Malaysia legislation
Section 169
Section 169
Capital Market Compensation Fund under this Act—
(2)
Without prejudice to subsection (1), the court may, on an application by the Corporation, make the following orders:
(a)
an order vesting securities or such other property in the Corporation or a trustee appointed by the court;
and
(b)
an order appointing a receiver in respect of the property of a relevant person or the property that is held by such relevant person or his appointed custodian for or on behalf of another person whether on trust or otherwise.
(3)
A trustee appointed by an order of the court under paragraph (2)(a)—
(a)
may require any person to deliver to him any securities or such other property or to give to him all information concerning the securities or derivatives contracts that may reasonably be required;
(b)
may acquire and take possession of the securities or such other property;
(c)
may deal with the securities or such other property in any manner as he thinks fit; and
(d)
shall have such other powers in respect of the securities or such other property as may be specified by the court.
(4)
A person appointed by order of the court under paragraph
(2)
as a receiver of the property of a relevant person—
(a)
may require the relevant person to deliver to him any property of which he has been appointed receiver or to give to him all information concerning that property that may reasonably be required;
(b)
may acquire and take possession of any property of which he has been appointed receiver;
(c)
may deal with any property that he has acquired or of which he has taken possession in any manner in which the relevant person might lawfully have dealt with the property; and
(d)
has such other powers in respect of the property as the court may specify.
(5)
The proceeds of the dealing in or disposal of securities or derivatives contracts under paragraph (2)(a) shall be paid into the court and the Corporation may apply to the court for payment out of the proceeds for settling the claims pursuant to this Part.
Capital Markets and Services (Amendment)
(6)
For the purposes of this section, the Corporation may, with the consent of the Commission, make an application to the court to be joined as a party in any action brought by the Commission under section 360 or 361 of this Act.
(7)
For the purposes of this section—
(a)
“property held by a relevant person” includes such property held by the relevant person through his appointed custodian; and
(b)
“property”, in relation to a relevant person, includes monies, securities, or other property and documents of title to securities or other property entrusted to or received on behalf of any other person by the relevant person or another person in the course of or in connection with the business of the relevant person.
Power of the Corporation to enter into contract of insurance