Establishment and incorporation
There is hereby established a savings bank by the name of “Bank Simpanan Nasional”, or in English, the “National Savings Bank”, which shall be a body corporate with perpetual succession and with power to enter into contracts, to acquire, hold, dispose of or otherwise deal in movable and immovable property and to sue and be sued in its own name.
Objects of the Bank
The principal objects of the Bank shall be— (a) to promote and mobilize savings, particularly from small savers, and to encourage thrift and the saving habit; (b) to provide means for savings by the general public; (c) to utilize the funds of the Bank for investments, including financing for the economic development of the nation; (d) to assume the functions and responsibilities of the Post Office Savings Bank; and (e) to promote the interests of its depositors and other customers.
Powers of the Bank
For the purpose of carrying out the objects set out in section 4, the Bank may— (a) receive as deposits from its customers or collect on their behalf moneys which are repayable either on demand or otherwise; (b) grant loans and advances to, or give guarantees for the benefit of, its depositors and other customers for housing and such other purposes as may be approved by the Minister and enter into agreements for these purposes; (c) invest in securities of the Government or of the Government of any State or of any public authority or other securities for purposes consistent with its objects; (d) promote the formation of an incorporated company or participate in the promotion of such a company or acquire an undertaking or part thereof; (e) acquire land and property for or in connection with the exercise of its powers, and develop such land and property; (f) dispose of or lease or otherwise deal with the whole or any part of its undertaking or property; (g) provide and operate giro services; (h) accept from customers for safe custody securities and other articles of value; (i) levy a charge for any service rendered by it; (j) maintain accounts with the Government, the Government of any State, banks and other financial institutions; (k) open branches and appoint agents or correspondents; (l) operate schemes for the issue and promotion of premium savings certificates which are redeemable either on demand or otherwise and, notwithstanding any other written law to the contrary, hold, promote, organize and administer draws for the awarding of bonus payments to holders of issued premium savings certificates; and (la) provide, operate and manage any other products or services as may be necessary for the purpose of attaining the objects of the Bank and impose charges for such products and services; and (m) carry on the general business of a savings bank and do all such other things as are incidental or conducive to the attainment of its objects.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Text as at 1 December 2011 (LOM reprint); amendments made after that date may not be incorporated. Read the official text ↗
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).