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REPRINT - Attorney General's Chamber Official · PDF file2015-08-13 · REPRINT Act 402 MALAYSIAN RUBBER EXCHANGE (INCORPORATION) ... Revised 1989 (Act 402 w.e.f 14 December 1989)

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  • Malaysian Rubber Exchange (Incorporation) 1

    LAWS OF MALAYSIA

    REPRINT

    Act 402

    MALAYSIAN RUBBEREXCHANGE (INCORPORATION)

    ACT 1962

    Incorporating all amendments up to 1 January 2006

    PUBLISHED BYTHE COMMISSIONER OF LAW REVISION, MALAYSIA

    UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968IN COLLABORATION WITH

    PERCETAKAN NASIONAL MALAYSIA BHD2006

  • 2

    MALAYSIAN RUBBER EXCHANGE(INCORPORATION) ACT 1962

    First enacted ... ... ... 1962 (Act No. 11 of1962)

    Revised 1989 (Act 402 w.e.f14 December 1989)

    PREVIOUS REPRINT

    First Reprint ... ... ... ... ... 2001

  • 3

    LAWS OF MALAYSIA

    Act 402

    MALAYSIAN RUBBER EXCHANGE(INCORPORATION) ACT 1962

    ARRANGEMENT OF SECTIONS

    Section

    1. Short title and application

    PART I

    PRELIMINARY

    2. Interpretation

    PART II

    INCORPORATION OF MALAYSIAN RUBBEREXCHANGE

    3. Incorporation of Malaysian Rubber Exchange

    4. Offices

    5. Income of Corporation

    PART III

    OBJECTS OF THE CORPORATION

    6. Objects

    PART IV

    MEMBERSHIP OF THE CORPORATION

    7. Membership

    8. (Deleted)

    9. Register of Members

  • 4 Laws of Malaysia ACT 402

    PART V

    MANAGEMENT OF THE CORPORATION

    Section

    10. (Deleted)

    11. (Deleted)

    12. Management and administration of Corporation

    13. (Deleted)

    PART VI

    MISCELLANEOUS

    14. Power to make Rules

    15. (Deleted)

    16. Alteration of Rules

    17. Members bound by Rules, etc.

    18. Safeguarding of contracts

    19. Saving

    FIRST SCHEDULE

    SECOND SCHEDULE(Deleted)

  • Malaysian Rubber Exchange (Incorporation) 5

    LAWS OF MALAYSIA

    Act 402

    MALAYSIAN RUBBER EXCHANGE(INCORPORATION) ACT 1962

    An Act to provide for the establishment of a Corporation to beknown as the Malaysian Rubber Exchange for the setting up of arubber market in Malaysia and the promotion and regulation of therubber trade and industry and for matters incidental thereto.

    [Peninsular Malaysia24 February 1962;Sabah and Sarawak1 January 1974]

    BE IT ENACTED by the Seri Paduka Baginda Yang di-PertuanAgong with the advice and consent of the Dewan Negara andDewan Rakyat in Parliament assembled, and by the authority ofthe same, as follows:

    Short title and application

    1. (1) This Act may be cited as the Malaysian Rubber Exchange(Incorporation) Act 1962.

    (2) This Act shall apply throughout Malaysia.

    PART I

    PRELIMINARY

    Interpretation

    2. (1) In this Act, unless the context otherwise requires

    Board means the Malaysian Rubber Board established underthe Malaysian Rubber Board (Incorporation) Act 1996 [Act 551];

    by-laws means any by-laws made by the Board pursuant tothe powers conferred upon it by the Corporation;

  • 6 Laws of Malaysia ACT 402

    Chairman means the Chairman of the Corporation appointedunder subsection 12(3);

    Corporation means the Malaysian Rubber Exchange constitutedunder section 3;

    Deputy Chairman means the Deputy Chairman of the Corporationappointed under subsection 12(4);

    Management Committee means the Management Committeeestablished under section 17 of the Malaysian Rubber Board(Incorporation) Act 1996;

    Member means a person whose name appears in the register;

    Minister means the Minister responsible for the rubber industry;

    person means an individual and any company or corporationbut does not include a partnership firm or other unincorporatedbody or association;

    register means the register of members pursuant to section 9;

    rules means the rules made under section 14;

    Secretary means the secretary of the Corporation appointedunder this Act.

    (2) This Act shall be read and construed as one with the MalaysianRubber Board (Incorporation) Act 1996.

    (3) In the event of any inconsistency occuring between theprovisions of the Malaysian Rubber Board (Incorporation) Act1996 and the provisions of this Act, the provisions of that Act shallprevail.

    PART II

    INCORPORATION OF MALAYSIAN RUBBER EXCHANGE

    Incorporation of Malaysian Rubber Exchange

    3. (1) The persons whose names appear in the First Schedule andall such persons as may hereafter become members of the Corporationshall be a body corporate by the name of Malaysian Rubber Exchangeand by that name shall have perpetual succession.

