LAWS OF MALAYSIA
REPRINT
Act 100
TRUST COMPANIES ACT 1949
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
Laws of Malaysia
2
ACT 100
TRUST COMPANIES ACT 1949
First enacted
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1949 (Ordinance
No. 33 of 1949)
Revised ...
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1973 (Act 100 w.e.f.
15 March 1973)
PREVIOUS REPRINTS
First Reprint
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1994
Second Reprint ...
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2000
Trust Companies
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LAWS OF MALAYSIA
Act 100
TRUST COMPANIES ACT 1949
ARRANGEMENT OF SECTIONS
PRELIMINARY
Section
1.
Short title
2.
Interpretation
REGISTRATION OF TRUST COMPANIES
3.
Application by company to be registered as a trust company
4.
Issue of certificate
5.
Registration of company incorporated in Singapore as a trust company
6.
Register of trust companies to be kept
DEPOSIT BY TRUST COMPANIES
7.
Deposit to be held as security
OBJECTS OF TRUST COMPANIES
8.
Objects
PROBATE AND ADMINISTRATION
9.
Company may act as executor
10.
Company may be authorized to apply for probate or administration
Procedure as to petitions, etc.
11.
TRUSTEESHIP
12.
Appointment of company to be trustee
13.
Joint tenancy
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ACT 100
AGENCY
Section
14.
Company may act as agent
EXEMPTION FROM GIVING SECURITY
15.
Trust company not to furnish security
INVESTMENT OF TRUST FUNDS
16.
Trust funds to be kept separate
17.
Investment of trust funds
INVESTMENT OF COMPANY'S FUNDS
18.
Investment of company's funds
19.
Loans to company's officers prohibited
BORROWING POWER
20.
Borrowing
ANNUAL STATEMENT
21.
Annual statement
INSPECTION
22.
Investigation by inspector
WINDING UP
23.
Special provision as to winding up
LIABILITY OF OFFICERS
24.
Personal liability of officers
Loan to director, etc.
25.
26.
Liability on winding up
PENALTIES
27.
Wilful neglect to make entry
28.
False statements in accounts
29.
Refusal to produce books
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Section
30.
Neglect to forward annual statement
GENERAL
31.
Guardianship of person prohibited
32.
Restriction on holding of shares
33.
Voluntary winding up or disposal of shares may be restrained
34.
Liability and powers of company
Registration of trust company as shareholder, etc., not notice of a trust
35.
36.
Unclaimed money to be paid into Court
37.
Fees
38.
Repeal
SCHEDULE
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ACT 100
Trust Companies
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LAWS OF MALAYSIA
Act 100
TRUST COMPANIES ACT 1949
An Act to provide for registration and regulation of trust companies
in Malaysia.
[Peninsular Malaysia--28 September 1949,
Ord. 33 of 1949;
Sabah, Sarawak--1 January 1973;
P.U. (A) 273/1972]
PRELIMINARY
Short title
This Act may be cited as the Trust Companies Act 1949.
1.
Interpretation
In this Act, unless the context otherwise requires--
2.
"Court" means--
(a) the High Court or any Judge thereof in all cases where
proceedings are taken in the High Courts; and
(b) a Sessions Court in all cases where proceedings are taken
in such a Court;
"Registrar" has the meaning assigned thereto in the Companies
Act 1965 [Act 125];
"trust company" means a company registered as a trust company
under this Act.
REGISTRATION OF TRUST COMPANIES
Application by company to be registered as a trust company
3.  Any public company incorporated in Malaysia may apply to
the Registrar to be registered as a trust company:
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Provided that--
(a) the objects of the company are restricted to some or all
of the objects set out in section 8;
(b) the authorized capital of the company is not less than five
hundred thousand ringgit divided into shares of not less
than ten ringgit each;
(c) at least one-half of the amount of every share issued by
the company remains unpaid and is not liable to be called
up, except in the event and for the purpose of the winding
up or dissolution of the company;
(d) the board of directors has been duly appointed in accordance
with the articles of association of the company;
(e) at least one hundred and fifty thousand ringgit of the
authorized capital has been bona fide paid up;
(f) the company has deposited with the Accountant General
securities to be approved by the Minister of Finance to
the value of one hundred thousand ringgit; and
(g) the company is able to meet its obligations, apart from
i t s liability to its shareholders, without taking into
account the securities so deposited with the Accountant
General.
