Unclaimed Money Act Malaysia 1965

Back to archive an introduction of unclaimed moneys act 1965 21 oct 2020.

Unclaimed money act malaysia 1965. About unclaimed money 1. Companies including foreign companies incorporated under the companies act 1965 and the new companies act 2016. Provision for payment into consolidated revenue account in certain cases of unclaimed money in court 6. According to the unclaimed moneys act of 1965 every business corporation board and trade union in malaysia is legally obligated to report unclaimed money to the government so claimants can go to a central authority to track down this cash.

An entity that fails to comply with the unclaimed moneys act 1965 shall be guilty of an offence and the entity and every officer of the entity who is in default shall be liable on conviction to a fine not exceeding rm20 000 and shall in the case of a continuing offence be liable to a further fine not exceeding rm1 000 for each day during which the offence continues. Section 14 of the unclaimed moneys act 1965 provides that any party with money other than the wtd in the hand of which has not been claimed by the proprietor may surrender the sum to the registrar as if the moneys were moneys payable even though he was not obliged to do so in the act. Akta wang tak dituntut 1965 such sums of money will be transferred to the registrar of unclaimed moneys. Short title and application 2.

Unclaimed moneys 3 laws of malaysia act 370 unclaimed money act 1965 arrangement of sections section 1. The registrar of unclaimed moneys act. Maintain a record of all unclaimed moneys in a register to be kept at its principal office or place of business in malaysia in the form to be determined by the registrar. Appointment of registrar of unclaimed moneys pursuant to section 9 1 and section 9 2 unclaimed monies act 1965 are as follows.

Under the unclaimed moneys act 1965 malay. Saving part i moneys in court 5. P u b 221 in exercise of the powers conferred by sub section 1 of section 9 of the unclaimed monies act 1965 the minister of finance has appointed the accountant general as the registrar of unclaimed moneys with effect from the 1st day of june 1975. Every year the entity is required to submit no later than 31 march.

Amount of the unclaimed money owed. The owner of the unclaimed moneys may recover the moneys from the registrar either in person or in writing.