Amendment of section 2
Section 2 of the Central Bank of Malaysia Ordinance 1958, which in this Chapter is referred to as “the Ordinance”, is amended by inserting after the interpretation of “Board” the following new interpretation of “certificate of deposit”:
‘ “certificate of deposit” means a document relating to money, in any currency, which has been deposited with the issuer or some other person, being a document which recognizes an obligation to pay a stated amount to bearer or to order, with or without interest, and being a document by the delivery of which, with or without endorsement, the right to receive that stated amount, with or without interest, is transferable;’.
Amendment of section 15
Section 15 of the Ordinance is amended by inserting after subsection (4) the following new subsection (5):
“(5) Subject to section 49, the Bank may, with the approval of the Minister, out of the funds of the Bank, create and maintain a trust account to be called “the Bank Negara Malaysia Staff Welfare Account” for the benefit of its officers and employees, including their dependents.”.
Amendment of section 30
Subsection (1) of section 30 of the Ordinance is amended—
(a) by substituting for the word “three” the word “twelve” wherever it appears in paragraphs (e) and (l);
(b) by substituting for the word “six” the word “twelve” in paragraph (f);
(c) by inserting after the word “months” the words “or such period as may be approved by the Minister on the
recommendation of the Board” wherever it appears in paragraphs (e), (f) and (l);
(d) by inserting after the words “the Government” the words “or the Bank” in paragraph (fff);
(e) by inserting after paragraph (mmm) the following new paragraph (mmmm): “(mmmm) establish a central bureau to collect, in such manner and to the extent as the Bank may think fit, information on and relating to rejection by a paying bank of any cheque for reason of insufficient funds in the account of the drawer of the cheque, and to disclose any such information to any bank for the purpose only of assisting the bank to assess the eligibility of the drawer to maintain or open any current account with the bank;”; and
(f) by inserting after paragraph (n) the following new paragraphs (nn) and (nnn): “(nn) place deposits in any bank or finance company licensed under the Finance Companies Act 1969 within the Federation;
(nnn) purchase, under repurchase agreements, and subject to such terms as may be approved by the Minister on the recommendation of the Bank, and sell any certificate of deposit issued by any bank or finance company licensed under the Finance Companies Act 1969;”.
*NOTE—The Central Bank of Malaysia Ordinance 1958 [Ord. 61 of 1958] has since been revised in March 1994 as the Central Bank of Malaysia Act 1958 [Act 519].
