Section 3

incorporated in Malaysia or, if incorporated prior to

Malaysia Day, in Sabah or Sarawak, and having a place of business in Malaysia;

having as its sole or primary object the promotion of home ownership by advancing for the purchase of lands and buildings sums of money, repayable by instalments of principal and interest over a fixed period of years, not exceeding at any time the valuation of such lands and buildings made by an approved valuer; and

approved by the Minister by notification in the Gazette for the purpose of receiving loans from trustees in accordance with paragraph 4(1)(e);

“approved valuer” means a registered or licensed surveyor or a licensed appraiser and includes any other person approved by the

Minister;

“authorized investments” means investments authorized by the instrument, if any, creating the trust for the investment of money subject to the trust, or by law;

“charge”,

“chargee”

and

“chargor”

include

“mortgage”,

“mortgagee” and “mortgagor” respectively, and further include and relate to every estate and interest regarded in equity as merely a security for money and every person lawfully claiming under the original chargee;

“contingent right” as applied to land, includes a contingent or executory interest, a possibility coupled with an interest, whether the object of the gift or limitation of the interest or possibility is or is not ascertained, also a right of entry, whether immediate or future and whether vested or contingent;

Trustee 9

“convey” and “conveyance” as applied to any person include the execution by that person of every necessary or suitable assurance

(including an assent) for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of land whereof he is proprietor or possessed or wherein he is entitled to a contingent right, either for his whole interest or for any less interest, together with the performance of all formalities required by law to the validity of the conveyance;

“the Court” means the High Court in Malaya or the High Court in

Sabah and Sarawak, as the case may be;

“instrument” includes a written law;

“land” means immovable property and includes any interest therein and also an undivided share of land;

“material” date means—

in respect of Peninsular Malaysia (other than Malacca and Penang), the 9 September 1932;

in respect of the States of Malacca and Penang, the 1

September 1929;

in respect of the State of Sabah (other than Labuan), the 30 April 1953;

in respect of Labuan, the 1 September 1929; and

in respect of the State of Sarawak, the 30 June 1965;

“mentally disordered person” means any person found by due course of law to be unsound mind and incapable of managing his affairs;

“pay” and “payment” as applied in relation to stocks and securities and in connection with the expression “into Court”, include the deposit or transfer of the same in or into Court;

10 Laws of Malaysia ACT 208

“person of unsound mind” means any person, not a minor, who, not having been found to be a mentally disordered person, is incapable from infirmity of mind of managing his own affairs;

“personal representative” means the executor, original or by representation, or administrator for the time being of a deceased person;

“possession” includes receipt of rents and profits or the right to receive the same, if any; “income” includes rents and profits; and

“possessed” applies to receipt of income of and to any vested interest less than a life interest in possession or in expectancy in any land;

“property” includes movable and immovable property, and any interest in any property, movable or immovable, and any debt, and any thing in action, and any other right or interest, whether in possession or not;

“rights” includes estates and interests;

“sale” includes an exchange;

“securities” includes stocks, funds and shares; and so far as relates to payments into Court has the same meaning as in the written law relating to funds in Court; and “securities payable to bearer” includes securities transferable by delivery or by delivery and endorsement;

“solicitor” means advocate and solicitor in Peninsular Malaysia or advocate in Sabah or Sarawak, as the case may be;

“stock” includes fully paid up shares and, so far as relates to vesting orders made by the Court under this Act, includes any fund, annuity, or security transferable in books kept by any corporation, company, association, or society, or by instrument of transfer, either alone or accompanied by other formalities, and any share or interest therein;

“transfer”, in relation to stock or securities, includes the execution and performance of every instrument, power of attorney, act, and

Trustee 11

thing on the part of the transferor to effect and complete the title in the transferee;

“trust” does not include the duties of chargee, but with this exception the expressions “trust” and “trustee” extend to implied and constructive trusts, and to cases where the trustee has a beneficial interest in the trust property, and to the duties incidental to the office of a personal representative and “trustee”, where the context admits, includes a personal representative, and “new trustee” includes an additional trustee;

“trust corporation” means the Public Trustee* or a corporation appointed by the Court in any particular case to be a trustee, or registered as a trust company under the Trust Companies Act 1949

[Act 100];

“trust for sale”, in relation to land, means an immediate binding trust for sale, whether or not exercisable at the request or with the consent of any person, and with or without power at discretion to postpone the sale; “trustees for sale” means the persons (including a personal representative) holding land on trust for sale.

†“Peninsular Malaysia” has the meaning assigned by section 3

Interpretation Acts 1948 and 1967 [Act 388], and includes the Federal

Territory.

if such written law has been extended to apply to Sabah and Sarawak, be construed as references to that law as so extended; or

*NOTE—The words “Public Trustee” is now refered to as“corporation” under the name of Amanah

Raya Berhad incorporated under the Companies Act 1965 [Act 125] pursuant to section 3–see section 2

and subsection 43(3) of the Public Trust Corporation Act 1995 [Act 532].

†NOTE—All references to “West Malaysia” shall be construed as references to “Peninsular Malaysia”–

see Interpretation (Amendment) Act 1997 [Act A996], subsection 5(2).

12 Laws of Malaysia ACT 208

if such written law has not been extended to Sabah or

Sarawak, be construed as reference to the corresponding written law, if any, in force in Sabah or Sarawak, as the case may be.