Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VI · Management of Assets and Liabilities
22. Establishment and functions of the Oversight Committee
Official textFrom Laws of Malaysia Online, unchanged
There is hereby established a committee by the name of the
“Oversight Committee” whose functions shall be—
to approve the appointment of a Special Administrator under this Act;
to approve the appointment of an Independent Advisor in the manner set out under section 26;
to approve the recommendations made by the Corporation for the extension or termination of any moratorium in effect pursuant to section 41; and
to approve the recommendation of the Corporation for the termination of the appointment of a Special Administrator appointed under this Act or for the termination of the administration of an affected person.
The Oversight Committee shall consist of the following members who shall be appointed by the Minister:
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
a representative of the Ministry of Finance;
a representative of the Central Bank; and
a representative of the Securities Commission.
The persons appointed under subsection (2) may be paid such honorarium and travelling and subsistence allowances by the
Corporation as the Minister may determine.
Pengurusan Danaharta Nasional Berhad 33
No act or proceeding of the Oversight Committee shall be invalid merely because of—
any vacancy in the membership, or any defect in the constitution, of the Oversight Committee;
any contravention by any member of the Oversight
Committee of section 65 of this Act; or
any omission, defect or irregularity in the proceedings of the Oversight Committee.
A certificate signed by a secretary of the Oversight
Committee confirming any decision of the Oversight Committee shall be conclusive evidence of that decision.
The decision of the Oversight Committee shall be final and binding and shall not be reviewed, quashed, appealed against, or set aside by any court.
Terms defined in this Act
affected person
Defined · s 21“affected person” means— (a) any company owing a duty or liability under a credit facility to the Corporation or any subsidiary of the Corporation, whether present, future, vested or contingent; (b) any subsidiary of the company referred to in paragraph (a); (c) any company which has provided security for the performance of or discharge of a duty or liability owed by any person to the Corporation or any subsidiary of the Corporation, whether present, future, vested or contingent; or Pengurusan Danaharta Nasional Berhad 31 (d) any company where at least two per cent of its share capital has been charged, pledged or mortgaged by any person to secure the performance of or discharge of a duty or liability owed by any person to the Corporation or any subsidiary of the Corporation, whether present, future, vested or contingent;
Central Bank
Defined · s 2“Central Bank” means the Central Bank of Malaysia established by the Central Bank of Malaysia Act 1958;
Independent Advisor
Defined · s 2“Independent Advisor” means a person appointed under section 26;
Minister
Defined · s 2“Minister” means the Minister for the time being charged with the responsibility for finance;
Special Administrator
Defined · s 2“Special Administrator” means the person appointed under section 23 or 24;
Part VII
Additional Rights
Part VIII
Application of Other Acts
Part IX
Application of the Act
Part X