PUBLIC TRUST CORPORATION ACT 1995

Public Trust Corporation LAWS OF MALAYSIA REPRINT Act 532 PUBLIC TRUST CORPORATION ACT 1995 Incorporating all amendments up to 1 September 2010 PUBLISHED BY THE COMMISSIONER OF LAW REVISION, MALAYSIA UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968 2010 1 2 PUBLIC TRUST CORPORATION ACT 1995 Date of Royal Assent ... ... ... … … 7 February 1995 Date of publication in the Gazette … … 16 February 1995 PREVIOUS REPRINTS First Reprint ... ... ... ... ... 2002 Second Reprint ... ... ... ... ... 2006 3 LAWS OF MALAYSIA Act 532 PUBLIC TRUST CORPORATION ACT 1995 ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. Short title and commencement 2. Interpretation PART II FORMATION AND OWNERSHIP OF THE CORPORATION AND VESTING PROVISIONS 3. The Corporation 4. Vesting provisions 5. Initial Government holding in the Corporation 6. Government investment in further issues of shares of the Corporation 7. Staff 8. Government of Malaysia to hold all shares in the Corporation 9. Minister of Finance to hold shares PART III FUNCTIONS, POWERS AND DUTIES OF THE CORPORATION 10. Objectives 11. Appointment of the Corporation 12. Appointment of Corporation as trustee or executor 13. Grant of probate and letters of administration to Corporation 4 Laws of Malaysia ACT 532 Section 14. Appointment of Corporation in place of executors, etc. 15. Corporation may apply for grant on failure of grantee to extract letters of administration 16. Corporation may take possession of property 17. Summary administration of movable property 18. Administration of estates of small value 19. Payment of minor’s maintenance 20. Undistributed funds 21. Corporation may represent minors 22. Agency PART IV FINANCIAL PROVISIONS DIVISION 1 Bank Accounts and Power to Invest 23. Bank accounts 24. Power to invest DIVISION 2 Common Fund 25. Formation of Common Fund 26. Exclusions from Common Fund 27. Interest payments on capital moneys in Common Fund 28. Corporation’s liability 29. General Reserve Fund DIVISION 3 Group Investment Fund 30. Formation of Group Investment Fund 31. Directions 32. Group Investment Fund not a partnership, etc. Public Trust Corporation DIVISION 4 Fees Section 33. Fees charged by the Corporation PART V GENERAL 34. Exemption from giving security 35. Exemption from giving notice of distribution of property 36. Registration of the Corporation not notice of trust 37. Annual accounts, etc. 38. Application to Court 39. Legal proceedings 40. Power to make rules 41. Power to give directions 42. Corporation to investigate upon direction 43. Repeal and savings 5 6 Laws of Malaysia ACT 532 Public Trust Corporation 7 LAWS OF MALAYSIA Act 532 PUBLIC TRUST CORPORATION ACT 1995 An Act to amend the laws relating to the Public Trustee and Official Administrator, to provide for the vesting of property, rights and liabilities of the Public Trustee and Official Administrator in a company, to regulate the exercise of functions and powers by the company and to provide for matters connected therewith and incidental thereto. [Whole Act: Peninsular Malaysia—1 August 1995; Sabah except ss. 17 & 18—1 August 1995; and Sarawak except ss. 15 to 18—1 August 1995, P.U. (B) 351/1995] 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: PART I PRELIMINARY Short title and commencement 1. (1) This Act may be cited as the Public Trust Corporation Act 1995. (2) This Act shall come into force 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 all or different provisions of this Act in respect of different States or parts of Malaysia. Interpretation 2. In this Act, unless the context otherwise requires— 8 Laws of Malaysia ACT 532 “trust” includes an executorship or administratorship; and “trustee” shall be construed accordingly; “rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective; “property” includes all property, movable or immovable, and all estates, interests, easement and rights, whether equitable or legal in, to or out of property, chose in action, money and goodwill; “trust property” includes all property in the possession or under the control, wholly or partly, of the Corporation by virtue of any trust; “estate” means any property administered, held, managed or controlled by the Corporation whether as trustee or administrator or as guardian, receiver, receiver and manager, liquidator or attorney, or in any other capacity; “Common Fund” means the Common Fund formed under section 25; “Group Investment Fund” or “Fund” means a Group Investment Fund formed under section 30; “liabilities” means liabilities, debts, charges, duties and obligations of every description (whether present or future, actual or contingent, and whether payable or to be observed or performed in Malaysia or elsewhere); “Court” means the High Court or a Judge of such Court and includes, in cases where any of them is empowered to act, the Registrar, Deputy Registrars, Senior Assistant Registrars and Assistant Registrars of the High Court; “Minister” means the Minister charged with the responsibility for the administration of trusts and estates; *“Official Administrator” means the Official Administrator, Malaysia, appointed under the Probate and Administration Act 1959 [Act 97]; *NOTE—All references to the term “Official Administrator” in the Probate and Administration Act 1959 [Act 97] has been replaced by the term “Corporation”—see sections 2 and 3 of Act A912 and also subsection 43(3) of this Act. Public Trust Corporation 9 “Public Trustee” means the Public Trustee, Malaysia, appointed under the Public Trustee Act 1950 [Act 247]; “administrator” means a person to whom letters of administration is granted; “administration” means the administration of the