Akta Syarikat Amanah 1949 & Trust Companies Act 1949

The Akta Syarikat Amanah 1949, also known as the Trust Companies Act 1949, is a Malaysian law that governs the operation of trust companies in the country. The Act defines a trust company as a company that carries on business as a trustee, executor, administrator, or agent for the purpose of managing, holding, or administering property on behalf of others.

Under the Act, trust companies are required to obtain a license from the Registrar of Companies before commencing operations. The Registrar may refuse to grant a license if the company's directors are not considered suitable or if the company's proposed business is not considered to be in the public interest.

The Act also requires trust companies to maintain proper books and records and submit annual reports to the Registrar. Trust companies must also comply with certain investment and diversification requirements to ensure that their clients' assets are appropriately managed.

In addition, the Act includes provisions for the removal of directors and the winding up of trust companies in certain circumstances, such as insolvency or failure to comply with the Act's requirements.

It is important to note that as of February 15, 2022, the Akta Syarikat Amanah 1949 and the Trust Companies Act 1949 have been repealed and replaced by the Trust Companies Act 2019. The new Act aims to modernize and streamline the regulation of trust companies in Malaysia.

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