LAWS OF MALAYSIA

1 LAWS OF MALAYSIAREPRINTAct 370 UNCLAIMED MONEYS ACT 1965 Incorporating all amendments up to 1 January 2006 PUBLISHED BYTHE COMMISSIONER OF LAW REVISION, MALAYSIAUNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968IN COLLABORATION WITHPERCETAKAN NASIONAL MALAYSIA BHD20062 Laws of MalaysiaACT 370 UNCLAIMED MONEY ACT 1965 First (Act 74 of 1965) (Act 370 August 1989)PREVIOUS REPRINTF irst ..2001 Unclaimed Moneys3 LAWS OF MALAYSIAAct 370 UNCLAIMED MONEY ACT 1965 ARRANGEMENT OF title and (Deleted) IMONEYS IN for payment into Consolidated Revenue Account in certaincases of unclaimed money in of officer of court to sell securities and power of Judge of HighCourt to make vesting for claims, etc., made after payment into ConsolidatedRevenue AccountPART IIMONEYS IN COMPANIES AND of Unclaimed Moneys, and lodgment of unclaimed to publish into unclaimed moneys4 Laws of MalaysiaACT of unclaimed may inspect register, etc.

2 , to ascertain whether company orfirm is complying with this to pay lawful not so required by this Part may pay moneys not claimedto the to compound to exemptUnclaimed Moneys5 LAWS OF MALAYSIAAct 370 UNCLAIMED MONEYS ACT 1965An Act relating to the payment of unclaimed moneys into theFederal Consolidated Fund.[1 June 1975]BE IT ENACTED by the Seri Paduka Baginda Yang di-PertuanAgong with the advice and consent of the Dewan Negara andDewan Rakyat in Parliament assembled, and by the authority ofthe same, as follows:Short title and application1.(1) This Act may be cited as the Unclaimed Moneys Act 1965.(2) This Act shall apply throughout this Act, unless the context otherwise requires Consolidated Fund means the Federal Consolidated Fund; Consolidated Trust Account means the Federal ConsolidatedTrust Account maintained pursuant to paragraph 7(c) of the FinancialProcedure Act 1957 [Act 61]; Consolidated Revenue Account means the Federal ConsolidatedRevenue Account maintained pursuant to paragraph 7(a) of theFinancial Procedure Act 1957; Minister means the Minister charged with responsibility (Deleted by Act A722).

3 6 Laws of MalaysiaACT expressly provided to the contrary by this Act no oneshall be in any manner liable to any person by reason of thepayment by him of any money into the Consolidated Trust Accountor the Consolidated Revenue Account or the doing by him of anyother act in good faith pursuant to this IMONEYS IN COURTP rovision for payment into Consolidated Revenue Account incertain cases of unclaimed money in court5.(1) Notwithstanding anything to the contrary contained in anywritten law, rule of law or rule of court, in any case where anymoney has been or is paid into any court under any written lawor rule of court (heretofore now or hereafter in force) or by virtueof any rule of practice or procedure (heretofore now or hereafterin force) and no claim application action suit or other proceedingfor or in respect of such money has been or is made or institutedfor a period of fifteen years after the last payment out of court ofany part of such money or (where no payment out of court hasbeen or is made)

4 After such payment into court, the proper officerof such court having the control or custody of money paid intocourt shall as soon as practicable after the termination of suchperiod of fifteen years pay such money into the ConsolidatedRevenue Account:Provided that in any case where the documents filed in the courtdisclose the existence at any time of a person who would havebeen entitled to make or institute a claim application action suitor proceeding as aforesaid but for want of age or other legaldisability or who would have become so entitled on the happeningof some event, the period of fifteen years aforesaid shall not inany event be deemed to have commenced to run (a)until the day on which (according to satisfactory evidencefiled in the court) such person became of age or suchother disability was determined or such event happened(as the case may be).

5 Or(b)until the day on which (according to satisfactory evidencefiled in the court) such person died,whichever day was the Moneys7 Interpretation of money paid into court to include securities,interest, dividends, etc.(2) For the purposes of this Part money paid into court meansmoney or any security paid into court or paid into any bank (whetherin the name or to the credit of any officer of the court or otherwise)or paid into any Bank Simpanan Nasional to be subject to the orderor disposition of the court, and from the time of such paymentincludes any security or money into which such first-mentionedmoney or security or any part thereof is or has been converted andall interest and every dividend or other profit accrued or accruingfrom any such money or security up to the time of payment intothe Consolidated Revenue Account, and for the purpose of suchpayment into the Consolidated Revenue Account includes theproceeds of the sale or conversion into money of any such securityunder section of officer of court to sell securities and power of Judgeof High Court to make vesting any written law or rule of law, for the purposeof any payment of money into the Consolidated Revenue Accountunder subsection 5(1)

