The Bank
s 3
There shall be a company incorporated under the Companies Act 1965 under the name “Bank Simpanan Nasional Berhad”.
Bank Simpanan Nasional Berhad Act 1997 Part II — Formation and ownership of the bank and vesting provisions
Vesting provisions
s 4
(1) The Minister may, by order published in the Gazette, appoint a vesting date and on that date, all property, rights and liabilities of the Bank Simpanan Nasional shall by virtue of this Act be transferred to and vested in the Bank without any conveyance, assignment or transfer. (2) Every property vested in the Bank by virtue of subsection (1) shall be so vested in the Bank for the like title, estate or interest and on the like tenure as it was vested or held immediately before the vesting date. (3) Every chose in action vested by virtue of subsection (1) in the Bank may, after the vesting date, be sued on, recovered or enforced by the Bank in its own name, and it shall not be necessary for the Bank or the Bank Simpanan Nasional to give notice to the person bound by the chose in action of the vesting effected by subsection (1). (4) Every right and liability vested by virtue of subsection (1) in the Bank may, on and after the vesting date, be sued on, recovered or enforced by or against the Bank in its own name, and it shall not be necessary for the Bank or the Bank Simpanan Nasional to give notice to the person whose right or liability is affected by the vesting under subsection (1). (5) Any pending legal proceedings by or against the Bank Simpanan Nasional which relate to any property, right or liability transferred to and vested in the Bank by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Bank. (6) In the case of rights and liabilities arising under any loans which vest in the Bank on the vesting date, the Bank may enter into such arrangements or agreements over such rights and liabilities with the Government or any third party. (7) Where by virtue of subsection (1), any property is transferred to and vested in the Bank, the provisions in Part Thirty of the National Land Code [Act 56 of 1965] shall, for the purpose of effecting the registration of such vesting, apply to the Bank as if it were a public authority. (8) On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the Bank under subsection (1) to which the Bank Simpanan Nasional was a party immediately before the vesting date, whether in writing or not, and whether or not of such a nature that rights and liabilities thereunder could be assigned by the Bank Simpanan Nasional, shall have effect as if the Bank had been a party to the agreement.
Initial Government holding in the Bank
s 5
(1) As a consequence of the vesting in the Bank of the property, rights and liabilities under section 4, the Bank shall issue such securities of the Bank as the Minister may, from time to time direct, to the Corporation. (2) Securities required to be issued in pursuance of this section shall— (a) be issued or allotted at such times and on such terms, as to allotment, as the Minister may direct; (b) be of such nominal value as the Minister may direct; and (c) be issued as fully paid and treated for the purposes of the Companies Act 1965 as if they had been paid up by virtue of the payment to the Bank of their nominal value. (3) The Minister may dispose of any securities issued or any rights to securities initially allotted to the Corporation in pursuance of this section. (4) Any dividends or other sums received by the Corporation in right of, on the disposal of or otherwise in connection with, any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.
Government investment in securities of the Bank
s 6
(1) The Minister may, through the Corporation, at any time, acquire— (a) securities of the Bank or of any subsidiary of the Bank; or (b) rights to subscribe to any such securities. (2) The Minister may dispose of any securities or rights acquired by the Corporation under this section. (3) Any expenses incurred by the Corporation in consequence of the provisions of this section shall be treated as investments and be authorized under subparagraph 8(3)(a)(iv) of the Financial Procedure Act 1957 [Act 61]. (4) Any dividends or other sums received by the Corporation in right of, on the disposal of or otherwise in connection with, any securities or rights acquired under this section shall be paid into the Consolidated Fund. (5) Stamp duty shall not be chargeable in respect of any increase in the capital of the Bank which— (a) is effected by the issue of shares allotted at a time when the Bank is wholly owned by the Government; and (b) is certified by the Treasury as having been effected by the issue of shares subscribed for by the Minister under paragraph (1)(a).
Exercise of the functions of the Minister through nominees
s 7
(1) The Minister may appoint such persons as he thinks fit to act as his nominees for the purposes of section 5 or 6 and— (a) securities of the Bank may be assigned under section 5 to any nominee of the Minister appointed for the purposes of that section or to any person entitled to require the issue of the securities following their initial allotment to any such nominee; and (b) any such nominee appointed for the purposes of section 6 may acquire securities or rights in accordance with that section. (2) Any person holding any securities or rights as a nominee of the Minister by virtue of subsection (1) shall hold and deal with them on such terms and in such manner as the Minister may direct.
Back to Bank Simpanan Nasional Berhad Act 1997 — full text
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Text as at 1 January 2006 (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).
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