Issue of certificate
4. (1) On receipt of an application under section 3 the Registrar
shall make such enquiry as he deems necessary, and if satisfied
that all the requirements of section 3 have been complied with,
shall register the company applying for registration in the register
prescribed by section 6 and issue to the company a certificate that
it is registered as a trust company, and thereupon the company
shall be invested with all the powers, privileges and immunities
conferred, and shall be subject to all the liabilities imposed, by this
Act.
(2) Notice of the issue of certificate shall be published by the
Registrar in the Gazette for four consecutive weeks next following
the issue.
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(3) If the Registrar is not satisfied that all the requirements of
section 3 have been complied with he shall refuse to register the
company as a trust company:
Provided that the company may appeal from the refusal to the
Minister whose decision shall be final.
Registration of company incorporated in Singapore as a trust
company
5. (1) Any public company incorporated in Singapore and registered
in Malaysia under Division 2 of Part XI of the Companies Act
1965, which obtains from the Registrar a declaration that he is
satisfied--
(a) that it is registered as a trust company in Singapore under
any law for the time being in force in Singapore relating
to the registration of trust companies; and
(b) that, in accordance with that law, it has deposited with
the Accountant General, Singapore, securities to the value
of at least one hundred thousand ringgit,
shall be entitled to apply to the Registrar for and obtain registration
as a trust company in Malaysia in accordance with section 4 and
may thereupon carry on the business of a trust company in Malaysia
in accordance with this Act so long as it remains registered as a
trust company in Singapore and maintains a deposit as aforesaid:
Provided that where the Registrar is of opinion that, by reason
of the amount of the gross liabilities of any such company in
Malaysia, additional security ought to be furnished by that company,
he may order the company to make a deposit with the Accountant
General in the manner and subject to the appeal provided by
subsection 7(2) and, upon such deposit being made, the same shall
be subject to all the provisions of this Act relating to deposits.
(2) This section shall have effect only if and so long as reciprocal
provisions are contained in the law of Singapore relating to trust
companies.
Register of trust companies to be kept
6.  There shall be kept in the office of the Registrar a register,
to be called the "Register of Trust Companies" in which shall be
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entered the names of all trust companies registered under this Act,
together with such other particulars as the Registrar may think
necessary.
DEPOSIT BY TRUST COMPANIES
Deposit to be held as security
7. (1) From the time of the issue to any company of a certificate
under section 4, the securities deposited by the company with the
Accountant General under section 3 shall be held by the Accountant
General as security for the depositors and creditors of the company
and for the faithful execution of all trusts which may be accepted
by or imposed upon the company and for its obligations generally.
(2) If at any time, by reason of the decline in value of any
securities so held by the Accountant General or of the increase of
the gross liabilities of any trust company, the Registrar is of the
opinion that additional security ought to be furnished by a trust
company, he may order the company to make, within a period to
be stated in the order, a further deposit of a specified value with
the Accountant General:
Provided that the company may appeal from the order to the
Minister, whose decision shall be final.
(3) Any trust company may, from time to time, with the approval
of the Minister of Finance, substitute other securities for all or any
of the securities deposited by it with the Accountant General.
(4) The interest accruing due on the securities deposited shall
be paid to the company.
