Malaysia legislation
Section 11
Section 11
Amendment of Third Schedule
The Third Schedule to the principal Act is amended in paragraph 2—
(a)
in subparagraph (5), by substituting for the words
“A vesting order” the words “Subject to subsection 32(1a), a vesting order”; and
(b)
by inserting after subparagraph (5) the following subparagraphs:
“(5a) Where a vesting order is made and a qualified financial agreement is transferred pursuant to such order, the transferee shall assume all rights and obligations under any qualified financial agreement of the transferor from whom such agreement was transferred.
(5b)
Where the qualified financial agreement is transferred to a transferee, the enforcement by the parties of their rights under such qualified financial agreement shall be in accordance with the terms of such agreement as if the transferee had always been a party to such agreement.
(5c)
Where the qualified financial agreement of the transferor is transferred to a transferee and where a person is a counterparty to two or more qualified financial transactions under a qualified financial agreement with the transferor, all or none of such qualified financial transactions shall be transferred to the transferee.
(5d)
Where a qualified financial agreement relating to financial collateral that applies to any property of the transferor is transferred, that property shall be transferred to the transferee.”.
KUALA LUMPUR