Section 35
A depositor to be treated as if he were a member
of Securities Industry (Central Depositories) Act 1991
Notwithstanding the provisions of the Companies Act 1965, a depositor of any deposited security whose name appears in the record of depositors shall be entitled to all rights, benefits, powers and privileges and be subject to all liabilities, duties and obligations in respect of, or arising from, such security (whether conferred or imposed by the Companies Act 1965, or the memorandum or articles of association of the issuer of such security, or otherwise) as if he were—
(a)
a member registered in the register of members;
(b)
a holder registered in the register of debenture holders maintained by the issuer;
(c)
a holder registered—
(i)
in the register of interest holders maintained by a management company under the Companies Act 1965; or
(ii)
in the register of unit holders maintained by a management company under section 117 of the
Securities Commission Act 1993; or
(d)
a person included in any other register maintained by the issuer in respect of or arising from any other securities issued by the issuer, instead of the central depository, or its nominee company, in whose name the deposited security is registered.
(2)
Notwithstanding subsection (1), nothing in this section shall be construed so as to deem a record of depositors to be—
(a)
a register of members maintained under section 158 of the Companies Act 1965;
Securities Industry (Central Depositories) 49
(b)
a register of debenture holders maintained under section 70
of the Companies Act 1965;
(c)
a register of interest holders maintained under section 92
of the Companies Act 1965;
(d)
a register of unit holders maintained under section 117
of the Securities Commission Act 1993; or
(e)
any other register maintained by an issuer in respect of or arising from any other securities issued by the issuer.
(3)
Notwithstanding subsection (1), an authorized depository agent shall have a lien over unpaid deposited securities purchased for the account of a depositor including all such entitlements to all rights, benefits, powers and privileges and be subject to all such liabilities, duties and obligations that are referred to thereunder, and shall deal with such unpaid deposited securities in accordance with the rules of the stock exchange.
(4)
For the purposes of this section, ―deposited security‖ does not include a security specified in the securities account as being in suspense pursuant to section 41 or any regulations made thereunder.
Prohibition against acquisition of, or dealings in, deposited securities by a central depository