6 , the proper officer of court aforesaid ishereby empowered after the expiration of such period of fifteenyears to sell or otherwise convert into money any security referredto in subsection (2) of the said section and in order to facilitatesuch payment into the Consolidated Revenue Account, a Judge ofthe High Court, upon application by or on behalf of such officer,may make an order vesting in such officer the property or interestin any such security or in any money in any bank referred to insubsection (2) of that for claims, etc., made after payment into ConsolidatedRevenue Account7.(1) Where after any money is paid into the Consolidated RevenueAccount pursuant to this Part as aforesaid any claim, suit, action,application or other proceeding for or in respect thereof is madeor instituted by any person such claim, suit, action, application orother proceeding shall be heard and determined in all respects asif such money had remained in court and the court may make suchorder as is sanctioned by law for the payment to any person of themoney aforesaid or any part of MalaysiaACT 370 Provision for payment out of revenue in order of court(2) When any such order is made and a copy thereof is servedupon the Minister he shall in compliance with such order withoutany further or other authority than this Act pay the amount specifiedin such order (without interest from the date of payment into theConsolidated Revenue Account)

7 To the person to whom such orderdirects such payment to be made; and such amount shall be chargedupon the Consolidated Fund and be payable out of the ConsolidatedRevenue Account (which is hereby to the necessary extentappropriated for the purpose accordingly).PART IIMONEYS IN COMPANIES AND this Part unless inconsistent with the context orsubject-matter company means a company within the meaning of the CompaniesAct 1965 [Act 125], or a foreign company to which Division 2 ofPart XI of that Act applies, and shall include (a)any Board established to manage employees providentfund superannuation schemes or any other fund relatingto retirement benefits;(b)all societies and co-operative societies registered underany written law relating to societies or to co-operativesocieties; and(c)all corporations, public authorities and trade unions; firm means an unincorporated body of persons (whetherconsisting of individuals or of corporations or partly of individualsand partly of corporations) associated together for the purpose ofcarrying on business.

8 Officer (a)in relation to a company includes (i) any director secretary or employee of the company;andUnclaimed Moneys9(ii) a receiver and manager of any part of the undertakingof the company appointed under a power containedin 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, manageror employee of the firm;(c)(Deleted by Act A1161). owner means the person entitled to any unclaimed moneysand includes his executors, administrators or assigns or, in the caseof a company within the meaning of the Companies Act 1965, itsliquidators, or his or their lawful attorney or agent in MALAYSIA ; prescribed means prescribed by or under this Act or by theregulations made hereunder; Registrar means the Registrar of Unclaimed Moneys appointedunder section 9; unclaimed moneys means (a)all sums of money which are legally payable to the ownerand have remained unpaid for a period of not less thanone year after they have become payable;(b)all sums of money to the credit of an account that hasnot been operated in whatever manner by the owner fora period of not less than seven years.

9 And(c)all sums of money to the credit of a trade account whichhas remained dormant for a period of not less than of Unclaimed Moneys, (1) The Minister may appoint any officer in the Governmentservice to be the Registrar of Unclaimed Moneys to carry out theduties and functions invested under this Part in the Registrar.(2) The Minister may appoint one or more officers in theGovernment service to be Deputy Registrars of Unclaimed Moneysor Assistant Registrars of Unclaimed Moneys for the purposes ofthis of MalaysiaACT 370(3) Subject to the general direction and control of the Registrarand to such restrictions and limitations as may be prescribed,anything appointed or authorized or required to be done or signedby the Registrar may be done or signed by any Deputy Registraror Assistant Registrar and shall be as valid and effectual as if doneor signed by the Registrar.

10 (4) No person dealing with any Deputy Registrar or AssistantRegistrar shall be concerned to see or inquire whether any restrictionsor limitations have been prescribed, and every act or omission ofa Deputy Registrar or Assistant Registrar so far as it effects anysuch person shall be as valid and effectual as if done or omittedby the and lodgment of unclaimed moneys10.(1) Every company or firm holding unclaimed moneys shallmaintain a record of all unclaimed moneys in a register to be keptat its principal office or place of business in MALAYSIA in the formto be determined by the Registrar.(2) The company or firm shall annually, not later than the lastday of March, lodge with the Registrar at his office a copy of theregister which shall contain particulars of all unclaimed moneyswhich have remained unpaid up to the last day of December of theprevious year together with all the unclaimed moneys reported inthe register.