Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part V · Acquisition and Disposition by the Corporation
13. Acquisition
Official textFrom Laws of Malaysia Online, unchanged
The Corporation may with the consent of the seller—
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);
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.
The seller shall disclose to the Corporation in writing prior to the vesting date all specific claims within his knowledge relating to the asset.
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.
asset
“asset” includes any credit facility, property and business or enterprise of any kind;
The Corporation shall not acquire any asset of the following persons without the prior written approval of the Securities
Commission:
dealers, fund managers, and investment advisers as defined in the Securities Industry Act 1983 [Act 280];
futures broker, futures fund manager, and futures trading adviser as defined in the Futures Industry Act 1993 [Act 499];
stock exchange as defined in the Securities Industry
Act 1983;
Pengurusan Danaharta Nasional Berhad 19
recognized clearing house and participants of a recognized clearing house as defined in the Securities
Industry Act 1983;
exchange company as defined in the Futures Industry
Act 1993;
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;
central depository and its authorized depository agents.
Terms defined in s 2
asset
Defined · s 2“asset” includes any credit facility, property and business or enterprise of any kind;
central depository
Defined · s 2“central depository” has the meaning assigned to it in the Securities Industry (Central Depositories) Act 1991;
claims
Defined · s 2“claims” means any claim, defence, counterclaim, set-off, equity, action, legal proceeding or equitable interest of any kind relating to or arising out of an asset by the obligor or any third party against the seller or in respect of the asset, whether vested or contingent, present or future;
company
Defined · s 2“company” means a company incorporated under the Companies Act 1965 and includes a corporation within the meaning assigned to the term “corporation” under the Companies Act 1965;
vesting certificate
Defined · s 2“vesting certificate” means a certificate issued under section 14 and includes a replacement vesting certificate issued under section 14A;
vesting date
Defined · s 2“vesting date” means the date stated on a vesting certificate as the date on which an asset vests in the Corporation or subsidiary, as the case may be.
Part VI
Management of Assets and Liabilities
Part VII
Additional Rights
Part VIII
Application of Other Acts
Part IX
Application of the Act
Part X