Malaysia legislation
Section 46D
Section 46D
(a)
to all shares comprised in the trust fund; or
(b)
to such shares comprised in the trust fund as may be specified in the direction.
(2)
For the purposes of subsection (1), shares comprised in the trust fund shall be taken to include shares becoming so comprised at any time after the creation of the trust, whether added to the trust fund by way of additional settlement by the original settlor or any other person, acquired on a new issue by the company or in the
62 Laws of Malaysia ACT 554
course of management or administration of the trust fund, or acquired in any other manner.
(3)
A direction under subsection (1) shall not be made in respect of shares added to the trust fund by a trustee of another trust in the exercise of a power in that other trust.
(4)
The conditions referred to in subsection (1) are as follows:
(a)
the trust is created by or on the terms of a written testamentary or inter vivos instrument;
(b)
a designated trustee is the sole trustee of the trust;
(c)
the terms of the trust require that any successor trustee
(mediate or immediate) is a designated trustee acting as the sole trustee; and
(d)
the trust is not created in the exercise of a power conferred by another trust.
(5)
A direction under subsection (1) may identify the shares to which it relates either specifically or by any general description.
(6)
Subject to subsection (7), where a person is a settlor in relation to a trust of designated shares and additional property is settled on the terms of the trust by another person, the former person shall be considered for the purposes of this Part as the settlor in relation to the trust of the additional property.
(7)
If the trust instrument provides that subsection (6) shall not apply, then, in the case of a trust comprising property which has been provided by more than one person, this Act shall apply as if each person had created a separate trust in relation to the property which he has provided.
Trustee’s duties in relation to designated shares