The Corporation and its objective
The Corporation incorporated under the Companies Act 1965 under the name “Pengurusan Danaharta Nasional Berhad” shall have the main objective of carrying on business as an asset management company and acquiring, managing, financing and disposing of assets and liabilities.
Powers of the Corporation
(1) Without prejudice to its powers as prescribed in its Memorandum and Articles of Association, the Corporation shall have the power to— (a) carry on business as an asset management company and to acquire the whole or any part of any asset or liability of whatever form of any person, and to manage, finance and dispose of such asset or liability; and (b) carry out, manage or enter into any activity in relation to such asset or liability. (2) The powers conferred on the Corporation under subsection (1) shall be in addition to and not in derogation of any of the rights, powers, liberties, privileges and benefits conferred on the Corporation by this Act or any other law. (3) In addition to the powers vested in the Corporation by its Memorandum and Articles of Association and this Act, the Corporation may exercise such other powers as may be expedient or reasonably necessary for or in connection with or incidental to its objectives and the provisions of this Act shall apply to the Corporation in respect of the exercise of such powers.
The Board
(1) The board of directors of the Corporation, which shall be responsible for the policy and general administration of the affairs and business of the Corporation, shall comprise the following members who, notwithstanding the provisions of section 128 of the Companies Act 1965, shall be appointed by the Minister: (a) a non-executive Chairman; (b) a Managing Director; (c) two Federal Government officials; (d) three members from the private sector; and (e) two members from the international community. (2) For the purposes of subsection (1), the Minister may appoint such persons as he thinks fit and proper to act and assist the Corporation in achieving its objectives. (3) The Managing Director shall be the chief executive officer of the Corporation and shall be entrusted with the day-to-day administration of the Corporation. (4) The provisions of the First Schedule shall apply to the Board.
Application of the Corporation’s Memorandum and Articles of Association
(1) Any matter not provided for in this Act shall be determined in accordance with and regulated by the Memorandum and Articles of Association of the Corporation. (2) Where there is any conflict or inconsistency between the provisions of this Act and the provisions of the Memorandum and Articles of Association of the Corporation, the provisions of this Act shall prevail.
Disclosure of interest
(1) A member of the Board or any committee formed by the Board having directly or indirectly any interest in relation to any matter under discussion by the Board or the committee shall disclose to the Board or the committee the existence of his interest and the nature of that interest. (2) A disclosure under subsection (1) shall be recorded in the minutes of the Board or the committee. (3) Upon the disclosure under subsection (1) the member— (a) shall not take part nor be present in any deliberation or decision of the Board or the committee; and (b) shall be disregarded for the purpose of constituting a quorum of the Board or the committee, relating to the matter. (4) A member of the Board or the committee who contravenes subsection (1) commits 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 five years or to both. (5) No act or proceedings of the Board or the committee shall be invalidated on the ground that any member of the Board or the committee has contravened the provisions of this section.
Accounts
(1) The Corporation shall cause to be kept accounts in accordance with the Companies Act 1965. (2) The Corporation shall cause its statement of accounts to be audited by such auditors as it may appoint. (3) The Corporation shall as soon as practicable send a copy of the audited statement of accounts together with a copy of the auditor’s report thereon to the Minister. (4) The provisions of the Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall not apply to the Corporation.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated. Read the official text ↗
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).