Delegation of powers of the Lembaga
Open ↗(1) The Lembaga may, subject to such conditions, limitations or restrictions as it thinks fit to impose, delegate to the Chairman, General Manager or any other person the power and authority to exercise or perform on its behalf such powers, duties or functions by this Act vested in or imposed on the Lembaga as the Lembaga may determine, except the power to borrow money, raise loans or make regulations; and any power, duty or function so delegated may be exercised or performed by the Chairman, General Manager or other person, as the case may be, in the name and on behalf of the Lembaga.
(2) Without prejudice to the generality of subsection (1) and to the other provisions of this Act, the Lembaga may delegate to the Chairman, General Manager, any of its other members or any other person authority to sanction expenditure from the Fund or any other moneys vested in and under the control of the Lembaga up to such limit as the Lembaga shall specify.
Power to borrow
Open ↗(1) The Lembaga may from time to time borrow, at such rate of interest and for such period and upon such terms as to the time and method of repayment and otherwise as the Minister, with the concurrence of the Minister of Finance, may approve, any sums required by the Lembaga for meeting any of its obligations or discharging any of its duties.
(2) The Lembaga may from time to time, with the approval of the Minister and the concurrence of the Minister of Finance, borrow money by the issue of bonds, debentures or debenture stock or raise capital by the issue of shares or stock of such class and value and upon such terms as it may, with the approval of the Minister and the concurrence of the Minister of Finance, deem expedient, for all or any of the following purposes:
(a) the provision of working capital;
(b) the fulfilling of the functions and duties of the Lembaga under this Act;
(c) the fulfilling of such additional functions as may be undertaken by the Lembaga under this Act;
(d) the redemption of any shares or stock which it is required or entitled to redeem; and
(e) any other expenditure properly chargeable to capital account.
Investment
Open ↗The assets of the Lembaga shall, in so far as they are not required to be expended by the Lembaga under this Act, be invested in such manner as the Minister, with the concurrence of the Minister of Finance, may approve.
Power to employ agents
Open ↗The Lembaga may employ and pay agents and technical advisers, including advocates and solicitors, bankers, stockbrokers, surveyors, valuers and other persons, to transact any business or to do any act required to be transacted or done in the execution of its duties or for the better carrying into effect the purposes of this Act.
Power to grant loans
Open ↗In the execution of its duties or in the discharge of its functions, the Lembaga may, with the approval of the Minister and the concurrence of the Minister of Finance, grant loans, and such loans may be granted subject to such terms and conditions as the Lembaga may, with the approval of the Minister and the concurrence of the Minister of Finance, deem fit to impose in particular cases.
Power to establish corporations
Open ↗(1) The Lembaga may from time to time, with the approval of the Minister and the concurrence of the Minister of Finance, by order published in the Gazette, establish a corporation by such name as the Lembaga may think fit to carry out and have the charge, conduct and management of any project, scheme or enterprise which has been planned or undertaken by the Lembaga in the execution of its duties or the discharge of its functions.
(2) The provisions of the Second Schedule shall apply to every corporation established by the Lembaga under subsection (1).
Compulsory acquisition of land
Open ↗(1) When any immovable property, not being State land, is needed to be acquired by the Lembaga for the purposes of this Act, such property may be acquired in accordance with the provisions of any written law relating to the acquisition of land for a public purpose for the time being in force in the State, and any declaration required by any such written law that such land is so needed may be made notwithstanding that compensation is to be paid by the Lembaga, and such declaration shall have effect as if it were a declaration that such land is needed for a public purpose in accordance with such written law.
(2) The expenses and compensation in respect of any immovable property acquired under this section shall be paid by the Lembaga.
(3) When any immovable property has been acquired under this section, the Lembaga shall extract the necessary documents of title in respect of such property and shall pay any rent to which such property may be subject.
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).
