Section 92

Any condition or restriction imposed by the Registrar or the

Minister, as the case may be, on any recognized scheme and in force immediately before the commencement of this Act shall be deemed to be a condition or restriction to which the approval for registration under this Act is subject to.

Any approvals, directions, decisions, notifications, exemptions and other executive acts, howsoever called, given, made or done under, in accordance with or by virtue of the corresponding provisions of this Act shall continue to remain in effect in relation to the persons to whom the approvals, directions, decisions, notifications, exemptions and executive acts applied until amended, repealed, rescinded, revoked, replaced or varied under, in accordance with or by virtue of the corresponding provisions of this Act.

Nothing shall affect any person’s liability to be prosecuted or punished for offences or breaches committed under Part IV of

Division 5 of the *Companies Act 1965 [Act 125] before the commencement of this Act or any proceeding brought, sentence imposed or action taken before that day in respect of such offence or breach.

*NOTE—The Companies Act 1965 [Act 125] has been repealed by the Companies Act 2016 [Act 777]

which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

96 Laws of Malaysia ACT 778

Any rights, privileges, obligations or liabilities acquired, accrued or incurred before the commencement of this Act or any legal proceedings, remedy or investigation in respect of such right, privilege, obligation or liability shall not be affected by this Act and shall continue to remain in force as if this Act has not been enacted.

In this section, “recognized scheme” means a scheme relating to an interest whose trust deed and prospectus have been duly registered under the *Companies Act 1965.

FIRST SCHEDULE

[Section 20]

COVENANTS TO BE INCLUDED IN A TRUST DEED OR CONTRACTUAL

AGREEMENT

A trust deed or contractual agreement shall contain the following covenants: