ... … … … 1962 (Act No. 11 of 1962) Revised 1989 (Act 402 w.e.f 14 December 1989) … … … … … … … PREVIOUS REPRINT First Reprint ... ... ... ... ... 2001 3 LAWS OF MALAYSIA Act 402 MALAYSIAN RUBBER EXCHANGE (INCORPORATION) ACT 1962 ARRANGEMENT OF SECTIONS Section 1. Short title and application PART I PRELIMINARY 2. Interpretation PART II INCORPORATION OF MALAYSIAN RUBBER EXCHANGE 3. Incorporation of Malaysian Rubber Exchange 4. Offices 5. Income of Corporation PART III OBJECTS OF THE CORPORATION 6. Objects PART IV MEMBERSHIP OF THE CORPORATION 7. Membership 8. (Deleted) 9. Register of Members 4 Laws of Malaysia PART V MANAGEMENT OF THE CORPORATION Section 10. (Deleted) 11. (Deleted) 12. Management and administration of Corporation 13. (Deleted) PART VI MISCELLANEOUS 14. Power to make Rules 15. (Deleted) 16. Alteration of Rules 17. Members bound by Rules, etc. 18. Safeguarding of contracts 19. Saving FIRST SCHEDULE SECOND SCHEDULE—(Deleted) ACT 402 Malaysian Rubber Exchange (Incorporation) 5 LAWS OF MALAYSIA Act 402 MALAYSIAN RUBBER EXCHANGE (INCORPORATION) ACT 1962 An Act to provide for the establishment of a Corporation to be known as the Malaysian Rubber Exchange for the setting up of a rubber market in Malaysia and the promotion and regulation of the rubber trade and industry and for matters incidental thereto. [Peninsular Malaysia—24 February 1962; Sabah and Sarawak—1 January 1974] BE IT ENACTED by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: Short title and application 1. (1) This Act may be cited as the Malaysian Rubber Exchange (Incorporation) Act 1962. (2) This Act shall apply throughout Malaysia. PART I PRELIMINARY Interpretation 2. (1) In this Act, unless the context otherwise requires— “Board” means the Malaysian Rubber Board established under the Malaysian Rubber Board (Incorporation) Act 1996 [Act 551]; “by-laws” means any by-laws made by the Board pursuant to the powers conferred upon it by the Corporation; 6 Laws of Malaysia ACT 402 “Chairman” means the Chairman of the Corporation appointed under subsection 12(3); “Corporation” means the Malaysian Rubber Exchange constituted under section 3; “Deputy Chairman” means the Deputy Chairman of the Corporation appointed under subsection 12(4); “Management Committee” means the Management Committee established under section 17 of the Malaysian Rubber Board (Incorporation) Act 1996; “Member” means a person whose name appears in the register; “Minister” means the Minister responsible for the rubber industry; “person” means an individual and any company or corporation but does not include a partnership firm or other unincorporated body or association; “register” means the register of members pursuant to section 9; “rules” means the rules made under section 14; “Secretary” means the secretary of the Corporation appointed under this Act. (2) This Act shall be read and construed as one with the Malaysian Rubber Board (Incorporation) Act 1996. (3) In the event of any inconsistency occuring between the provisions of the Malaysian Rubber Board (Incorporation) Act 1996 and the provisions of this Act, the provisions of that Act shall prevail. PART II INCORPORATION OF MALAYSIAN RUBBER EXCHANGE Incorporation of Malaysian Rubber Exchange 3. (1) The persons whose names appear in the First Schedule and all such persons as may hereafter become members of the Corporation shall be a body corporate by the name of Malaysian Rubber Exchange and by that name shall have perpetual succession. Malaysian Rubber Exchange (Incorporation) 7 (2) The Corporation shall have a common seal and such seal may from time to time be broken, changed, altered and made anew as to the Corporation seems fit. (3) The Corporation may enter into contracts, may sue and be sued in its corporate name and may acquire, purchase, lease, take, hold and enjoy movable and immovable property of every description, and may sell, exchange, convey, assign, surrender and yield up, mortgage, demise, re-assign, transfer or otherwise dispose of or deal with any movable and immovable property vested in it upon such terms as to it shall seem fit. (4) All deeds, documents and other instruments requiring the seal of the Corporation shall be sealed with the seal of the Corporation pursuant to a resolution of the Board to that effect in the presence of the Chairman or Deputy Chairman or some other person authorized by the Board to act in that behalf and of the Secretary, who shall sign every such deed, document or instrument to which such seal is affixed, and such signing shall, without further attestation, be sufficient evidence that such seal was duly and properly affixed and that the same is the lawful seal of the Corporation. Offices 4. The Corporation shall have a principal office in Malaysia at such place as the Board may from time to time determine, and may establish such other offices as the Board deem desirable. Income of Corporation 5. (1) The income of the Corporation shall accrue to the Board. (2) Subsection (1) shall not prevent the payment or repayment of remuneration or expenses to any officer or servant of the Corporation or to any Member thereof in return for services rendered to the Corporation. PART III OBJECTS OF THE CORPORATION Objects 6. The objects for which the Corporation is incorporated are: (a) to promote, support, develop and maintain the rubber industry in general, particularly as regards Malaysian national and individual interests therein, and with those 8 Laws of Malaysia ACT 402 objects in view to establish a market in Malaysia for the sale and purchase of rubber and to make such arrangements and rules as may be deemed desirable for the