← Bank Simpanan Nasional Berhad Act 1997

Bank Simpanan Nasional Berhad Act 1997 s 15

s 15 Maintenance of assets in Malaysia

(1) The Minister may specify that the Bank shall hold at all times in Malaysia such minimum amount of assets as may be set out in the specification. (2) The minimum amount of assets to be held in Malaysia specified under subsection (1) shall be expressed as a percentage of all or such of the liabilities of the Bank in Malaysia as may be set out in the specification. (3) In a specification under subsection (1), the Minister may specify— (a) a minimum amount of assets to be held in Malaysia by the Bank; (b) the types of assets to be classified as assets to be held in Malaysia by the Bank; or (c) the types of liabilities to be classified as liabilities for the Bank. (4) The provisions of subsection 14(4) shall apply mutatis mutandis in relation to a specification under subsection (1). (5) Where the Bank fails to comply with subsection (1), it shall not exceeding one per centum of the shortfall for the day or each of the days to which the charge relates.

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Find Act 571 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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