OBJECTS OF TRUST COMPANIES
Objects
8. (1) The objects of a trust company may be any or all of, but
shall not exceed, the following:
(a) to accept and execute the offices of executor, administrator,
trustee, receiver, receiver and manager, assignee, liquidator,
guardian of the property of an infant, committee of the
estate of a mentally disordered person or other like office
of a fiduciary nature;
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(b) to act as attorney or agent for the collection, receipt and
payment of money, and for winding up estates, and for
the sale or purchase of any movable or immovable property;
(c) to act as agent for the management and control of movable
a n d immovable property for and on behalf of the
owners, or for or on behalf of executors, administrators
or trustees;
(d) to act as investing and financial agent for and on behalf
of executors, administrators and trustees or any other
persons whatsoever, and to receive money in trust for
investment and to allow interest thereon until invested;
a n d to undertake for and on behalf of executors,
administrators and trustees or any other persons whatsoever
the negotiation of loans of all descriptions and the procuring
and lending of money on the security of any description
of property, immovable or movable, or without taking
any security on such terms as may be arranged, and to
advance and lend moneys to protect any estate, trust or
property entrusted to the company as aforesaid and to
charge interest upon any such advances:
Provided that nothing herein contained shall be held
either to restrict or extend the powers of the company as
trustee or agent under the terms of any trust or agency
that may be conferred upon it;
(e) to take securities of such nature as are deemed expedient
for any moneys owing to the company;
(f) to be the custodian on such terms as are agreed upon of
any moneys, securities, jewellery, plate or other valuable
property and of papers, documents, deeds, wills, debentures
and other evidence of title or indebtedness;
(g) to receive and manage any sinking, redemption, guarantee
or any other special fund or deposit and to act as agent
for countersigning, registering or otherwise ascertaining
and certifying the genuineness of any issue of shares,
stocks, bonds, debentures or other securities for money
of any government, municipal or other corporate body or
of any association, whether incorporated or not, duly
authorized to issue and make such issue and to hold any
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such securities as agent or trustee, and to act generally
as agent for any such government, municipal or corporate
body or association;
(h) to acquire and hold immovable property for the actual
use and occupation of the company or of any of its officers
and servants; and to erect, construct, enlarge, alter and
maintain any buildings necessary or convenient for the
said purpose; and to sell or otherwise dispose of any such
immovable property if not required for the said purposes;
(i) to hold land which, having been mortgaged or charged
to the company, is acquired by it for the protection of its
investments; and, from time to time, sell, mortgage, charge,
lease or otherwise dispose thereof;
(j) to deposit the moneys of the company not immediately
required with any bank at interest until the moneys can
be more permanently invested, and to invest the moneys
of the company in accordance with section 18;
(k) to borrow moneys, and secure the repayment thereof
with interest, in accordance with section 20;
(l) to receive and collect such remuneration for its services
as is agreed upon or as fixed or allowed from time to time
by law, and all usual and customary charges, costs and
expenses;
(m) to support and subscribe to any charitable or public object
and to any institution, society or club which may be for
the benefit of the company or its employees or may be
connected with any town or place where the company
carries on business; to give pensions, gratuities or charitable
aid to any person who may serve or have served the
company or to the wives, children or other relatives of
those persons; to make payments towards insurance and
to form and contribute to provident and benefit funds for
the benefit of any person employed by the company:
Provided that no such subscription, gift, payment or
contribution shall be given or made, except out of profits
of the company available for distribution as dividend;
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(n) to carry on in Singapore and Brunei or in either of them,
but not elsewhere except so far as may be incidental to
and necessary for the proper performance of the duties
of any office held by the company in Malaysia, Singapore,
or Brunei, any business or to hold any office which a
trust company is by this Act authorized to carry on or to
hold in Malaysia;
(o) to acquire and undertake the whole or any part of the
business of any person or company of a like nature to any
business which a trust company is authorized to carry on,
and in consideration for the acquisition to undertake all
or any of the liabilities of the person or company and to
issue shares to the person or company; and
(p) to do all such other things as are incidental or conducive
to the attainment of the aforementioned objects or any of
them.
(2) Nothing in this section shall be construed to authorize any
trust company to engage in the business of banking, or insurance
business, or the business of a deposit, provident or benefit society.
(3) No trust company shall carry on any business or execute any
office other than the businesses or offices included in the objects
set out in subsection (1).
PROBATE AND ADMINISTRATION
Company may act as executor
9.  If at any time a trust company is appointed executor of the
will of any testator, it shall be lawful for the company to apply
to the Court for probate of the will and, if probate be granted, to
exercise and discharge all the powers and duties of an executor.
Company may be authorized to apply for probate or
administration
10. (1) If and whenever any person is entitled to apply for probate
of the will of any testator without leave being reserved to any other
person to apply for probate, it shall be lawful for the person,
whether absent from Malaysia or not, and notwithstanding any
other written law, instead of himself applying for the probate, to
authorize a trust company to apply to the Court for a grant of
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administration with the will annexed of the estate of the testator,
and a grant may be made to the company upon its own application,
when so authorized, but this section shall not apply to any case
in which a will provides that the company shall not act as executor,
or in the trusts thereof.
