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Unclaimed Moneys Act 1965 [Act 370]

Part II   cite [+]

MONEYS IN COMPANIES AND FIRMS

8 Interpretation   cite [+]

In this Part unless inconsistent with the context or subject-matter-

"company" means a company within the meaning of the Companies Act 1965 [Act 125], or a foreign company to which Division 2 of Part XI of that Act applies, and shall include-

(a) any Board established to manage employees provident fund superannuation schemes or any other fund relating to retirement benefits;

(b) all societies and co-operative societies registered under any written law relating to societies or to co-operative societies; and

(c) all corporations, public authorities and trade unions;


"firm" means an unincorporated body of persons (whether consisting of individuals or of corporations or partly of individuals and partly of corporations) associated together for the purpose of carrying on business;

"officer"-

(a) in relation to a company includes-

(i) any director secretary or employee of the company; and

(ii) a receiver and manager of any part of the undertaking of the company appointed under a power contained in any instrument,


but does not include any receiver who is not also a manager, and any receiver and manager appointed by a court; and

(b) in relation to a firm includes any partner, member, manager or employee of the firm;

(c) (Deleted by Act A1161).


"owner" means the person entitled to any unclaimed moneys and includes his executors, administrators or assigns or, in the case of a company within the meaning of the Companies Act 1965, its liquidators, or his or their lawful attorney or agent in Malaysia;

"prescribed" means prescribed by or under this Act or by the regulations made hereunder;

"Registrar" means the Registrar of Unclaimed Moneys appointed under section 9;

"unclaimed moneys" means-

(a) all sums of money which are legally payable to the owner and have remained unpaid for a period of not less than one year after they have become payable;

(b) all sums of money to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years; and

(c) all sums of money to the credit of a trade account which has remained dormant for a period of not less than two years.

9 Registrar of Unclaimed Moneys, etc.   cite [+]

(1) The Minister may appoint any officer in the Government service to be the Registrar of Unclaimed Moneys to carry out the duties and functions invested under this Part in the Registrar.

(2) The Minister may appoint one or more officers in the Government service to be Deputy Registrars of Unclaimed Moneys or Assistant Registrars of Unclaimed Moneys for the purposes of this Part.

(3) Subject to the general direction and control of the Registrar and to such restrictions and limitations as may be prescribed, anything appointed or authorized or required to be done or signed by the Registrar may be done or signed by any Deputy Registrar or Assistant Registrar and shall be as valid and effectual as if done or signed by the Registrar.

(4) No person dealing with any Deputy Registrar or Assistant Registrar shall be concerned to see or inquire whether any restrictions or limitations have been prescribed, and every act or omission of a Deputy Registrar or Assistant Registrar so far as it effects any such person shall be as valid and effectual as if done or omitted by the Registrar.

10 Register and lodgment of unclaimed moneys   cite [+]

(1) Every company or firm holding unclaimed moneys shall maintain a record of all unclaimed moneys in a register to be kept at its principal office or place of business in Malaysia in the form to be determined by the Registrar.

(2) The company or firm shall annually, not later than the last day of March, lodge with the Registrar at his office a copy of the register which shall contain particulars of all unclaimed moneys which have remained unpaid up to the last day of December of the previous year together with all the unclaimed moneys reported in the register.

(3) The Registrar may, on the application of the company or firm, grant an extension of time for the lodgment of the register together with the unclaimed moneys to the Registrar under subsection (2).

(4) A company or firm which fails to comply with subsections (1) and (2) shall be guilty of an offence and the company or firm and every officer of the company or firm who is in default shall be liable, on conviction, to a fine not exceeding twenty thousand ringgit and shall, in the case of a continuing offence, be liable to a further fine not exceeding one thousand ringgit for each day during which the offence continues.

(5) Notwithstanding any rule of law to the contrary, any rights of the owner in respect of unclaimed moneys which exist at the time of the making of the entries in the register under subsection (1) shall not be prejudiced or affected by the making of such entries, but those moneys may be recovered from the company or firm by the owner at any time before the moneys are lodged with the Registrar under subsection (2).

(6) Where the unclaimed moneys have been lodged with the Registrar, the owner of the unclaimed moneys may recover the moneys from the Registrar in accordance with the provisions of this Part.

10A Requirement to publish register   cite [+]

(1) A company or firm holding unclaimed moneys shall annually within the month of March, before the register of unclaimed moneys and the unclaimed moneys reported in the register are lodged with the Registrar under subsection 10(2), submit a copy of the register, which shall include a record of unclaimed moneys held up to the last day of December of the previous year, for publication in the Gazette and all charges incurred for such publication in the Gazette shall be borne by the Registrar.

