Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part V · Dealings with Government Funds
46. Credit into trust fund
Feedback & supportA prescribed institution shall pay into a trust fund all money received by it in respect of the business to which the trust fund relates.
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
A prescribed institution shall pay to a trust fund all income arising from the investment of the assets of that trust fund.
Any prescribed institution that contravenes this section commits an offence and shall on conviction be liable to a fine not exceeding twenty-five million ringgit.
Property of trust fund as collateral
property
“property” means any movable or immovable property, whether tangible or intangible and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of immovable property of which the person executing the conveyance is the proprietor or has possession or in which he is entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (d) any negotiable instrument, including any bank note, bearer note, Treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; or (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation, trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent;