Malaysia legislation
Section 3
Section 3
New sections 2a and 2b
The principal Act is amended by inserting after section 2
the following sections:
“Name of body corporate and change of name 2a. (1) No trustee shall be incorporated with a name which in the opinion of the Minister is undesirable or unacceptable.
(2)
The name of every body corporate registered under this Act shall include the words “registered” and “trustees”.
(3)
Subject to subsection (2), such body corporate may, with the written approval of the Minister, change its name.
(4)
The trust deed or any related instrument of such body corporate shall be amended to give effect to any change of name.
(5)
Where such body corporate changes its name, a new certificate of incorporation shall be issued in the form and manner as may be prescribed by the Minister.
(6)
Any change of name shall not affect the rights or obligations of the body corporate or render defective any legal proceedings by or against the body corporate.
(7)
Any proceedings which might have been continued or commenced by or against a body corporate by its former name may be continued or commenced by or against it, by its new name.
Trustee to keep register of beneficial owners 2b. (1) A trustee shall keep a register of the beneficial owners of its trusts and shall enter into the register the following particulars:
(a)
the name and postal address of each beneficial owner;
(b)
the nature of the beneficial ownership;
Trustees (Incorporation) (Amendment)
(c)
the date on which each beneficial owner was entered into the register as a beneficial owner;
(d)
the date on which any beneficial owner ceased to be a beneficial owner; and
(e)
any other information as may be prescribed by the Minister.
(2)
The trustee shall ensure that the register of beneficial owners of the trusts shall be kept at the registered office of the trustees unless—
(a)
where the register is done at another office, it may be kept at the other office but such other office shall not be outside Peninsular Malaysia; or
(b)
where the register is done by another person on behalf of the trustees, it may be kept at the office of such person but such office shall not be outside Peninsular
Malaysia.
(3)
The trustee shall send a notice to the Minister in the form and manner as may be determined by the Minister, of the place or any change of place where its register of beneficial owners is kept, within fourteen days after creating the register or changing the place, as the case may be.
(4)
The trustee shall, within fourteen days after creating the register of beneficial owners, transmit a copy of the register to the Minister in the form and manner as may be determined by the Minister.
(5)
Any trustee who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding fifteen thousand ringgit.”.
Amendment of section 5