proper conduct of the trade and commerce in and for the marketing and distribution of rubber, and for those purposes to secure that such trade, marketing and distribution shall so far as possible be carried on through the market established by, and under the arrangements and rules from time to time formulated by or with the approval of, the Corporation; (b) (Deleted by Act A959); (c) to establish and carry on the business of a Clearing House or Settlement House or both for facilitating the conduct of mercantile business and in particular for facilitating the clearing and settlement of contracts for the purchase and sale of rubber, and to make and stipulate such remuneration, terms and conditions in respect of such business as may from time to time be determined; (d) to enter into relations and to co-operate to such extent and on such conditions as may be deemed desirable with associations or companies having objects all together or in part similar to those of the Corporation and with Chambers of Commerce and other trade, mercantile and public bodies throughout the world; (e) (Deleted by Act A959); (f) (Deleted by Act A959); (g) to make and enforce in such manner as may seem expedient by-laws and rules as to the conduct of the rubber trade and the terms and conditions on which it is to be carried on and for the maintenance of proper standards of conduct in the carrying on of such trade, and for the regulation of transactions between Members and between Members and others; (h) to inspect, sample and grade rubber in any part of the world in such manner as may be deemed expedient; (i) to act as arbitrator and to appoint arbitrators and umpires in any dispute affecting rubber or any dealing therein and otherwise to make arrangements for the settlement of disputes by arbitration; Malaysian Rubber Exchange (Incorporation) 9 (j) to appoint agents in any part of the world for any purpose incidental to any of the objects of the Corporation; (k) (Deleted by Act A959); (l) (Deleted by Act A959); (m) (Deleted by Act A959); (n) (Deleted by Act A959); (o) (Deleted by Act A959); (p) (Deleted by Act A959); (q) (Deleted by Act A959); (r) (Deleted by Act A959); (s) to provide and collect from members or otherwise funds for the purpose of carrying on or furthering the objects of the Corporation or any of them; (t) to do all such other lawful things as are incidental or conducive to the attainment of the above objects or any of them. PART IV MEMBERSHIP OF THE CORPORATION Membership 7. (1) Membership of the Corporation shall— (a) be confined to persons carrying on or intending to carry on business in such classes of the rubber trade or industry as may from time to time be prescribed by the rules; and (b) comprise Ordinary Members, Associate Members and such other category or categories as may from time to time be prescribed by the rules. (2) (Deleted by Act A959). 8. (Deleted by Act A959). 10 Laws of Malaysia ACT 402 Register of Members 9. The Corporation shall keep a register of members at its principal office, and such register shall show with respect to each Member the category and class of his membership and the said register shall be conclusive proof of the facts recorded therein. PART V MANAGEMENT OF THE CORPORATION 10. (Deleted by Act 84). 11. (Deleted by Act 84). Management and administration of Corporation 12. (1) All the powers of the Corporation shall be vested in and be exercisable by the Board except in so far as the same are by this Act or by the rules expressly required to be exercised by the Corporation in a general meeting or authorized to be delegated by the Board. (2) The Board may delegate all or any part of the powers of the Corporation vested in or exercisable by the Board to the Management Committee. (3) The Board shall, with the approval of the Minister, appoint the Chairman of the Corporation. (4) The Board may appoint a Deputy Chairman of the Corporation. 13. (Deleted by Act 84). PART VI MISCELLANEOUS Power to make Rules 14. It shall be lawful for the Corporation to make rules, not inconsistent with this Act— (a) to prescribe the form of application for membership; Malaysian Rubber Exchange (Incorporation) 11 (b) to regulate the election of members and to prescribe entrance fees and subscriptions; (c) to constitute and define the various categories or classes of members and to define the respective rights, privileges and obligations of members and of each such category and class; (d) to provide for the suspension, cancellation or termination of membership; (e) to regulate for the maintenance of proper standards of conduct in the carrying on of the rubber trade and to deal with infringements of the same; (f) (repealed by Act A959); (g) to provide for the powers and duties of the Chairman and Deputy Chairman; (h) to provide for the calling and conduct of meetings of the Corporation; (i) to provide for the appointment of a Secretary and other officers of the Corporation; (j) to provide for the keeping, audit and presentation of accounts; (k) to authorize the Board to make such by-laws as may be expedient; and (l) for any other purposes whether of a similar nature to the foregoing or not, necessary or expedient in or about the management of the Corporation or for the carrying into effect of any of the objects of the Corporation. 15. (Deleted by Act A959). Alteration of Rules 16. The rules or any of them may from time to time be revoked, altered or added to by the Corporation in General Meeting provided that — (a) twenty-one clear days’ notice shall have been given to the Ordinary Members of the Corporation of such meeting and of the proposed revocation, alteratio