(2) If and whenever any person is entitled to apply for letters
of administration with the will of any testator annexed of the estate
of that testator, it shall be lawful for that person, whether absent
from Malaysia or not, and notwithstanding any other written law,
to authorize a trust company, either alone or jointly with any other
person, to apply to the Court for a grant of letters of administration
with the will annexed of the estate of that testator, and a grant may
be made to the company upon its own application, when so authorized,
but this section shall not apply to a case in which a will provides
that the company shall not act as executor, or in the trusts thereof.
(3) It shall be lawful for any person entitled to apply for letters
of administration of the estate of any intestate whether the person
be absent from Malaysia or not, and notwithstanding any other
written law, to authorize a trust company to apply to the Court for
the letters of administration, either alone or jointly with any other
person, and administration of the estate of any such intestate may
be granted to the company, either alone or jointly as aforesaid
upon its own application, when so authorized.
(4) For the purposes of any application to the Court for letters
of administration to the estate of any deceased person, the Court
shall consider a trust company, when authorized as aforesaid, to
be in law entitled equally with any other person or class of persons
to apply for and obtain a grant, but a trust company, being so
entitled, shall not on that account alone be preferred to the widower,
widow, or next-of-kin of any intestate.
(5) No grant of probate or of letters of administration shall be
granted to a syndic or nominee on behalf of a trust company.
Procedure as to petitions, etc.
11. (1) In all cases in which a trust company is empowered under
this Act to apply for probate or for letters of administration, any
petition, declaration, account or affidavit or other necessary document
may be made or sworn by any officer of the company duly authorized
by the company in that behalf.
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(2) Any officer of the company appointed by the company for
that purpose may, on behalf of the company, sign any petition,
account or statement, take any oath, swear any affidavit, make any
declaration, verify any act, give personal attendance at any Court
or place, and do any act or thing whatsoever, which may be required
to be signed, taken, sworn, made, verified, given, or done on
behalf of the company:
Provided always that nothing in this Act contained shall confer
upon any person, not otherwise entitled thereto, any right to appear
or be heard before or in any Court on behalf of the company or
to do any act whatsoever on behalf of the company which could
otherwise be lawfully done only by an advocate.
TRUSTEESHIP
Appointment of company to be trustee
12.  In all cases in which the Court or any person has or have
power to appoint a trustee, whether as an original or new or
additional trustee, to perform any legal trust or duty, a trust company
may be appointed in the same manner as if the company were a
private individual:
Provided that no trust company shall be appointed in any case
in which the instrument creating the trust, or the power authorizing
the appointment, forbids the appointment of a company.
Joint tenancy
13.  A trust company, acting in a fiduciary capacity, shall be
capable of acquiring and holding any property in joint tenancy in
the same manner as if it were a private individual.
AGENCY
Company may act as agent
14.  It shall be lawful for a trust company to act under any deed
or instrument by which the company is appointed agent or attorney
for any person, and all the powers conferred upon the company
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ACT 100
by any such deed or instrument may be exercised by such officer
of the company as the company may appoint for that purpose:
Provided that nothing in this section shall be deemed to authorize
any person to confer upon a trust company any power which may
not lawfully be delegated by him.
EXEMPTION FROM GIVING SECURITY
Trust company not to furnish security
15. (1) Notwithstanding any written law for the time being in
force relating to the administration of estates of deceased persons,
a trust company to which a grant of letters of administration has
been made shall not be required to furnish security for the due
administration of the estate.
(2) Notwithstanding any written law for the time being in force,
a trust company appointed by the Court to perform the duties of
receiver, guardian, committee, or any other office or trust shall not
be required to furnish security for the due performance of those
duties.
INVESTMENT OF TRUST FUNDS
Trust funds to be kept separate
16.  All moneys, property and securities received or held by any
trust company in a fiduciary capacity shall always be kept distinct
from those of the company, and in separate accounts, and shall be
so marked in the books of the company relating to each particular
trust as always to be distinguished from any other in the registers
and other books of account kept by the company, so that at no time
shall trust moneys form part of or be mixed with the general assets
of the company, and all investments made by the company as
trustee shall be so designated that the trusts to which the investments
belong can be readily identified at any time.
