Daily Palm Oil Prices (Jan’18 Contract)

On Monday, 16 Oct 2017
Settlement Price RM 2762
Last Updated : 17 Oct 2017 @ 8.30 AM

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Terms and Conditions

 

 Full Member 
 (i)

 Any  firm,  company  or  corporation  willing  to  become a member  shall  submit an application in the prescribed form to the Management Board. 

 (ii)

 Every application shall be proposed by two (2) existing members 

 (iii)

 All admissions of members shall be decided by the Management Board.  Every applicant for admission shall satisfy the Management Board of his eligibility and the Management Board may require the production of such evidence as the Management Board shall deemed necessary.  The Management Board shall circulate the names of all applications to the existing members for their comments (if any) for a period of two (2) weeks.  If there are comments from existing members, the Management Board shall consider such comments with care. However, the decision to approve or refuse admission of an applicant shall lie solely in the absolute discretion of the Management Board whose decision shall be final. 

 (iv)

 Every firm or company upon becoming  a member shall be  bound by these  Rules and  Constitution  in  force  at  the  time of his  admission or which may thereafter from time to time be made. 

 (v)

 On admission a member shall pay the Association an entrance fee of Ringgit Malaysia Four Thousand (RM4,000-00) or such other amount as the Management Board may  decide from time to time. 

 (vi)

 The admission of any firm or company as a member shall be void unless the entrance fee is paid within two months of such admission. 

 (vii)

 Every member shall also pay to the Association a monthly  subscription.  The subscription shall be based on the tonnage of processed palm oil manufactured by the member for the month and shall be calculated at a rate of not more than RM1/- per metric tonne or such other rate as the Management Board shall from time to time in its absolute discretion determine. 

 (viii)

 Every member shall pay the subscription monthly in arrears on the 15th. day of each  calendar  month.  Any member who has not paid its subscription within sixty  (60)  days after it has become due shall be liable to pay such interest as the Management Board may decide. 

 

 

 Associate Membership 
 (i)

 Any firm, company or corporation which is connected with the oils and fats trade, but not directly carrying on the business of processing, refining and fractionating of  palm oil shall be eligible to be admitted as an Associate Member of the Association. 

 (ii)

 a)                Any firm, company or corporation willing to become a member shall submit an application in the prescribed form to the Management Board.
b)                Every application shall be proposed by two (2) existing members.
c)                All  admissions  of the  Associate  Members  shall  be  decided  by  the Management Board.  Every applicant for admission shall satisfy the Management Board of his eligibility and the Management Board may require the production of such evidence as the Management Board shall deemed necessary.  The decision to approve or refuse admission of an applicant shall lie solely in the absolute discretion of the Management Board whose decision shall be final.
d)                Every firm or company upon becoming an Associate Member shall be bound   by  these Rules  and Constitution in force at the time of his admission or which may thereafter from time to time be made. 

 (iii)

 a)                  On admission an Associate Member shall pay the Association an entrance fee of Ringgit Malaysia Two Thousand (RM2,000-00) or such other amount as the Management Board may decide from time to time.
The admission of any firm, company or corporation shall be void unless the entrance fee is paid within two (2) months of such admission.

b)                  Every  Associate  Member  shall also pay the Association an annual subscription  of  Ringgit  Malaysia  Two Thousand  (RM2,000-00) or such other amount as the Management Board may decide from time to time. 

 (iv)

 a)                 An  Associate  Member  shall  be  entitled  to  attend  the  Annual  General Meeting of the Association as an Observer but shall not be entitled to vote thereat.   The  Associate  Member  shall  not  be  considered  for  purposes of Rule 10 (iv) and Rule 11 (ii) (b).
b)                 An Associate Member shall not be entitled to election to any committee of the Association   but   may   attend   meetings   of any Committee at the invitation of the Committee.
c)                 Associate  Members  relating  to  each  category  of  the industry may form committee(s)  of their own for  such meetings pertaining  to their trade and expertise, as deemed necessary     by     the   Management   Board.  Recommendations    made   shall    be    forwarded to the relevant main Committees of the Association for deliberation. 

 (v)

 An Associate Member shall cease to be a member after the expiry period of thirty (30) days from the date of  notice of its intention to resign from the Association. 

 (vi)

 The    Management   Board   may    expel   any    Associate   Member   from    the Association who :-

A.
a)       violates  any  of  the  Rules  or  Constitution  of   the  Association   or   any order    or   direction   of     the     Management     Board       or      General  Meeting  of the Association.
b)       is  convicted of any offence involving fraud  or  dishonesty punishable on   conviction   with   imprisonment  for  three (3) months or more ;
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c)       has been guilty of any act, practice, conduct or default prejudicial to the interest  of the Association or calculated in any manner to bring discredit to the palm oil refining or processing industry;
(d)   is adjudged bankrupt or subject to winding-up proceedings or fails to satisfy a judgement debt under any deed or document, has his estate placed in liquidation for the benefit of creditors or makes any  arrangement for payment to creditors or a composition with the creditors. 
The Management Board may by a resolution passed at a meeting specially convened for the purpose expel, suspend, reprimand or admonish any firm or company on the grounds above described provided that the Associate Member shall first have had notice of the intended resolution of the Management Board and before the passing of such resolution have had an opportunity of giving orally or in writing any explanation or defence as it may think fit.

B.
If an Associate Member fails to pay any subscription or other sum payable to the Association it may be expelled from the membership of the Association and the amount so outstanding shall be recoverable as a debt to the Association.

C.
If  any  Associate  ceases  for  any  cause  whatever  to  be a member of the Association,  he  shall not nor shall his representatives have any interest in, or claim against the funds or property of the Association. 

 (vii)

 Any dispute concerning the status, rights or obligations of Associate Members which have not been provided for by these provisions shall be referred to the Management Board whose decision shall be final and binding.