Section 38. Repeal. (TRUST COMPANIES ACT 1949 (REVISED - 1973)

ACT 100
TRUST COMPANIES ACT 1949 (REVISED - 1973)

GENERAL

Section 38. Repeal.

(1) (Omitted.)

(2) The Trust Companies Ordinance of Sabah [ Cap. 146 ] is hereby repealed:

Provided that a company which was registered as a trust company under the Ordinance hereby repealed and which is registered as incorporated in Malaysia in pursuance of the Companies Act 1965, shall, on application made to the Registrar, in that behalf and on the Registrar being satisfied-

(a)

that the securities already deposited by the company under the provisions of the repealed Ordinance have been transferred to and are duly deposited with the Accountant General; and

(b)

that the said securities are of the value of at least one hundred thousand ringgit,

be entitled, without payment, to be registered as a trust company under section 4 of this Act and to be issued with a certificate of registration in accordance with that section.