Investment of trust funds
17. (1) (a) A trust company may invest trust moneys in its hands
in or upon any securities in which private trustees may by law
invest trust moneys, and may from time to time vary any such
investment for others of the same nature:
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Provided that the company shall not in any case invest the
moneys of any trust in or upon securities prohibited by the instrument
creating the trust, and whenever any special directions are given
in any order, judgment, decree, or will, or in any other instrument
creating the trust, as to the particular class or kind of securities
or property in or upon which any investment shall be made, the
company shall follow those directions.
(b) The company may also, in its discretion, retain and continue
any investment and securities coming into its possession in any
fiduciary capacity.
(2) No trust company shall directly or indirectly invest any trust
moneys otherwise than in accordance with subsection (1).
INVESTMENT OF COMPANY'S FUNDS
Investment of company's funds
18. (1) A trust company may invest moneys forming part of its
own capital or reserve or accumulated profits--
(a) in or upon any securities in or upon which private trustees
may by law invest trust moneys; and
(b) in or upon such other securities as the Minister of Finance
may from time to time approve.
(2) A trust company may acquire and hold immovable property
for the actual use and occupation of itself or of any of its officers
or servants, and may sell and dispose of the same.
(3) A trust company may, for the protection of its investments,
acquire land which has been mortgaged to it, but shall sell any land
so acquired within three years after the acquisition thereof, unless
the time is extended by the Minister of Finance.
(4) No trust company shall directly or indirectly invest any of
its moneys otherwise than in accordance with subsections (1), (2)
and (3):
Provided that nothing in this section shall be deemed to prevent
the acceptance by a trust company of any securities whatsoever to
secure the payment of a debt previously contracted in good faith;
but any security so acquired by the company which it would
otherwise be prohibited from taking or holding shall, within two
years from the time of its acquisition, or within such further time
as may be allowed by the Registrar, be sold or disposed of.
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ACT 100
Loans to company's officers prohibited
19.  No loan shall be made by any trust company to any director
or other officer or servant thereof, or to any company or firm in
the management of which any such director or other officer or
servant is actively engaged.
BORROWING POWER
Borrowing
20. (1) For the purpose of attaining the objects of the company
as set out in section 8 (or such of them as the company may have
adopted), and for no other purpose, a trust company may from time
to time borrow money:
Provided that the aggregate of the sums of money borrowed
shall not at any time exceed the amount of the company's capital
for the time being paid up.
(2) Moneys borrowed by a trust company shall not be secured,
by debenture or otherwise, on its capital or general undertaking,
but may be secured on any of the company's property (not being
property held by it on any trust), other than the securities deposited
by it with the Accountant General under this Act.
ANNUAL STATEMENT
Annual statement
21. (1) Every trust company shall forward annually to the Registrar,
together with the list of members and summary required by section
165 of the Companies Act 1965, or, in the case of a company
incorporated in Singapore, with the balance sheet required by
section 336 of that Act, a statement of the liabilities of the company
to the public in its trustee capacity, and of the investments and
holdings of the company on trust account.
(2) The statement shall be verified by the affidavit of the chairman
or vice-chairman and of the manager or secretary of the company.
(3) Every document purporting to be certified by the Registrar
to be a copy of any such statement or of part thereof shall be
deemed to be a copy of that statement or of part thereof, and shall
be received in evidence as if it were the original statement or part
thereof, unless some variation between it and the original statement
is proved.
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INSPECTION
Investigation by inspector
22. (1) The Minister may at any time appoint an inspector to
investigate the affairs and management of any trust company and
may prescribe the manner in, and the extent to, which the investigation
shall be conducted.
(2) It shall be the duty of all officers and servants of the company
to produce for examination by the inspector all books, accounts,
vouchers and other documents in their custody or control in relation
to the matters under investigation, and to answer truly all inquiries
addressed to them by the inspector respecting any matter affecting
the affairs of the company.
(3) The inspector shall make a report of his investigation to the
Minister of Finance.
(4) All expenses of and incidental to any investigation shall be
paid by the company, if the Minister of Finance so directs.
WINDING UP
Special provision as to winding up
23.  The Court may order the winding up of a trust company in
accordance with the Companies Act 1965, and the provisions of
that Act shall apply accordingly, subject, however, to the modification
that the company may be ordered to be wound up on application
made by or on behalf of the Minister of Finance showing--
(a) that the company has made default in complying with a
requirement of this Act and that default has continued for
a period of two months after notice of default has been
served upon the company; or
(b) that from the consideration of the report of an inspector
appointed under section 22 it appears to him that the
company is insolvent or has committed a breach of trust.
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ACT 100
LIABILITY OF OFFICERS
Personal liability of officers
2 4 .  W h e r e a trust company holds the office of executor,
administrator or trustee, every person employed by the company
to discharge any of the duties of the office shall, in respect of the
duties entrusted to him, be personally responsible to the Court and
be subject to the process of the Court, as though he had been
personally appointed to that office.
Loan to director, etc.
25.  If any loan is made by a trust company to any director or
other officer or servant thereof in contravention of section 19, all
directors and officers of the company who made the loan or assented
thereto shall be jointly and severally liable to the company for the
amount thereof with interest.
Liability on winding up
26.  Upon the winding up of a trust company, every person who
has been a director of the company at any time within the period
of two years immediately preceding the commencement of the
winding up shall become liable for the balance unpaid on every
share which he may have transferred during those two years.
PENALTIES
Wilful neglect to make entry
27.  Any director, officer or servant of a trust company who
wilfully and with intent to defraud neglects to make any entry in
the books of the company which it is his duty to make shall be
guilty of an offence and shall, on conviction, be liable to imprisonment
for a term not exceeding two years.
False statements in accounts
28.  Any director, officer or servant of a trust company who
wilfully and with intent to defraud makes or abets the making of
any false entry in the books of the company or subscribes or
exhibits any false document with intent to deceive any person
appointed under this Act to investigate the affairs and management
of the company shall be guilty of an offence and shall, on conviction,
be liable to imprisonment for a term not exceeding two years.
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Refusal to produce books
29.  Any director, officer or servant of a trust company who
refuses to produce for examination to any person appointed under
this Act to investigate the affairs and management of the company
all books and documents relevant to such investigation which are
in his custody or control shall be guilty of an offence and shall,
on conviction, be liable to a fine not exceeding five hundred
ringgit or to imprisonment for a term not exceeding twelve months
or to both.
Neglect to forward annual statement
30.  Any trust company which makes default in forwarding to the
Registrar the verified statement as required by section 21 shall be
guilty of an offence and shall, on conviction, be liable to a fine
not exceeding fifty ringgit for every day during which the default
continues, in addition to any penalty which it may incur under the
Companies Act 1965, and any director or manager of the company
who knowingly and wilfully authorizes or permits the default shall
be liable to the like penalty.
GENERAL
Guardianship of person prohibited
31.  No trust company shall be appointed to be guardian of the
person of an infant or committee of the person of a mentally
disordered person.
Restriction on holding of shares
32.  No member of a trust company shall at any time hold or
have any interest in shares in the capital of the company to an
amount exceeding one-fifth of the issued capital of the company
for the time being.
Voluntary winding up or disposal of shares may be restrained
33.  So long as any estate in respect of which a trust company
is trustee shall remain in whole or in part unadministered, it shall
not be lawful to proceed to wind up the company voluntarily,
unless with the sanction of the Court, and it shall be lawful for
any person interested in the estate, or who may have any claim
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ACT 100
in respect thereof, to apply to the Court in a summary way by
motion to restrain any director or any shareholder from disposing
of any shares which the director or shareholder may hold in the
company or to restrain the voluntary winding up of the company,
and the Court shall have power to make such order as it deems
just.
Liability and powers of company
34.  Subject to this Act, the liability of every trust company to
the person interested in any estate held by the company as executor,
administrator, trustee, receiver, liquidator, assignee, guardian, or
committee, or in any other official or business capacity shall be
the same as if the estate had been held by a private person in the
like capacity and the powers of the company shall be the same as
those of a private person in the like capacity.
Registration of trust company as shareholder, etc., not notice
of a trust
35.  Neither the application by a trust company for registration
as a member or shareholder in the books of any company or
corporation nor the entry of the name of a trust company in the
books of any company or corporation shall constitute notice of
trust, and no company or corporation shall be entitled to object to
enter the name of a trust company on its books by reason only that
the company may be or is a trustee, and, in dealings with property,
the fact that the person or one of the persons dealt with is a trust
company shall not of itself constitute notice of a trust.
