Public Trust Corporation Act 1995 · Updated to 1 Sep 2010 · Part III · Functions, Powers and Duties of the Corporation
12. Appointment of Corporation as trustee or executor
Feedback & supportThe Corporation may be appointed to be the trustee of any will or settlement or other instrument creating a trust or to perform any trust or duty belonging to a class which it is authorized to accept, and may be so appointed whether the will or settlement or other instrument creating the trust or duty was made or came into operation before or after the appointed date, and either as an original or as a new trustee, or as an additional trustee, in the same cases and in the same manner and by the same persons or Court as if it were a private person acting in that capacity.
Corporation
“Corporation” means the corporation under the name of Amanah Raya Berhad incorporated under the Companies Act 1965
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Public Trust Corporation
Notwithstanding the fact that any will, settlement or other instrument creating the trust or duty may provide for or direct or require the appointment of two or more trustees, the Corporation may be appointed and lawfully act as a sole trustee.
Where the Corporation has been appointed a trustee of any trust, a co-trustee may retire from the trust under and in accordance with section 43 of the Trustee Act 1949 [Act 208], notwithstanding that there are not more than two trustees and without such consent as are required by that section.
The Corporation shall not be appointed either as a new or additional trustee where the will, settlement or other instrument creating the trust or duty contains a direction to the contrary, unless the Court otherwise orders.
Court
“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;
Notice of any proposed appointment of the Corporation either as a new or additional trustee shall, where practicable, be given to all persons beneficially interested who are resident in
Malaysia and whose addresses are known to the person proposing to make the appointment, or, if such beneficiaries are minors, to their guardians.
If any person to whom such notice has been given applies to the Court within twenty-one days from the receipt of the notice, the Court may, if having regard to the interest of all the beneficiaries it considers it expedient to do so, make an order prohibiting the appointment being made:
Provided that a failure to give any such notice shall not invalidate any appointment made under this section.