s 10 Objects and powers of the Bank
(1) The objects of the Bank are— (a) to promote Malaysia’s sound agricultural development; (b) to co-ordinate and supervise the grant of credit from public funds for agricultural purposes by the various persons or bodies of persons whether incorporate or unincorporate; (c) to provide loans, advances and other credit facilities for the development of agriculture sector and agriculture related business; (d) to mobilize savings with particular regard to the agricultural sector and in furtherance of this object to accept savings and time deposits; (e) to uplift the well-being of the agricultural community; and (f) to carry on the general business of a modern and progressive financial services institution catering for the total financial needs of its customers. (2) In addition to all the powers of the Bank as prescribed in its Memorandum and Articles of Association, the Bank may— (a) borrow, raise or take up money, lend or advance money with or without security for the purpose of financing agricultural operations or agriculture related business; (b) purchase, sell, discount and rediscount inland bills of exchange and promissory notes drawn or issued for the purpose of financing agricultural operations or agriculture related business; (c) accept, receive or take deposits and to provide all types of deposit accounts including savings account, time deposit account and any other similar account; (d) make an unsolicited call through its mobile unit to— (i) solicit or procure the making of deposit; or (ii) enter into or offer to enter into any agreement with a view to the acceptance of a deposit; (e) provide financing to the agricultural community; (f) in respect of agricultural operations and marketing of agricultural productions, grant and issue letters of credit; (g) issue on commission, subscribe for, underwrite, take, acquire, hold, sell, exchange and deal with shares, stocks, bonds, funds, obligations, securities and investment of all kinds; (h) receive money and valuables on deposit for safe custody; (i) act as agents for the Government, any state Government or other authority and for public or private bodies or persons; (j) acquire and undertake the whole or any part of the business, property and liabilities of any person or company carrying on any business which the Bank is authorized to carry on, or possessed of property suitable for the purposes of the Bank; (k) carry on the business of godown keepers or warehousemen and to hire, purchase, erect or otherwise acquire warehouses or godowns for any of the purposes of the Bank; (l) acquire, improve, manage, work, develop, exercise all rights in respect of, lease, mortgage, sell, dispose of, turn to account, and otherwise deal with— (i) movable property and immovable property irrespective of the title thereof; and (ii) produce of all kinds and in particular agricultural produce; (m) enter into any arrangements with the Government, any State Government or local authority, or otherwise that may seem conducive to any or all of the objects of the Bank, and to obtain from any such Government or authority any rights, privileges and concessions which the Bank may think it desirable to obtain, and to carry out, exercise and comply with any such arrangements, rights, privileges and concessions; (n) purchase, sell and discount Treasury bills of the Government or of any State Government authorized to issue Treasury bills; (o) maintain accounts with other banks in Malaysia; (p) act as correspondent, or agent for any international bank or agricultural credit institution of an international character; (q) provide all types of payment and collection services, including giro services, automated teller machines, debit cards, credit cards and prepaid cards; (r) with the approval of the Board, utilize the funds of the Bank for investments; (s) provide financial services based on Islamic principles; (t) open branches and appoint agents or correspondents within or outside Malaysia; (u) pay interest on deposits by customers and determine the rate of such interest; (v) charge interest on loans and advances made to customers and determine the rate of such interest; (w) impose charges for any services rendered by it; (x) carry out agricultural insurance business; (y) provide guarantees for agricultural financing facilities; (z) provide financial and business advisory services; and (aa) do such other business as the Central Bank may approve in writing. (3) Where any business activity carried out pursuant to the powers conferred under subsection (2) requiring the approval of or licensing by an authority, such activity may be carried out subject to the approval or license being obtained from such authority. (4) For the purposes of this section— “Central Bank” means the Central Bank of Malaysia established by the *Central Bank of Malaysia Act 1958 [Act 519]; “giro service” means a current account service which permits an account holder to issue payment instructions to the Bank for payment to any party or which permits the Bank to accept payments into the account of an account holder from any party; “unsolicited call” means a personal visit or oral communication without express invitation. *NOTE—This Act has since been repealed by the Central Bank of Malaysia Act 2009 [Act 701] w.e.f. 25 November 2009—see subsection 1(1) of Act 701 [P.U. (B) 533/2009] except paragraph 23(8)(b) and section 61 to 66.