In forceUpdated to 1 Sep 2010Read it in Bahasa Malaysia

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Public Trust Corporation Act 1995 · Updated to 1 Sep 2010 · Part II · Formation and Ownership of the Corporation and Vesting Provisions

4. Vesting provisions

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(1)

Subject to this Act, the Minister may, from time to time, by order published in the Gazette, appoint a vesting date and on such date all property, rights and liabilities of the Public Trustee and of the Government of Malaysia in respect of the administration of trusts and estates specified by the Minister in the order shall, by virtue of this Act, be transferred to and vested in the Corporation without any conveyance, assignment or transfer whatsoever.

(2)

Every property vested in the Corporation by virtue of subsection (1) shall be so vested in the Corporation for the like title, estate or interest and on the like tenure as the same was vested or held immediately before the vesting date.

(3)

Every chose in action vested in the Corporation by virtue of subsection (1) may, after the vesting date, be sued on, recovered or enforced by the Corporation in its own name and it shall not be necessary for the Corporation or the Public Trustee or the

Government of Malaysia to give notice to the person bound by the chose in action of the vesting under subsection (1).

(4)

Every right and liability vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, be sued on, recovered or enforced by or against the Corporation in its own name and it shall not be necessary for the Corporation or the Public Trustee or the Government of Malaysia to give notice to the person whose right or liability is affected by the vesting under subsection (1).

(5)

Any pending legal proceedings by or against the Public

Trustee or the Government of Malaysia which relate to any property, right or liability transferred to and vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Corporation.

(6)

All property in the possession or under the control, wholly or partly, of the Public Trustee by virtue of any trust shall on the vesting date pass on to the Corporation with all the powers, rights, duties, liabilities and obligations attached thereto immediately before the vesting date to the extent that they are not inconsistent with this Act or any rules made under this Act.

(7)

Any reference in any order of Court, deed, contract,

Public Trust Corporation instrument or other document whatsoever to the Public Trustee or the Official Administrator shall be construed as a reference to the Corporation and all rights, powers, obligations and duties conferred, imposed on, undertaken or incurred by the Public

Trustee or the Official Administrator under or by virtue of any such order of Court, deed, contract, instrument or other document shall be deemed to be conferred or imposed on or undertaken or incurred by the Corporation.

Terms defined in s 2

administration
Defined · s 2
“administration” means the administration of the estate of a deceased person by an executor or administrator; *
Open s 2
Corporation
Defined · s 2
“Corporation” means the corporation under the name of Amanah Raya Berhad incorporated under the Companies Act 1965
Open s 2
Court
Defined · s 2
“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;
Open s 2
estate
Defined · s 2
“estate” means any property administered, held, managed or controlled by the Corporation whether as trustee or administrator or as guardian, receiver, receiver and manager, liquidator or attorney, or in any other capacity;
Open s 2
liabilities
Defined · s 2
“liabilities” means liabilities, debts, charges, duties and obligations of every description (whether present or future, actual or contingent, and whether payable or to be observed or performed in Malaysia or elsewhere);
Open s 2
Minister
Defined · s 2
“Minister” means the Minister charged with the responsibility for the administration of trusts and estates; *
Open s 2
Official Administrator
Defined · s 2
“Official Administrator” means the Official Administrator, Malaysia, appointed under the Probate and Administration Act 1959; *NOTE—All references to the term “Official Administrator” in the Probate and Administration Act 1959 has been replaced by the term “Corporation”—see sections 2 and 3…
Open s 2
property
Defined · s 2
“property” includes all property, movable or immovable, and all estates, interests, easement and rights, whether equitable or legal in, to or out of property, chose in action, money and goodwill;
Open s 2
Public Trustee
Defined · s 2
“Public Trustee” means the Public Trustee, Malaysia, appointed under the Public Trustee Act 1950;
Open s 2
rights
Defined · s 2
“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective;
Open s 2
trust
Defined · s 2
“trust” includes an executorship or administratorship; and
Open s 2

Report

Read on from s 5

Part III

Functions, Powers and Duties of the Corporation

Read on from Part III

Part IV

Financial Provisions

Read on from Part IV

Part V

General

Read on from Part V