Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VI · Management of Assets and Liabilities
27. Circumstances where Special Administrator cannot be appointed
Official textFrom Laws of Malaysia Online, unchanged
A Special Administrator shall not be appointed—
Special Administrator
“Special Administrator” means the person appointed under section 23 or 24;
in respect of an affected person if the affected person has been wound up by the court and the winding up order is still subsisting;
affected person
“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;
unless the written approval of the relevant regulatory body has first been obtained, in respect of an affected person that is—
licensed under the Insurance Act 1996 [Act 553];
licensed under the Banking and Financial
Institutions Act 1989;
a dealer, fund manager or investment adviser as defined in the Securities Industry Act 1983;
a futures broker, futures fund manager or futures trading adviser as defined in the Futures
Industry Act 1993;
a stock exchange as defined in the Securities
Industry Act 1983;
a recognized clearing house and participant of a recognized clearing house as defined in the
Securities Industry Act 1983;
36 Laws of Malaysia
an exchange company as defined in the Futures
Industry Act 1993;
an approved clearing house or 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 or its authorized depository agents as defined in the Securities Industry
(Central Depositories) Act 1991;
licensed under the * Offshore Banking Act 1990 [Act 443]; or
licensed under the Islamic Banking Act 1983 [Act 276].
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 depository
Defined · s 2“central depository” has the meaning assigned to it in the Securities Industry (Central Depositories) Act 1991;
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;
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