UNCLAIMED MONEYS ACT 1965

LAWS OF MALAYSIA ONLINE VERSION OF UPDATED TEXT OF REPRINT Act 370 UNCLAIMED MONEYS ACT 1965 1 August 2024 This text is ONLY AN UPDATED TEXT of the Unclaimed Moneys Act 1965 by the Attorney General’s Chambers. Unless and until reprinted pursuant to the powers of the Commissioner of Law Revision under subsection 14(1) of the Revision of Laws Act 1968 [Act 1], this text is NOT AN AUTHENTIC TEXT. 2 UNCLAIMED MONEYS ACT 1965 First enacted … … … 1965 (Act 74 of 1965) Revised … … … 1989 (Act 370 w.e.f. 10 August 1989) Latest amendment made by Act A1708 which came into operation on … … … 1 August 2024 PREVIOUS REPRINTS First Reprint … … … 2001 Second Reprint … … … 2006 3 LAWS OF MALAYSIA Act 370 UNCLAIMED MONEYS ACT 1965 ARRANGEMENT OF SECTIONS Section 1. Short title and application 2. Interpretation 2A. Unclaimed moneys 3. (Deleted) 4. Saving 4A. Registrar of Unclaimed Moneys, etc. PART I MONEYS IN COURT 5. Provision for payment into Consolidated Revenue Account in certain cases of unclaimed money in court 6. Power of Registrar or person appointed to sell securities and power of Judge of High Court to make vesting orders 7. Provision for claims, etc., made after payment into Consolidated Revenue Account PART II MONEYS IN COMPANIES AND FIRMS 8. Interpretation 9. Deleted) 10. Register and lodgment of unclaimed moneys 4 Laws of Malaysia ACT 370 Section 10A. Requirement to publish register 10B. Enquiries into unclaimed moneys 11. Disposal of unclaimed moneys 12. Registrar may inspect register, etc., to ascertain whether company or firm is complying with this Part 13. Registrar to pay lawful claimant 14. Persons not so required by this Part may pay moneys not claimed to the Registrar 15. Regulations 16. Power to compound offences 17. Forms 18. Power to exempt 5 LAWS OF MALAYSIA Act 370 UNCLAIMED MONEYS ACT 1965 An Act relating to the payment of unclaimed moneys into the Federal Consolidated Fund. [1 June 1975] 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) (2) This Act may be cited as the Unclaimed Moneys Act 1965. This Act shall apply throughout Malaysia. Interpretation 2. In this Act, unless the context otherwise requires— “Consolidated Fund” means the Federal Consolidated Fund; “Consolidated Trust Account” means the Federal Consolidated Trust Account maintained pursuant to paragraph 7(c) of the Financial Procedure Act 1957 [Act 61]; “Consolidated Revenue Account” means the Federal Consolidated Revenue Account maintained pursuant to paragraph 7(a) of the Financial Procedure Act 1957; 6 Laws of Malaysia ACT 370 “Minister” means the Minister charged with responsibility for finance; “prescribed” means prescribed by way of regulations made under this Act; “Registrar” means the Registrar of Unclaimed Moneys appointed under section 4A; “unclaimed moneys” means all sums of money as specified in section 2A. Unclaimed moneys 2A. Unclaimed moneys referred to in this Act shall be construed as references to all sums of moneys— (a) 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; (b) 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 (c) to the credit of a trade account which has remained dormant for a period of not less than two years. 3. (Deleted by Act A722). Saving 4. Unless expressly provided to the contrary by this Act no one shall be in any manner liable to any person by reason of the payment by him of any money into the Consolidated Trust Account or the Consolidated Unclaimed Moneys 7 Revenue Account or the doing by him of any other act in good faith pursuant to this Act. PART I MONEYS IN COURT Registrar of Unclaimed Moneys, etc. 4A. (1) The Minister may appoint any officer in the Government service to be the Registrar of Unclaimed Moneys to carry out the duties and functions specified in this Act. (2) 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. (3) 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. (4) 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 5. (1) Notwithstanding anything to the contrary contained in any written law, rule of law or rule of court, in any case where any money has been or is paid into any court under any written law or rule of court (heretofore now or hereafter in force) or by virtue of any rule of 8 Laws of Malaysia ACT 370 practice or procedure (heretofore now or hereafter in force) and no claim application action suit or other proceeding for or in respect of such money has been or is made or instituted for a period of fifteen years after the last payment out of court of any part of such money or (where no payment out of court has been or is made) after such payment into court, the Registrar or any person appointed by the Minister under subsection 4A(2) shall as soon as practicable after the termination of such period of fifteen years pay such money into the Consolidated Revenue Account: Provided that in any case where the documents filed in the court disclose the existence at any time of a person who would have been entitled to make or institute a claim application action suit or proceeding as aforesaid but for want of age or other legal disability or who would have become so entitled on the happening of some event, the period of fifteen years aforesaid shall not in any event be deemed to have commenced to run— (a) 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 (b) 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. (2) 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 6. Notwithstanding any written law or rule of law, for the purpose of any payment of money into the Consolidated Revenue Account under subsection 5(1), the Registrar or any person appointed by the Minister under subsection 4A(2) aforesaid is hereby empowered after the expiration of such period of fifteen years to sell or otherwise convert into money any security referred to in subsection (2) of the said section and in order to facilitate such payment into the Consolidated Revenue Account, a Judge of the High Court, upon application by the Registrar or any person appointed by the Minister under subsection 4A(2), may make an order vesting in the Registrar or any person appointed by the Minister under subsection 4A(2) the property or interest in any such security or in any money in any bank referred to in subsection (2) of that section. Provision for claims, etc., made after payment into Consolidated Revenue Account 7. (1) Where after any money is paid into the Consolidated Revenue Account pursuant to this Part as aforesaid any claim, suit, action, application or other proceeding for or in respect thereof is made or instituted by any person such claim, suit, action, application or other proceeding shall be heard and determined in all respects as if such money had remained in court and the court may make such order as is sanctioned by law for the payment to any person of the money aforesaid or any part thereof. 10 Laws of Malaysia ACT 370 Provision for payment out of revenue in order of court (2) 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). PART II MONEYS IN COMPANIES AND FIRMS Interpretation 8. In this Part unless inconsistent with the context or subject-matter— “company” means a company within the meaning of the *Companies Act 1965 [Act 125], or a foreign company to which Division 2 of Part XI of that Act applies, and shall include— (a) any Board established to manage employees provident fund superannuation schemes or any other fund relating to retirement benefits; (b) all societies and co-operative societies registered under any written law relating to societies or to co-operative societies; and (c) 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”— (a) in relation to a company includes— (i) (i) any director secretary or employee of the company; and (ii) (ii) a receiver and manager of any part of the undertaking of the company appointed under a power contained in any instrument, but does not include any receiver who is not also a manager, and any receiver and manager appointed by a court; and (b) in relation to a firm includes any partner, member, manager or employee of the firm; (c) (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. 9. (Deleted by Act A1708). Register and lodgment of unclaimed moneys 10. (1) Every company or firm holding unclaimed moneys shall maintain a record of all unclaimed moneys in a register to be kept at its principal offic