(1) This Act may be cited as the Unclaimed Moneys Act, Short title, 1965, and shall come into force on such date as the Minister may by notification in the*Gazette appoint, such date not application. being earlier than the date on which the notification is published.
(2) This Act shall apply throughout the whole of Malaysia.
Act 370
Unclaimed Moneys Act 1965
Akta wang tak dituntut 1965
Text recovered by OCR from a scanned copy β section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
An Act to make provision for the payment of unclaimed moneys into the Federal Consolidated Fund. * +e are istisure,a ] PuCk)18o/75 BE IT ENACTED by the Duli Yang Maha Mulia Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Ra'ayat in Parliament assembled, and by the authority of the same, as follows: 1. (1) This Act may be cited as the Unclaimed Moneys Act, Short title, 1965, and shall come into force on such date as the Minister may by notification in the*Gazette appoint, such date not application. being earlier than the date on which the notification is published. (2) This Act shall apply throughout the whole of Malaysia. 2. In this Act, unless the context otherwise requires- Interpreta- "Consolidated Fund" means the Federal Consolidated tion. Fund; "Consolidated Trust Account" means the Federal Conso- lidated Trust Account maintained pursuant to paragraph (c) F.M of section 7 of the Financial Procedure Ordinance, 1957; "Consolidated Revenue, Account", means the Federal Consolidated Revenue Account maintained pursuant to paragraph (a) of section 7 of the Financial Procedure Ordinance, 1957; "Minister" means the Minister charged with responsibility for finance. D/AA722 3. The provisions of this Act shall be read and construed as Act to be in aid of and not in derogation from the provisions of any read in aid other written' law relating to the disposition of unclaimed of and not in derogation moneys. of otber written laws relating to unclaimed moneys. 4.Unless expressly provided to the contrary by this Act Saving. no one shall be in any manner liable to any person by reason ot the payment by him of any money into the Consolidated Kevenue Account or the doing by him of any other act in good faith pursuant tothe provisions of this Act.
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In this Act, unless the context otherwise requires- Interpreta- "Consolidated Fund" means the Federal Consolidated tion. Fund; "Consolidated Trust Account" means the Federal Consolidated Trust Account maintained pursuant to paragraph (c) F.M of section 7 of the Financial Procedure Ordinance, 1957; "Consolidated Revenue, Account", means the Federal Consolidated Revenue Account maintained pursuant to paragraph (a) of section 7 of the Financial Procedure Ordinance, 1957; "Minister" means the Minister charged with responsibility for finance. D/AA722
The provisions of this Act shall be read and construed as Act to be in aid of and not in derogation from the provisions of any read in aid other written' law relating to the disposition of unclaimed of and not in derogation moneys. of otber written laws relating to unclaimed moneys. 4.Unless expressly provided to the contrary by this Act Saving. no one shall be in any manner liable to any person by reason ot the payment by him of any money into the Consolidated Kevenue Account or the doing by him of any other act in good faith pursuant to the provisions of this Act.
Sub. AA722 Sub. AA722 Sub. AA722
(b) all societies and co-operative societies registered under any written law relating to societies or to co-operative societies; and
(c) any corporation,publicauthority, societyor trade union whatsoever byorder declared by the Minister to be a company to which this Part applies; "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"β
(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;
(b) in relation to a firm includes any partner, member, manager or employee of the firm; and
(C) In relation to any other corporation includes member, secretary or employee of the corporation; "owner" means the person entitled to any unclaimed moneys and includes his executors administrators or assigns 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 principal and interest and all dividends, bonuses and profits and all salaries and wages and all sums of money whatsoever which are legally payable to the owner and have remained unpaid not less than twelve months atter they have become payable; and
(b) any moneys to the credit of an account that has not been operated on either by deposit or withdrawal for a period of not less than seven years.
UNCLAIMED MONEYS
(2) Subject to sub-sectidn (1): of section 14 of this ActD/1A722 this Part shall not apply to any unclaimed moneys for which specialprovision has been made bythis or any other written law.
(1) The Minister may appoint any officer in the Govern- Rneisimedf Unclaimed ment service to be a Registrar of Unclaimed Moneys to Moneys. carry out the duties and functions invested or under this Part in the Registrar.
(2) The Minister may appoint any officer in the Govern- Deputy Registrar of ment service to be a Deputy Registrar of Unclaimed Moneys Unclaimed for the purposes of this Part. Moneys. sub,b)
(3) Notice ofevery appointment made pursuantto this AettaBlaS section and of the cancellation by the Minister of any such appointment shall be published in the Gazette. Sub. AA305
(1) Every company or fifm holding unclaimed moneys Inelaimed shall as soon as practicable on or after the first day of January in each year enter all unclaimed moneys in a register kept at its principal office or place of business in Malaysia in the form in the Schedule.
