Malaysia legislation
Section 13
Section 13
(a)
elect to acquire any asset pursuant to the statutory vesting provisions set forth in this Part, in which case all of the rights and obligations of the Corporation set forth in this
Part shall apply and such election shall be conclusively made and evidenced by the Corporation’s issuance of a vesting certificate pursuant to subsection 14(7);
(b)
acquire an asset without the benefit of the provisions of this Part, in which case no vesting certificate shall be issued by the Corporation and the Corporation shall acquire and hold such asset pursuant to all provisions of applicable law other than those set forth in this Part.
(2)
The seller shall disclose to the Corporation in writing prior to the vesting date all specific claims within his knowledge relating to the asset.
(3)
Where a subsidiary of the Corporation prescribed under subsection 60(2) acquires an asset, the provisions of this Part shall apply to that subsidiary as if it were the Corporation itself.
(4)
The Corporation shall not acquire any asset of the following persons without the prior written approval of the Securities
Commission:
(a)
dealers, fund managers, and investment advisers as defined in the Securities Industry Act 1983 [Act 280];
(b)
futures broker, futures fund manager, and futures trading adviser as defined in the Futures Industry Act 1993 [Act 499];
(c)
stock exchange as defined in the Securities Industry
Act 1983;
Pengurusan Danaharta Nasional Berhad 19
(d)
recognized clearing house and participants of a recognized clearing house as defined in the Securities
Industry Act 1983;
(e)
exchange company as defined in the Futures Industry
Act 1993;
(f)
approved clearing house and a futures broker that is an affiliate of a clearing house of an exchange company as defined in the Futures Industry Act 1993;
(g)
central depository and its authorized depository agents.
Vesting