Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VI · Management of Assets and Liabilities
28. Duration of administration
Official textFrom Laws of Malaysia Online, unchanged
Subject to subsection (2), the administration of the affected person by the Special Administrator appointed under section 23 or 24
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;
shall commence from the date of appointment of the Special
Administrator and shall continue until it is terminated by the
Corporation with the approval of the Oversight Committee.
The Special Administrator shall be released from his appointment upon the approval of the termination of his appointment by the Oversight Committee on the recommendation of the
Special Administrator
“Special Administrator” means the person appointed under section 23 or 24;
Corporation.
Where the Special Administrator is released from his appointment under this section, he shall, with effect from such release, be discharged from all duties and liabilities in respect of his administration or otherwise in relation to his conduct as a Special
liabilities
“liabilities” includes debts and obligations of every kind, whether present or future, or whether vested or contingent;
Administrator.
*NOTE—This Offshore Banking Act 1990 [Act 443] has since been repealed by Labuan Financial
Services and Securities Act 2010 [Act 704] which comes into operation on 11 February 2010 —see
Labuan Financial Services And Securities Act 2010 [Act 704].
Pengurusan Danaharta Nasional Berhad 37
Nothing in this section shall prevent an action or other proceedings by any party for loss or damage due to the willful misconduct or gross negligence of the Special Administrator.
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;
liabilities
Defined · s 2“liabilities” includes debts and obligations of every kind, whether present or future, or whether vested or contingent;
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