(2) A copy of all such entries in the register shall be Sub. A4722 advertised by the company or firm in the Gazette annually during the month of Marcny 2TEO jins. A1335
(3) The company or firm shall annually during the month ot March lodge with the Registrar at his office/a eopy of all Tour tuo copies CAA722) (AA'325 such entries in the register signed in the case of a company officer (4A325) by a director or the secretary, in the case of a corporation by anymember thereof, and in the case of a hrm by a partner or by the manager or such other person authorised sỠto sign. AA3US s (4) The copy of the entries lodged with the Registrar shall on payment of a fee of ene dollar be open, to the inspection three tin3gt) of any person at such place and at such times as are prescribed. nO5) n the event of stelure to keep or to enter all unclaimed forwatd ment moneys in such register or to/advertise such copy thereof (AA722) or, of failure to lodge copies thèreof with the Registrat, the company and in a company or firm every officer responsible therefor shall be guilty of an offence punishable with a fine not exceeding/five hundred dollars and thereafter with a further fine of/ewenty-fivedollare for every day during which//a49 (1435, such default or refusal continues. hƑt less thao ⒠nod more than one sortyninart and ringgit (AA7aa)
(6) Any rights of the owner in respect of unclaimed moneys which exist at the time of making entries in the register or at the time of advertising copies of such entries in the Gazette shall not be prejudiced or affected by the making of such entries or such advertisement, but those moneys may be recovered from the company orfirmby the owner at any time before they are paid to the Consolidated Trust Account under section Il but not atterwards, any rule of law to the contrary notwithstanding. Disposal of unclaimed
(1) All unclaimed moneys which have not been paid moneys. within twelve months after the/advertisement under sub- [Sub. AATa2 section (2) of section 10 shall, accompanied by a statement in the prescribed form, be pald within fourteen days after the expiration of that period of twelve monthsby the company or firm to the Consolidated Trust Account.
(2) Any unclaimed moneys paid to the Consolidated Trust Account (to the extent to which they have not under this Part been paid out of the Consolidated Trust Account) shall, on the lapse of six years from the date of the payment thereof to the Consolidated Trust Account, be paid into the Consolidated Revenue Account.
(3) In the event of failure so to pay any unclaimed moneys to the Consolidated Trust Account the company and in a company or firm every officer responsible shall be guilty three thousand (AAZΒ»> of an offence punishable with a fine not exceeding/five OAe < ringgit (4Π»3as) hundred dollars and thereafter with a further fine of not ififty ringg CHA3ZS, less thantwenty live dotars-and not more than flty donars %ne hurdke for every day during which that failure continues. ringgit (AA32r)
(4) For the purposes of sub-section (3) above and ot sub-section (5) of section 10 of this Act "officer responsible" includes any officer who knowingly authorises or permits AAT22 - sush default refusal or failure. Registrar may inspect register, etc., to ascertain whether company is complying with provisions of this Part.
(1) For the purpose of ascertaining whether a company or firm is complying with the provisions of this Part, the Registrar or any person authorised in writing by him may without the payment of any fee inspect the register required to be kept bythat company orfirm pursuanttothe provisions of this Part and any books, minute book, register, record or document kept by or on behalf of the company
UNCLAIMED MONEYS or firm pursuant to the provisions of any written law or in 1/0s.AA722 the course of business,/
(2) No person shall make an inspection in pursuance of Declaration sub-section (1) of this section unless he has made a declaraof secrecy. tion of secrecy in the prescribed form.
(3) A person- Penalties.
(a) who makes an inspection in pursuance of the provisions of sub-section (1) of this section before he has made such a declaration; or
(b) who after making such a declaration 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 inspectionβ shall be guilty Mousanoftence punishable with a fine not AA325 exceeding five hunured delfars.
(4) A company or any officer of a company or firm- Penalties.
(a) which or who on being required by the Registrar or a person so authorised 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 authorised to correct any error found in any such book (including minute book), register, record or document refuses or fails to correct that error; or
(c) which or who obstructs or hinders the Registrar or person so authorised while exercising any of the powers referred to in' sub-section (1) of this sectionβ shale bing wik erarea dencepunishable with a fne not Ihree (AAt2a) AA325
(1) If any claimantmakes any demand against the Registrar to Registrar for any unclaimed moneys paid to the Conso- paimantul lidated Trust Account, the Registrar upon being satisfied
AA733 Persons not so required by this Part may pay unclaimed moneys to the Consolidated Trust Account. that the claimant is the owner of the money shall authorise payment thereof to be made to him out of the Consolidated Trust Account or, if the money had been paid into the Consolidated Revenue Account, the Minister tay 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
(1) Where any person has in his hands (whether by way of business or otherwise) any unclaimed moneys not required by this Part to be paid to the Consolidated Trust Account he may pay such moneys to the Consolidated Trust Account as if those moneys were payable pursuant to sub-section (1) of section 11 of this Act.
(2) This section shall not apply to any money paid into court pursuant to the provisions of Part I of this Act. Regulations. 15. 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) prescribing forms for the purposes of this Part the type and dimensions of forms to be used and any conditions attaching to those forms;
(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. (Ast A393/5) = 16.--
UNCLAIMED MONEYS KCHEBULE (Section 10) D/AA335 REGISTER OF UNCLAIMED MONEY HELD BY THE [here insert name of company or firm] last known address Abdul Hamid Amoun Ouener S c. 350 00 u Dreimiedi Money Date wher cate payabt [Received the Royal Assent on the 18th day of September, 1965.] KUALA LUMPUR DI-CHETAK OLEH PENCHETAK KERAJAAN DAN DI-TERBITKAN DENGAN PERENTAH PADA 30HB SEPTEMBER, 1965 Harga: 50 sen
Cite this legislation
- Official citation
- Act 370
- Source
- lom.agc.gov.my
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- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) β
Unclaimed Moneys Act 1965 [Act 370] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-370
This text is synced from lom.agc.gov.my. In case of any discrepancy, the official version prevails.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).