ACT 498
SECURITIES COMMISSION ACT 1993

PART IV - ISSUES OF SECURITIES AND TAKE-OVERS AND MERGERS
DIVISION 4 - DEBENTURES
Subdivision 1 - Trust deeds, duties of trustees, borrowers, etc.



Section 69.Persons who can be trustees.


(1) A trustee shall be-


(2) A person shall not be eligible to be appointed or to act as trustee for debenture holders without the approval of the Commission if the person-



(3) An application made by a corporation referred to in paragraph (1)(b) or an application for approval made by a person referred to in subsection (2) shall be made to the Commission in accordance with such procedure or other requirement as may be specified by the Commission.

(4) Notwithstanding the provisions of subsection (2) , a person is not prevented from being appointed or from acting as trustee by reason only that-




(5) Where an application has been made to the Commission under subsection (3) , the Commission may, subject to such terms and conditions as it thinks fit-


(6) In exercising its discretion whether to allow a corporation to act as a trustee under paragraph (5)(a) or approve a person to be appointed or to act as trustee under paragraph (5)(b) , the Commission shall have regard to-


(7) The Commission may revoke a decision to allow a corporation to act as trustee or an approval of a person to be appointed or to act as trustee under subsection (5) where the trustee has failed to comply with any term or condition imposed under subsection (5) or has contravened any provision of this Act.

(8) A trustee who-


shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.
[Ins. Act A1074:s.9]


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