Section 49
Prohibition to invest and lend money to management company, etc.
The money available for investment under the trust deed or the contractual agreement shall not be invested in or lent to the management company, trustee or to any company deemed to be related to the management company or the trustees under section 7 of the Companies Act 2016.
(2)
Notwithstanding subsection (1), the money available for investment under the trust deed or the contractual agreement may be invested in or lent to a prescribed corporation.
(3)
For the purposes of this section, “prescribed corporation”
means—
(a)
a banking corporation; or
(b)
a corporation or a corporation of a class which, on the recommendation of the Central Bank of Malaysia, has been declared by the Minister charged with the responsibility for finance to be a prescribed corporation by notice published in the Gazette.
(4)
The management company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a
62 Laws of Malaysia ACT 778
fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.
Registrar may specify duties, obligations and conduct relating to schemes