Unclaimed money to be paid into Court
36.  All money and securities which shall remain in the hands of
a trust company, as trustee, unclaimed by the person entitled to
the same for a period of six years after the time when the same
shall have become payable to that person (except where payment
has been restrained by order of a court), together with such interest,
if any, as shall have been received by the company in respect
thereof, less any commission or other charges properly chargeable
by the company, shall be paid by the company into Court and shall
be dealt with according to the orders of the Court:
Provided that it shall not be necessary for the company to comply
with this section more often than once in any year, nor shall it be
necessary for the company to obtain the concurrence or consent
of any person to the payment into Court.
Trust Companies
23
Fees
37. (1) There shall be paid to the Registrar in respect of the
matters mentioned in the Schedule the several fees specified therein.
(2) All such fees shall be paid by the Registrar to the Accountant
General.
(3) The Minister may, from time to time, by notification in the
Gazette, add to, alter or amend the Schedule.
Repeal
38. (1) (Omitted).
(2) The Trust Companies Ordinance of Sabah [Cap. 146] is
hereby repealed:
Provided that a company which was registered as a trust company
under the Ordinance hereby repealed and which is registered as
incorporated in Malaysia in pursuance of the Companies Act 1965,
shall, on application made to the Registrar, in that behalf and on
the Registrar being satisfied--
(a) that the securities already deposited by the company under
the provisions of the repealed Ordinance have been
transferred to and are duly deposited with the Accountant
General; and
(b) that the said securities are of the value of at least one
hundred thousand ringgit,
be entitled, without payment, to be registered as a trust company
under section 4 of this Act and to be issued with a certificate of
registration in accordance with that section.
Laws of Malaysia
24
ACT 100
SCHEDULE
[Section 37]
FEES TO BE PAID TO THE REGISTRAR
RM
1.
On application for registration ...
...
...
...
...
5
2.
For certificate of registration--
(a) where the authorized capital does not exceed
RM500,000
..................
...
100
(b) where the authorized capital exceeds RM500,000
but does not exceed RM1,000,000
.........
150
(c) where the authorized capital exceeds RM1,000,000
200
3.
On filing annual statement under section 21
...
...
10
Trust Companies
25
LAWS OF MALAYSIA
Act 100
TRUST COMPANIES ACT 1949
LIST OF AMENDMENTS
Amending law
Short title
In force from
L.N. 113/1956
Minister of Finance Order 1956
02-04-1956
L.N. 332/1958
Federal Constitution (Modification
13-11-1958
of Laws) (Ordinances and
Proclamations) Order 1958
Ord. 18/1959
State of Singapore Ordinance 1959
03-06-1959
Act 1/1963
Insurance Act 1963
21-01-1963
Act 79/1965
Companies Act 1965
15-04-1966
P.U. (A) 273/1972
Trust Companies Ordinance
01-01-1973
(Extension) Order 1972
Act 160
Malaysian Currency (Ringgit) Act
29-08-1975
1975
P.U. (A) 357/1980
Subordinate Courts Act
01-06-1981
(Extension) Order 1980
Laws of Malaysia
26
ACT 100
LAWS OF MALAYSIA
Act 100
TRUST COMPANIES ACT 1949
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from
2
Act 79/1965
15-04-1966
P.U. (A) 357/1980
01-06-1981
3
L.N. 113/1956
02-04-1956
Act 160
29-08-1975
5
Ord. 18/1959
03-06-1959
Act 79/1965
15-04-1966
Act 160
29-08-1975
7
L.N. 113/1956
02-04-1956
8
Ord. 18/1959
03-06-1959
Act 1/1963
21-01-1963
18
L.N. 113/1956
02-04-1956
21
Ord. 18/1959
03-06-1959
Act 79/1965
15-04-1966
22
L.N. 113/1956
02-04-1956
23
L.N. 113/1956
02-04-1956
Act 79/1965
15-04-1966
29
Act 160
29-08-1975
30
Act 79/1965
15-04-1966
Act 160
29-08-1975
38
P.U. (A) 273/1972
01-01-1973
Act 160
29-08-1975
DICETAK OLEH
PERCETAKAN NASIONAL MALAYSIA BERHAD,
KUALA LUMPUR
BAGI PIHAK DAN DENGAN PERINTAH KERAJAAN MALAYSIA