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← Bank Simpanan Nasional Berhad Act 1997

Bank Simpanan Nasional Berhad Act 1997 s 6

Bank Simpanan Nasional Berhad Act 1997 s 6

s 6 Government investment in securities of the Bank

(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).

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

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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