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← Lembaga Kemajuan Wilayah Pulau Pinang Act 1983

Lembaga Kemajuan Wilayah Pulau Pinang Act 1983 s 25

Lembaga Kemajuan Wilayah Pulau Pinang Act 1983 s 25

s 25 Power to borrow

(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.

Read this section in the full act → · Open Part V →

Find Act 282 on lom.agc.gov.my ↗

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

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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