Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part X · General
66A. Indemnity
Official textFrom Laws of Malaysia Online, unchanged
The Special Administrator, the Corporation and any other person are entitled to be indemnified out of the affected person’s property for—
Special Administrator
“Special Administrator” means the person appointed under section 23 or 24;
in the case of the Special Administrator, his costs, expenses and remuneration as approved by the
Corporation;
in the case of the Corporation, the repayment of any credit facility provided by the Corporation to the Special
Administrator or the affected person during the administration of the affected person;
in the case of any other person, the repayment of any credit facility provided by that person to the Special
Administrator or the affected person during the administration of the affected person with the approval of the Corporation.
Notwithstanding any other law, a right of indemnity under subsection (1) shall have priority over the assets of the affected
Pengurusan Danaharta Nasional Berhad 67
person and shall be paid in priority to all other secured and unsecured debts.
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;
credit facility
Defined · s 2“credit facility” means— (a) the giving of any advance, loan or other facility in whatever form or by whatever name called whereby the person to whom the advance, loan or facility is given has access, directly or indirectly, to the funds of the person giving it and shall include without limitation, any sale and buy back arrangement, hire purchase agreement, lease arrangement, joint venture arrangement, debt trading, guarantee, deferred payment sale, profit sharing arrangement and any other financing arrangements made in accordance with Islamic banking concepts in whatever form or by whatever name; (b) the giving of a guarantee in relation to the obligations of any person; or (c) any other dealing or transaction as may be prescribed by the Central Bank under section 2 of the Banking and Financial Institutions Act 1989;
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;
Special Administrator
Defined · s 2“Special Administrator” means the person appointed under section 23 or 24;