(2) Any company or firm which fails to comply with subsection (1) shall be guilty of an offence and shall be liable, on conviction, to a fine not exceeding twenty thousand ringgit and shall, in the case of a continuing offence, be liable to a further fine not exceeding one thousand ringgit for each day during which the offence continues.

10B Enquiries into unclaimed moneys   cite [+]

Subject to any conditions as may be specified by the Registrar, any person may make an enquiry on the existence of unclaimed moneys belonging to him with the Registrar on payment of a prescribed fee.

11 Disposal of unclaimed moneys   cite [+]

(1) The Registrar shall credit to the Consolidated Trust Account all unclaimed moneys which have been lodged with him under subsection 10(2).

(2) Any unclaimed moneys credited to the Consolidated Trust Account (to the extent to which they have not been paid out of the Consolidated Trust Account under this Part) shall, on the lapse of fifteen years from the date the moneys were credited to the Consolidated Trust Account, be transferred to the Consolidated Revenue Account.

(3) No interest shall be payable on all moneys held in the Consolidated Trust Account or in the Consolidated Revenue Account under this Part.

12 Registrar may inspect register, etc., to ascertain whether company or firm is complying with this Part.   cite [+]

(1) For the purpose of ascertaining whether a company or firm is complying with the provisions of this Part, the Registrar or any person authorized in writing by him may without the payment of any fee inspect the register required to be kept by that company or firm pursuant to this Part and any books, minute book, register, record or document kept by or on behalf of the company or firm pursuant to any written law or in the course of business and where the Registrar or person authorized has reason to believe that the company or firm is not complying with this Part, he may seize and detain any such book, register, record or document that may furnish evidence of such non-compliance.

Declaration of secrecy


(2) No person shall make an inspection under subsection (1) unless he has made a declaration of secrecy in the form to be determined by the Registrar.

Penalties


(3) A person-

(a) who makes an inspection under subsection (1) before he has made a declaration under subsection (2); or

(b) who after making a declaration under subsection (2) makes, except for the purposes of this Part, or in the course of any criminal proceedings, a record of, or divulges or communicates to any other person any information which he has acquired by reason of such inspection,


shall be guilty of an offence and shall be liable, on conviction, to a fine not exceeding five thousand ringgit.

Penalties


(4) A company or firm and any officer of a company or firm-

(a) which or who on being required by the Registrar or a person so authorized to produce any such book (including minute book), register, record or document refuses to produce, avoids producing or prevents production of that book, register, record or document;

(b) which or who on being required by the Registrar or a person so authorized to correct any error found in any such book (including minute book), register, record or document refuses or fails to correct that error; or

(a) which or who obstructs or hinders the Registrar or person so authorized while exercising any of the powers referred to in subsection (1) of this section,


shall be guilty of an offence and shall be liable, on conviction, to a fine not exceeding five thousand ringgit or to imprisonment for a term not exceeding three months or to both.

13 Registrar to pay lawful claimant   cite [+]

(1) If any claimant makes any demand against the Registrar for any unclaimed moneys credited to the Consolidated Trust Account, the Registrar upon being satisfied that the claimant is the owner of the money shall authorize payment thereof to be made to him out of the Consolidated Trust Account or, if the money had been transferred to the Consolidated Revenue Account, the Minister shall direct payment of a like amount to be made to him; and such amount shall be charged upon the Consolidated Fund and be payable out of the Consolidated Revenue Account.

(2) Where any unclaimed moneys paid to any claimant are afterwards claimed by any other person that other person shall not be entitled to the payment thereof, but such person may have recourse against the claimant to whom the unclaimed money has been paid.

14 Persons not so required by this Part may pay moneys not claimed to the Registrar   cite [+]

(1) Any person who has in his possession any moneys, other than unclaimed moneys, which have not been claimed by the owner may lodge the moneys with the Registrar as if the moneys were unclaimed moneys payable to the Registrar under subsection 10(2).

(2) This section shall not apply to any money paid into court pursuant to Part I of this Act.

15 *Regulations   cite [+]

The Minister of Finance may make regulations for or with respect to-

(a) the lodging of documents and the time and manner of submission of documents for lodging;

(b) (Deleted by Act A1161).

(c) prescribing fees for the purposes of this Part;

(d) inspections including the method of inspection and the days and the times of day when inspections may be made;

(e) generally all matters and things which by this Part are required or permitted to be prescribed or which are necessary or convenient to be prescribed for giving effect to or carrying out this Part and guarding against evasions and violations thereof.

*NOTE-Subsidiary legislations made under this provision: P.U. (A) 15/1976, P.U. (A) 16/1976, P.U. (A) 257/1982, P.U. (A) 127/1985 and P.U. (A) 120/1988 have since been revoked by Act A1161.


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