Malaysia legislation
Section 17
Section 17
Amendment of section 15
(a)
in subsection (3)—
(i)
in paragraph (a), by inserting after the semicolon at the end of the paragraph the word “or”;
(ii)
in paragraph (b), by substituting for the words
“; or” a full stop; and
(iii)
by deleting paragraph (c);
(b)
in subsection (4)—
(i)
in paragraph (a), by deleting the words “or a specified interest therein to be charged to the beneficiary for amount of his share, together with interest at such rate as may be just, not exceeding five per centum per annum, in lieu of allocating to him a proprietary interest”;
(ii)
in paragraph (b), by deleting the words “and may order, if necessary, that any such payment and interest thereon at such rate as may be just, not exceeding five per centum per annum, be secured by a charge upon any share or shares of those other beneficiaries”; and
(iii)
in proviso to paragraph (bb), by substituting for the words “has deposited with the Land
Administrator” the words “has deposited with the Corporation”; and
(c)
by inserting after subsection (4) the following subsections:
“(4a) Where any beneficiary fails to agree to the sale of the land or any part of it, the Estate Distribution
Officer may order the land or any part of it to be sold in such manner as may be prescribed based on the consent of the beneficiaries holding two-third majority shares on the land or any part of it.
(4b)
In the exercise of the power under subsection (4a), the Estate Distribution Officer shall take into account the interest of the beneficiaries to be secured and protected.”.
Amendment of section 16