s 99 Persons who can be trustees
(1) A person shall not be eligible to be appointed or to act as trustee for unit holders without the approval of the Commission if the person— (a) is a shareholder who beneficially holds shares in the management company; (b) is beneficially entitled to moneys owed by the management company to it; or (c) is a related corporation of— (i) the persons referred to in paragraphs (a) and (b); or (ii) the management company. (2) An application for approval by a person referred to in subsection (1) shall be made in accordance with such procedure or other requirement as may be specified by the Commission. (3) Notwithstanding the provisions of subsection (1), a person is not prevented from being appointed or from acting as trustee by reason only that— (a) the moneys that the management company owes to the trustee or any related corporation of the trustee are moneys to which the trustee or any related corporation of the trustee is entitled to as trustee, in accordance with the provisions or covenants of the deed; or (b) the trustee or a related corporation of the trustee, despite being beneficial owners in the shares of the management company, do not have the right to exercise more than one-twentieth of the voting power at any general meeting of the management company. (4) The Commission may, subject to such terms and conditions as it thinks fit, approve a person to be appointed or to act as trustee where an application has been made to the Commission pursuant to subsection (1). (5) In exercising its discretion under subsection (4) the Commission shall have regard to— (a) the interests of holders of any unit; and (b) the ability of the trustee to safeguard the interests of unit holders as required by the provisions and covenants of the deed and the provisions of this Act. (6) The Commission may revoke an approval granted under subsection (4) where the trustee has failed to comply with any term or condition imposed under subsection (4) or has contravened any provision of this Act. (7) A trustee who— (a) contravenes subsection (1); (b) fails to comply with a term or condition imposed by the Commission under subsection (4), 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.