  • Malaysian Rubber Exchange (Incorporation) 7

    (2) The Corporation shall have a common seal and such sealmay from time to time be broken, changed, altered and made anewas to the Corporation seems fit.

    (3) The Corporation may enter into contracts, may sue and besued in its corporate name and may acquire, purchase, lease, take,hold and enjoy movable and immovable property of every description,and may sell, exchange, convey, assign, surrender and yield up,mortgage, demise, re-assign, transfer or otherwise dispose of ordeal with any movable and immovable property vested in it uponsuch terms as to it shall seem fit.

    (4) All deeds, documents and other instruments requiring theseal of the Corporation shall be sealed with the seal of the Corporationpursuant to a resolution of the Board to that effect in the presenceof the Chairman or Deputy Chairman or some other person authorizedby the Board to act in that behalf and of the Secretary, who shallsign every such deed, document or instrument to which such sealis affixed, and such signing shall, without further attestation, besufficient evidence that such seal was duly and properly affixedand that the same is the lawful seal of the Corporation.

    Offices

    4. The Corporation shall have a principal office in Malaysia atsuch place as the Board may from time to time determine, and mayestablish such other offices as the Board deem desirable.

    Income of Corporation

    5. (1) The income of the Corporation shall accrue to the Board.

    (2) Subsection (1) shall not prevent the payment or repaymentof remuneration or expenses to any officer or servant of theCorporation or to any Member thereof in return for services renderedto the Corporation.

    PART III

    OBJECTS OF THE CORPORATION

    Objects

    6. The objects for which the Corporation is incorporated are:

    (a) to promote, support, develop and maintain the rubberindustry in general, particularly as regards Malaysiannational and individual interests therein, and with those

  • 8 Laws of Malaysia ACT 402

    objects in view to establish a market in Malaysia for thesale and purchase of rubber and to make such arrangementsand rules as may be deemed desirable for the properconduct of the trade and commerce in and for the marketingand distribution of rubber, and for those purposes tosecure that such trade, marketing and distribution shallso far as possible be carried on through the marketestablished by, and under the arrangements and rulesfrom time to time formulated by or with the approval of,the Corporation;

    (b) (Deleted by Act A959);

    (c) to establish and carry on the business of a Clearing Houseor Settlement House or both for facilitating the conductof mercantile business and in particular for facilitatingthe clearing and settlement of contracts for the purchaseand sale of rubber, and to make and stipulate suchremuneration, terms and conditions in respect of suchbusiness as may from time to time be determined;

    (d) to enter into relations and to co-operate to such extentand on such conditions as may be deemed desirable withassociations or companies having objects all together orin part similar to those of the Corporation and withChambers of Commerce and other trade, mercantile andpublic bodies throughout the world;

    (e) (Deleted by Act A959);

    (f) (Deleted by Act A959);

    (g) to make and enforce in such manner as may seem expedientby-laws and rules as to the conduct of the rubber tradeand the terms and conditions on which it is to be carriedon and for the maintenance of proper standards of conductin the carrying on of such trade, and for the regulationof transactions between Members and between Membersand others;

    (h) to inspect, sample and grade rubber in any part of theworld in such manner as may be deemed expedient;

    (i) to act as arbitrator and to appoint arbitrators and umpiresin any dispute affecting rubber or any dealing therein andotherwise to make arrangements for the settlement ofdisputes by arbitration;

  • Malaysian Rubber Exchange (Incorporation) 9

    (j) to appoint agents in any part of the world for any purposeincidental to any of the objects of the Corporation;

    (k) (Deleted by Act A959);

    (l) (Deleted by Act A959);

    (m) (Deleted by Act A959);

    (n) (Deleted by Act A959);

    (o) (Deleted by Act A959);

    (p) (Deleted by Act A959);

    (q) (Deleted by Act A959);

    (r) (Deleted by Act A959);

    (s) to provide and collect from members or otherwise fundsfor the purpose of carrying on or furthering the objectsof the Corporation or any of them;

    (t) to do all such other lawful things as are incidental orconducive to the attainment of the above objects or anyof them.

    PART IV

    MEMBERSHIP OF THE CORPORATION

    Membership

    7. (1) Membership of the Corporation shall

    (a) be confined to persons carrying on or intending to carryon business in such classes of the rubber trade or industryas may from time to time be prescribed by the rules; and

    (b) comprise Ordinary Members, Associate Members andsuch other category or categories as may from time totime be prescribed by the rules.

    (2) (Deleted by Act A959).

    8. (Deleted by Act A959).

  • 10 Laws of Malaysia ACT 402

    Register of Members

    9. The Corporation shall keep a register