Section 57 — PENGURUSAN DANAHARTA NASIONAL BERHAD ACT 1998

(a)

to dispose of such property or any part of such property by way of private treaty; and

(b)

where such property consists of land, to take all steps as it deems fit to preserve the value of the land or to facilitate the disposal of the land by way of private treaty, including

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entering the land (whether by itself or by any person authorized by it) to inspect, protect, secure, maintain or repair the land.

(2)

A sale by private treaty under subsection (1) may be effected by private contract, auction, tender or any other mode of sale.

(3)

For the purposes of subsection (1), the Corporation or the acquiree shall be deemed to be authorized by the grantor of the security to effect the transfer of ownership of the property to the purchaser.

(4)

Every Registrar of the High Court, the Registrar of Companies, the Registrar of land, the Registrar General of Ships, a central depository, an authorized depository agent, and any person maintaining a register or record of ownership or interest, as the case may be, shall accept a transfer certificate or an instrument of transfer or other registration document executed by the Corporation or the acquiree and effect the transfer of the property or any part of the property to the purchaser without the need for any further application or filing of any further documents.

(5)

Notwithstanding anything to the contrary in any law, the

Corporation or any related company or subsidiary of the Corporation may, without having to pay any deposit, acquire any property disposed of under subsection (1) and be entitled to set off the purchase price against the liability owed to any one or more of the following:

(a)

the Corporation;

(b)

any related company of the Corporation;

(c)

any subsidiary of the Corporation.

(6)

The Corporation’s rights under subsection (1) —

(a)

may be exercised notwithstanding any order for sale made whether pursuant to any rules of the court, the National

Land Code, the Land Ordinance of Sabah or the Land

Code of Sarawak or any other law and notwithstanding any step or proceedings taken or pending to sell the property;

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(b)

may be exercised without the need for any approval, confirmation or order of court;

(c)

are cumulative and not exclusive of any other right or remedy provided by law or contract;

(d)

may be exercised concurrently with any right or remedy provided by law or contract.

(7)

For the purpose of this section, “related company” has the meaning assigned to it by the Companies Act 1965.