13 Dec 2024
LAI KIAT YEONG HSBC (MALAYSIA) TRUSTEE BERHAD
- Citation
- WA-24NCvC-3689-08/2023 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24NCvC-3689-08/2023 (Mahkamah Tinggi)
The August 2023 letter did not constitute the formal notice required by s.12(5) PTCA because it lacked a direct and definite statement of a proposed corporate appointment; the Originating Summons was therefore premature. The Defendant established reasonable cause to retire (exit from trustee services) and, under the Trust Deed and s.40 Trustee Act 1949, may effect appointment of a new trustee if the appointor fails to act. Accordingly the Plaintiff's OS was dismissed with costs.