PART VII PROPERTY

All property vested in trustees

47. All property, movable or immovable, of a registered trade union shall be vested in the trustees for the use and benefit of the union and its members and shall be under the control of the trustees. Devolution of property

48. Upon any change in the office of any trustee, the High Court may upon an ex parte motion made to it in that behalf make an order vesting the property of a registered trade union in the trustees for the time being of the union for the same estate and interest as the former trustee had therein, and subject to the same trusts, without any transfer, conveyance or assignment.

Investment of funds

49. (1) A registered trade union may—

(a) purchase or take upon lease for the purposes of the union any land or building and, subject to any written law or other law which may be applicable, to sell, exchange, charge or lease any such land or building which may be so purchased;

(b) invest its funds in any securities or in any loans to any company in accordance with any law relating to trustees;

(c) deposit its funds in the Bank Simpanan Nasional, any bank incorporated in Malaysia or any finance company which is a subsidiary company of such bank; or

(d) with the prior written approval of the Minister and subject to such conditions as he may impose, invest its funds—

(i) in any registered cooperative society; or

(ii) in any commercial, industrial or agricultural undertaking or banking enterprise, which is incorporated and operating in Malaysia.

(2) The Minister may, before granting approval under paragraph (1)(d), require such trade union to obtain a report on the feasibility and viability of the project.

(2A) For the purpose of satisfying himself that an investment under this section has been properly made, the Director General may order any person to deliver to him any document or accounts relating to the investment which are in the possession or control of that person and may inspect and retain them for such period as he deems necessary for such purpose, and any person who fails or neglects without reasonable excuse to comply with any such order, shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding one thousand ringgit.

(3) Every person who and every trade union which contravenes any of the provisions of subsection (1) shall be guilty of an offence and shall, on conviction, be liable to imprisonment for a term not exceeding two years, or to a fine not exceeding two thousand ringgit or to both.