← Bank Simpanan Nasional Berhad Act 1997

Bank Simpanan Nasional Berhad Act 1997 s 54

s 54 Loans to the Bank and acquisition of its shares

(1) Where the Minister considers that the Bank— (a) is likely to become unable to meet all or any of its obligations; or (b) is about to suspend payment to any extent, the Minister may— (aa) grant loans to the Bank against the security of the Bank’s own shares, or any other shares, or any other sufficient security; (bb) purchase any shares of the Bank for the purpose of controlling the business of the Bank; or (cc) grant loans to a licensed institution to purchase any shares, or the whole or any part of the properties and liabilities of the Bank. (2) The Minister, or the licensed institution to which the Minister granted loans to under paragraph (1)(cc), shall dispose of any shares purchased by it in pursuance of subsection (1) at such time when the Minister is satisfied that the reasons for which the shares were purchased have ceased to exist.

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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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