Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VII · Additional Rights
57. Entitlement to dispose assets by private treaty
Official textFrom Laws of Malaysia Online, unchanged
Notwithstanding any other law and in addition to any other power the Corporation may have under any contract or any other law, the Corporation or the acquiree as holder of any security, whether as chargee, mortgagee, assignee, lien-holder or otherwise, over any property shall be entitled—
to dispose of such property or any part of such property by way of private treaty; and
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
Pengurusan Danaharta Nasional Berhad 61
entering the land (whether by itself or by any person authorized by it) to inspect, protect, secure, maintain or repair the land.
A sale by private treaty under subsection (1) may be effected by private contract, auction, tender or any other mode of sale.
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.
acquiree
“acquiree” means any person to whom the Corporation disposes an asset under section 19;
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.
Registrar of land
“Registrar of land” means the Registrar under the National Land Code, the Registrar under the Land Ordinance of Sabah or the Registrar under the Land Code of Sarawak, as the case may be;
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:
company
“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;
the Corporation;
any related company of the Corporation;
any subsidiary of the Corporation.
The Corporation’s rights under subsection (1) —
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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may be exercised without the need for any approval, confirmation or order of court;
are cumulative and not exclusive of any other right or remedy provided by law or contract;
may be exercised concurrently with any right or remedy provided by law or contract.
For the purpose of this section, “related company” has the meaning assigned to it by the Companies Act 1965.
Terms defined in s 2
acquiree
Defined · s 2“acquiree” means any person to whom the Corporation disposes an asset under section 19;
authorized depository agent
Defined · s 2“authorized depository agent” has the meaning assigned to it in the Securities Industry (Central Depositories) Act 1991;
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;
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;
Registrar of land
Defined · s 2“Registrar of land” means the Registrar under the National Land Code, the Registrar under the Land Ordinance of Sabah or the Registrar under the Land Code of Sarawak, as the case may be;
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;
Part VIII
Application of Other Acts
Part IX
Application of the Act
Part X