Mr. CO- Always that Umbrella Section on Miscellaneous

Part XII is a catch all, an umbrella .It has 3 Rules.

Rule 23, the owrd, 'forms"  refers specifically  to the forms in the Schedule.

Rule 24  plays the Saving clause function.

It states that irrspective of whatever is provided in these rules, any person other than a public offcierappointed as a CO prior to 1st April 1993 may, subject to these rules, continue to exercise their functions as COs until 31st December 1993. Howver, for public officer appointeed as COs prior to 1 April 1993, they cease functioning from 30th June 1993.

The last Rule 25 repealed the Commissioner for Oath Rules 1988.

There is Always Those Penalties, Mr. CO

As there is joy, there is sorrow.
As there is love there is hate.
Similarly, there are rewards and punishments.

So, for COs, infractions has its penalties, too.

Part XI has that subject. Rule 22 states that a CO who fails to comply with Rules 12,12,13,14,15,16,19 and 21 shall be guilty of an offence and shall on conviction, be liable to a fine not exceeding RM1,000 ringgits or to imprisonment for a term not exceeding 6 months or to BOTH.


So, jaga-jaga lah.......

BJFoods To Go Ex-All

On 12 July 2012, Berjaya Foods Berhad (BJF) goes ex-all.


Those of the company's register at 5pm on 16 July will be entitled to these rights.


Let us recapitulate;


On offer:

• Rights issue at 0.65 sen on a basis of 800 shares for every 1000 shares held(4:5)

• Free warrants to subscribe for BJF at 70 sen also on the basis of 800 warrants for every 1000 BJF shares held(4:5)

Let us advice some friends who bought the following numbers of shares.

Friend A: 5,000 shares

Friend B: 2,300 shares

Friend C: 300 shares

Friend D: 200 shares

Friend E: 200 shares

These are real friends but the bought the shares at different prices. We will mention that by and by.

Let us look at Friend A: 

He has a cool 5,000 shares which he bought from 92.5 sen to RM1.03 sen. He paid a gross sum of RM4,795. His average price would be RM0.96 sen per share.


So, how many rights is he entitled to and how much must he cough out?


Since he has 5,000 shares, he is entitled to 4,000 rights and 4,000 free warrants.


So, he has to pay RM650.00 per thousand For 5,000 shares he therefore has to pay RM2,600


Assuming he does not want to part with cash, he can sell the rights clean on the market at whatever going price it can fetch.


Similarly if the free warrants on on sale, he can dispose them as well.


However, if  he is an investor for the long haul with belief that BJF can fetch more when profit making BStarbucks up the ante on the revenue sheet  in the current year as well as the Indonesian operations can start to bring positive returns circa 2013, then he may invest another RM2,600.


He can also hold onto the free warrants which he can dispose of when the price is right or he can convert them. At the current price, he will stand to gain 60  RMsen if the price maintains at RM1.30 per share.


As always, if he holds odd lots, he may apply for excess to make these into a marketable lot. Most companies have this policy.


As Friend A does not have any odd lots, he may apply for excess for his chance to obtain any may be remote.


If he takes up all his his rights, he will have 9,000 BJF shares plus the free warrants.


 Let us move to Friend B.


He has 2,300 shares. 


He bought 300 shares at RM1.03 and paid out RM309. Then he bought another 2,000 recently before it went ex-dividend. He paid RM1.265 for the 2000 shares amounting to cash outlay of RM2,530.


Now, how many rights is he entitled to? Yes, to 1,840 shares at 0.65 sen each. So let us assume he will take up his entitlement. So, he will have to pay RM1,196 for the rights. As he has an odd lot of 40 shares, he can try his luck by buying 60 excess shares. They will likely give it to him. The extra cash to buy excess is not computed here.


At the end of the exercise, he should have 4,200 shares  and 1,840 warrants.


Friend C has 300 shares only. He bought it at RM1.03 as well and paid RM309. So he is entitled to 240 rights issue at 0.65 sen. His outlay will be RM156.00. As he also has an odd lot of 40 shares, he should apply for an excess 60 shares.The extra cash to buy excess is not computed here.


At the end of this exercise, he should have 600 BJF shares and 240 warrants.


Now let us advise Friend D and also Friend E. Both also bought these shares at RM1.03. So they paid out RM206.00 each.


For this exercise, they are entitled to 160 shares each. So they will have to pay RM104 each for their rights issue. As both of them have odd lots of 40 shares, they should buy excess shares at RM26. 


At the end of the day, they will both have 360 shares or 400 shares if they are successful i ntheir excess applications.Also both will have 160 free warrants to sell and to convert.


In total, this is the capital outlay for them


Friend A: RM2,600 nett
Friend B: RM1,196 plus RM39 if he buys the excess shares = RM1,235
Friend C:RM156 plus RM39 if he buys the excess shares = RM195
Friend D:RM104 plus RM26 if he buys the excess shares = RM130
Friend E:RM104 plus RM26 if he buys the excess shares = RM130


As at 11.40 am today (3 July 2012), BJF has touched RM

Mr. CO-Know Your Fees and its Limits!

Allowable Rates of Fees

Rule 21 of Part 10 stipulates what fees can be collected by a CO and the limits too!

Sub-rule 1 states that the fees that can be collected are:

(a) RM4 for taking an original affidavit and RM2 for each exhibit referred to therein and required to be marked.
(b)RM2 for marking any duplicate or photostat copy of the affidavit and RM1 on each copy of exhibit referred to therein.

A proviso: Any affidavit declared by law to be exempted  from stamp duty shall be exempt from any fee when the affidavit is taken by a CO who is a public officer.

Sub-rule 2 states the fees chargeable under Sub-rule 1 shown be in this manner.

(a) fees collected by a a pubic officer who functions as a CO will be collectedly praecipe and shall form part of the Federal Consolidated fund; and
(b)Other COs may keep them for performing their functions

Things to note here about fees:  

Original affidavits at RM4 a piece and RM2 for each attached exhibits.

Photostat and duplicate copies of affidavits at RM2 a piece while copies of exhibits at RM1.

A public officer who works as a CO cannot charge for any documents that is exempted from stamp duties. All teh income of the public officer CO will also go the the Federal Consolidated Fund.

CO-Seal and Identification Number

The subject of Part IX  and Rule 19 and rule 20 is about the seal of the CO and his identification number.
Rule 19 ( Sub-rule 1) stipulated that any person appointed as a CO shall have a seal as prescribed in Form 9 incorporating the CO's identity number and his name.

Sub-rule 1A states that every officer appointed as a CO shall have a seal as prescribed in Form 9A incorporating the CO's identification number,,his name and the name of his department  where he serves currently. The CO's identification number is stated in his letter of appointment.


Rule 20 stated in very clear terms that no oath can be considered officially administered unless the CO's seal has been affixed to the document and the CO has signed it. The proof of oath is administered on documents, deeds or other instruments.

Revocation of Appointment of a CO

Revocation of CO

Every post comes with some power and some obligations. Failure to comply can lead to revocation of  an appointment or you will get the sacked if you are employed.

So, under what circumstances can your appointment as a CO be revoked?

Part VIII, Rule 18  describes the issues of revocation.

Under Sub-rule 18 (1), the Lord President, may in his discretion, revoke any appointment of CO at anytime if the rules are breached or for any other cause.

Sub-rule 2 stipulates that when a CO is charged with a criminal offence or served with bankruptcy proceedings, he must forthwith provide the Lord President with details of such charge or action brought against him. The Lord President may in his discretion suspend the CO pending the outcome of the criminal or bankruptcy proceedings.


Once a CO is convicted of any criminal offence or adjudicated a bankrupt, his appointment is automatically revoked according to Sub-rule 3.

Application For Appointment as a CO-Form 1

This Form as determined by Rule 4 shows the kind of information that is required.

Let us look at it.

APPLICATION FOR APPOINTMENT AS A COMMISSIONER FOR OATHS

To:

The Lord President,
Supreme Court,
Malaysia

I hereby apply for appointment as a Commissioner for Oath in accordance with the Commissioner of Oath Rules 1993 and submit the following:

1 (a) three recent passport-sized photographs;
   (b) one photocopy of I.C.(both sides) and change of address card(if applicable)
   (c) a money order/crossed cheque for RM120(for one year), or RM240(for two years);
   (d) one photocopy (both sides) of Sijil Pelajaran Malaysia or equivalent certificate
   (e) two certificates of good behaviour

2. Particulars of applicant(To be filled by the applicant)

Name:.................................................................
(In Capital Letters)

Identity Card No..................................................

Address of Residence:..........................................

Date of Birth:...........................Place of Birth...................................Citizenship............................

Telephone Number;.(House:............................ Office:...........................

Business Address/Proposed Business Address:

Academic Qualification:...............................................................

Relevant Experience.....................................................................

STATUTORY DECLARATION OF APPLICANT

I, ........................................ do solemnly and sincerely declare that-

(1) The information and particulars contained in my application are true
(2)I have read and I am conversant with the provisions of the Commissioners for Oaths Rules 1993
(3) I have been neither an adjudicated bankrupt nor convicted of any criminal offence in the past ten years nor have I being convicted of any criminal offence for which I am still under sentence or probation.
(4)I am physically and mentally in good health; and
(5)I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act 1960.

Subscribed and solemnly declared by the  above mentioned..................................................................at.................................in the State of.........................this day of ..............................................of  201.....

Before me,


SEAL                         .............................................................................................................
                                 Signature of Judge of Sessions Court,Magistrate or commissioner for Oaths

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Remember that the salient aspects are the 3 photos,a copy of IC, Money Order or cheque for RM120.00, a copy of SPM certificate or equivalent and the two letters to vouch for good character.