Bank Simpanan Nasional Berhad Act 1997 Part V — Subsidiaries and offices of the bank

s 10–s 11 · 2 sections

Control of establishment or acquisition of subsidiaries

s 10

(1) The Bank shall not establish or acquire any subsidiary in or outside Malaysia without the prior written consent of the Minister. (2) Where the Bank fails to comply with subsection (1), it shall not exceeding five million ringgit. (3) Where the Bank is guilty of an offence under subsection (2), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.

Restriction on establishment of offices of the Bank

s 11

(1) The Bank shall not open any office outside Malaysia without the prior written consent of the Minister. (2) Where the Bank fails to comply with subsection (1), it shall not exceeding one million ringgit.

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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