Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part V · Acquisition and Disposition by the Corporation
19. Disposition by the Corporation
Official textFrom Laws of Malaysia Online, unchanged
The Corporation may, in accordance with the provisions of this section, dispose of any of the Corporation’s assets whether vested or not in the Corporation and any property over which the
Corporation has a security whether as a chargee, mortgagee, assignee, lienholder or otherwise.
security
“security” includes a mortgage or charge, whether legal or equitable, debenture, bill of exchange, promissory note, guarantee, lien or pledge, whether actual or constructive, hypothecation, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent;
Subject to the approval of the relevant regulatory body and
State Authority having jurisdiction over the disposition of an asset by the Corporation, such disposition to any acquiree shall have the effect of an acquisition of an asset by the Corporation as if that acquiree were the Corporation under section 14 and sections 15 to 18 shall apply to that acquire as they apply to the Corporation except that—
asset
“asset” includes any credit facility, property and business or enterprise of any kind;
a reference to the “seller” shall be construed as a reference to the Corporation;
a reference to the “Corporation” shall be construed as a reference to that acquiree;
a reference to the “vesting certificate” shall be construed as a reference to the transfer certificate; and
a reference to the “vesting date” shall be construed as a reference to the date specified in the transfer certificate as the date of disposition.
A disposition of an asset by the Corporation to an acquire shall have the effect of transferring the Corporation’s present and future rights, title and interest in and disclosed obligations with respect to
Pengurusan Danaharta Nasional Berhad 29
such asset, free of any encumbrance or claim save for registered interests prevailing as at the date specified in the transfer certificate as the date of disposition and disclosed claims.
transfer certificate
“transfer certificate” means a certificate issued under section 19 and includes a replacement transfer certificate issued under section 19A;
Subject to any requirement for the written approval of the relevant regulatory body or the relevant State Authority to the transfer, a transfer certificate executed under the seal of the
Corporation stating that an asset has been vested in the acquiree shall be conclusive evidence of such transfer as of the date specified in such transfer certificate as the date of disposition.
acquiree
“acquiree” means any person to whom the Corporation disposes an asset under section 19;
A transfer certificate as specified in subsection (4) may be issued by the Corporation after the date of disposition.
Terms defined in s 2
acquiree
Defined · s 2“acquiree” means any person to whom the Corporation disposes an asset under section 19;
asset
Defined · s 2“asset” includes any credit facility, property and business or enterprise of any kind;
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;
property
Defined · s 2“property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of movable property or immovable property; (c) any security, including any stock, share, debenture, bonds, loan stocks, transferable subscription rights or warrants; (d) any negotiable instrument, including any bank note, bearer note, bill of exchange, promissory note, cheque and negotiable certificate of deposit; (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or 12 Laws of Malaysia discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property;
security
Defined · s 2“security” includes a mortgage or charge, whether legal or equitable, debenture, bill of exchange, promissory note, guarantee, lien or pledge, whether actual or constructive, hypothecation, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent;
transfer certificate
Defined · s 2“transfer certificate” means a certificate issued under section 19 and includes a replacement transfer certificate issued under section 19A;
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