In forceUpdated to 11 Apr 1991Read it in Bahasa Malaysia

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Securities Industry (Central Depositories) Act 1991 · Updated to 11 Apr 1991 · Part II · Central Depository

4. Application for approval to establish and maintain a central depository

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(1)

Any company incorporated under the Companies Act 1965

which proposes to establish and maintain a central depository shall apply to the Minister in writing for approval.

(2)

An application made under subsection (1) shall be accompanied with the following:

(a)

a copy of the memorandum and articles of association, duly verified by a statutory declaration made by a director of the applicant;

(b)

a copy of the latest audited balance sheet, profit and loss account (together with any note thereon) and the reports, if any, of the auditors and the directors of the applicant;

(c)

a statement on the following:

(i)

the name, place and date of incorporation of the applicant;

(ii)

the registered office and place or proposed place of business of the applicant;

(iii)

the names and addresses of the directors of the applicant and its related corporations, and of the substantial shareholders within the meaning of section 69D of the Companies Act 1965, of the applicant and its related corporations; and

Securities Industry (Central Depositories) 19

(iv)

the name of the stock exchange, if any, in respect of which the central depository will be established and maintained;

(d)

operational information on the system to be established and maintained by the central depository;

(e)

a copy of the rules that will apply to the central depository;

(f)

the proposed fees and charges which will be imposed by the applicant in respect of the facilities and services to be provided by the central depository, including fees and charges for—

(i)

the establishment and maintenance of securities accounts;

(ii)

the deposit and withdrawal of securities;

(iii)

the issuance of statements of accounts under section 26;

(iv)

the effecting of entries in securities accounts in respect of transactions under section 31;

(v)

the issuance of records of depositors under section 34;

(vi)

the effecting of entries in securities accounts pursuant to any charges or pledges of deposited securities under section 40; and

(g)

such other information or documents as may be required by the Minister or the Commission for the purposes of determining the application and the suitability of the applicant to establish and maintain a central depository.

20 Laws of Malaysia ACT 453

(2A)

An application for approval under subsection (1) shall be sent to the Commission, whereupon the Commission shall submit such application, together with its recommendation to the Minister.

(3)

At any time after receiving an application the Minister or the

Commission may, by written notice, require the applicant to provide additional information or documents.

Terms defined in s 2

Act
Defined · s 2
―Act‖ includes any regulations made under this Act;
Open s 2
central depository
Defined · s 2
―central depository‖ means a company approved by the Minister under section 5— Securities Industry (Central Depositories) 11 (a) to establish and operate a system for the central handling of securities, whether or not listed on any stock exchange,— (i) whereby all such securities are deposited with and held in custody by, or registered in the name of, the company or its nominee company for the depositors and dealings in respect of those securities are effected by means of entries in securities accounts without the physical delivery of scrips; or (ii) which permits or facilitates the settlement of securities transactions or dealings in securities without the physical delivery of scrips; and (b) to provide other facilities and services incidental thereto;
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Commission
Defined · s 2
―Commission‖ means the Securities Commission established under the Securities Commission Act 1993;
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information
Defined · s 2
―information‖ includes data recorded in a form which can be processed by equipment operating automatically in response to instructions given for a particular purpose;
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Minister
Defined · s 2
―Minister‖ means the Minister of Finance; *NOTE—This Act has since been repealed by Capital Market and Services Act 2007 which comes into operation on 28 September 2007 except Division 2 of Part VI which comes into operation on 1 April 2010–see subsection 381(2)…
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rules
Defined · s 2
―rules‖, in relation to— (a) a central depository, means the rules of a central depository, and includes— (i) rules contained in the memorandum and articles of association or other constituent document of the central depository; (ii) rules to ensure compliance by its authorized depository agents, users or depositors of any obligations imposed by this Act or any other written law; (iii) rules in relation to the provision of services for the deposit, holding, transfer and withdrawal of securities, and the suspension or withdrawal of such services; (iv) rules to provide for the persons who may participate in one or more of the services referred to in subparagraph (iii); and (v) rules in respect of such other matters as are necessary or desirable for the proper and efficient operation and management of the central depository, including rules setting fees and charges; and Securities Industry (Central Depositories) 15 (b) an exchange holding company, means the memorandum and articles of association, including rules regulating the activities and conduct of the company in its capacity as an exchange holding company;
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stock exchange
Defined · s 2
―stock exchange‖ has the same meaning as is assigned to that expression under subsection 2(1) of the *Securities Industry Act 1983; *NOTE—This Act has since been repealed by Capital Market and Services Act 2007 which comes into operation on 28 September 2007 except Division 2 of Part VI which comes into operation on 1 April 2010–see subsection 381(2)…
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Report

Read on from s 5

Part III

Provisions Relating to Deposited Securities

Read on from Part III

Part IV

Secrecy Provisions

Read on from Part IV

Part V

Offences

Read on from Part V

Part VI

Enforcement

Read on from Part VI

Part VII

General

Read on from Part VII