estate of a deceased person by an executor or administrator; *“Corporation” means the corporation under the name of Amanah Raya Berhad incorporated under the Companies Act 1965 [Act 125] pursuant to section 3; “probate” means a grant under the seal of the Court authorizing the executor or executors named therein to administer the testator’s estate; “letters of administration” means letters of administration of the estate and effects of a deceased person, whether general or with a will annexed; “intestate” includes a person who leaves a will but dies intestate as to some beneficial interest in his property; “appointed date” means the date or dates of coming into force of all or any of the provisions of this Act under subsection 1(2); “vested”, in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder; “executor” means a person to whom the execution of the last will of a deceased person is, by the testator’s appointment, confided. PART II FORMATION AND OWNERSHIP OF THE CORPORATION AND VESTING PROVISIONS The Corporation 3. There shall be a Corporation incorporated under the Companies Act 1965 under the name “Amanah Raya Berhad”. *NOTE—“Corporation” was formerly knows as “Official Administrator”—see sections 3 and subsection 43(3) of this Act. 10 Laws of Malaysia ACT 532 Vesting provisions 4. (1) Subject to this Act, the Minister may, from time to time, by order published in the Gazette, appoint a vesting date and on such date all property, rights and liabilities of the Public Trustee and of the Government of Malaysia in respect of the administration of trusts and estates specified by the Minister in the order shall, by virtue of this Act, be transferred to and vested in the Corporation without any conveyance, assignment or transfer whatsoever. (2) Every property vested in the Corporation by virtue of subsection (1) shall be so vested in the Corporation for the like title, estate or interest and on the like tenure as the same was vested or held immediately before the vesting date. (3) Every chose in action vested in the Corporation by virtue of subsection (1) may, after the vesting date, be sued on, recovered or enforced by the Corporation in its own name and it shall not be necessary for the Corporation or the Public Trustee or the Government of Malaysia to give notice to the person bound by the chose in action of the vesting under subsection (1). (4) Every right and liability vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, be sued on, recovered or enforced by or against the Corporation in its own name and it shall not be necessary for the Corporation or the Public Trustee or the Government of Malaysia to give notice to the person whose right or liability is affected by the vesting under subsection (1). (5) Any pending legal proceedings by or against the Public Trustee or the Government of Malaysia which relate to any property, right or liability transferred to and vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Corporation. (6) All property in the possession or under the control, wholly or partly, of the Public Trustee by virtue of any trust shall on the vesting date pass on to the Corporation with all the powers, rights, duties, liabilities and obligations attached thereto immediately before the vesting date to the extent that they are not inconsistent with this Act or any rules made under this Act. (7) Any reference in any order of Court, deed, contract, Public Trust Corporation 11 instrument or other document whatsoever to the Public Trustee or the Official Administrator shall be construed as a reference to the Corporation and all rights, powers, obligations and duties conferred, imposed on, undertaken or incurred by the Public Trustee or the Official Administrator under or by virtue of any such order of Court, deed, contract, instrument or other document shall be deemed to be conferred or imposed on or undertaken or incurred by the Corporation. Initial Government holding in the Corporation 5. (1) As a consequence of the vesting in the Corporation of the property, rights and liabilities under section 4, the Corporation shall issue such shares of the Corporation to the Minister of Finance as the Minister of Finance may, after consultation with the Minister, from time to time, direct. (2) Shares required to be issued under this section shall be issued or allotted at such time and on such terms as to allotment as the Minister of Finance may, after consultation with the Minister, direct. (3) Shares issued under this section— (a) shall be of such nominal value as the Minister of Finance may direct; and (b) shall be issued as fully paid and treated for the purposes of the Companies Act 1965 as if they had been paid up by virtue of the payment to the Corporation of their nominal value. (4) Any dividends or other sums received by the Minister of Finance by virtue of this section shall be paid into the Consolidated Fund. Government investment in further issues of shares of the Corporation 6. (1) Further issues of the shares in the Corporation shall only be made as the Minister of Finance may, after consultation with the Minister, at any time, direct. 12 Laws of Malaysia ACT 532 (2) Any expenses incurred by the Minister of Finance in consequence of the provisions of this section shall be treated as investments and be authorized under subparagraph 8(3)(a)(iv) of the Financial Procedure Act 1957 [Act 61]. (3) Any dividends or other sums received by the Minister of Finance under this section shall be paid into the Consolidated Fund. (4) Stamp duty shall not be chargeable in respect of any increase in the capital of the Corporation which— (a) is effected by the issue of shares; and (b) is certified by the Treasury