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LAWS OF MALAYSIA
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Act 146
PUBLISHED BY
THE COMMISSIONER OF LAW REVISION, MALAYSIA
UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968
IN COLLABORATION WITH
PERCETAKAN NASIONAL MALAYSIA BHD
2006
PREVIOUS REPRINTS
Act 146
ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY
Section
1. Short title
2. Interpretation
PART II
PART III
6. Board of Directors
7. Alternate director
8. Terms of appointment of Chairman and directors
9. Appointment and duties of General Manager
10. Directions by the Minister
11. Meetings of the Board
12. Disclosure of director’s interest in contract, etc.
13. Common seal
Section
14. Officers and employees
15. Transfer of members of the public service to the Bank
16. Facilities for staff
17. Public servants
PART V
PART VI
FINANCIAL PROVISIONS
PART VII
GENERAL
PART VIII
Act 146
An Act to repeal the Post Office Savings Bank Act 1948 and to
incorporate the Bank Simpanan Nasional to promote and mobilize
savings, particularly from small savers, to encourage thrift, to
provide means for savings by the general public, to provide for the
transfer to and for vesting in the Bank of the functions, assets and
liabilities of the Post Office Savings Bank and to make provisions
for other matters connected therewith.
PART I
PRELIMINARY
Short title
1. This Act may be cited as the Bank Simpanan Nasional Act
1974.
Interpretation
2. In this Act, unless the context otherwise requires—
“appointed date” means the date on which this Act comes into
force;
PART II
ESTABLISHMENT, OBJECTS AND POWERS
PART III
CONSTITUTION OF THE BANK
Board of Directors
6. (1) There shall be a Board of Directors constituted under
subsection (2), which shall be responsible for the policy and overall
administration of the affairs and business of the Bank.
(2) The Bank shall furnish the Minister with such information
with respect to its financial position and activities as the Minister
may from time to time require.
Provided that if upon any question the votes are equally divided,
the Chairman or the person presiding shall have a casting vote.
Common seal
13. (1) The Bank shall have a common seal which shall bear
such device as the Board may approve and such seal may from
time to time be broken, changed, altered and made anew as the
Board deems fit.
(2) Officers and employees of the Bank shall hold office for
such period, receive such salaries and allowances and be subject
to such terms and conditions of service as may be determined by
the Board and approved by the Minister.
(3) Any member of the public service who reverts to the public
service under subsection (2) may, by reason that no vacancy is
immediately available for him in the public service, be required
by the Government, and the Bank shall permit him, to continue
to serve with the Bank for a period not exceeding five years.
Public servants
17. Any director, officer and employee of the Bank shall be deemed
to be a public servant within the meaning of the Penal Code
[Act 574].
PART V
PROVISIONS RELATING TO THE CARRYING ON OF
BUSINESS OF THE BANK
Power to borrow
22. For the purpose of carrying out its functions under this Act,
the Bank may, with the approval of the Minister, borrow from the
Government, the Government of any State or from any bank or
financial institution such sums as may be required by the Bank on
such terms and subject to such conditions as may be agreed between
the lender and the Bank and approved by the Minister.
Borrowing by staff
23. (1) Subject to subsection (2), the Bank shall not lend or
advance money to an officer or employee except—
(a) for the purchase, erection, alteration, and renovation of
a house in which he resides or intends to reside under
rules approved by the Board;
(b) to discharge a mortgage or encumbrance on such a house;
or
(c) for the purchase of a vehicle.
(2) The Minister may, after consultation with the Board, vary
the percentage specified in the proviso to subsection (1).
PART VI
FINANCIAL PROVISIONS
Financial year
26. The financial year of the Bank shall begin on the first day of
January and end on the thirty first day of December of each year:
Provided that if this Act comes into force on a date other than
the first day of January, then the first financial year shall be as
the Minister may decide on the recommendation
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Annual estimates
27. The Board shall in the course of each year prepare and adopt
annual estimates of income and expenditure of the Bank for the
ensuing financial year.
(2) At the end of each financial year, the net profit of the Bank
for that year shall be determined after allowing for the expenses
of operation and after making provision for bad and doubtful
debts, depreciation in assets, contribution to staff provident or
pension funds and such other contingencies as are usually provided
for by banks.
PART VII
GENERAL
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(b) the provision of loans and advances for housing and
other specific purposes;
(c) the investment of the funds of the Bank;
(d) the operation of giro services; and
(e) the issue and promotion of premium savings certificates
and the holding, promoting, organizing and administering
of draws related thereto:
Secrecy
32. (1) The names of depositors and amounts of deposit and
withdrawals shall not be disclosed by any officer or employee of
the Bank, except to the Auditor General or with the written consent
of the Minister:
(2) Any person who upon such oath or affirmation makes any
statement that is false, and which he either knows or believes to
be false, or does not know to be true, shall be deemed guilty of
an offence under section 193 of the Penal Code.
PART VIII
REPEAL AND TRANSITIONAL
(2) All property and assets other than land that immediately
before the appointed date were vested in or in any person on behalf
of the Post Office Savings Bank shall on that date vest in the Bank.
Transfer of funds
42. All funds of or due to the Post Office Savings Bank shall, on
the appointed date, be transferred or become due to the Bank.
Existing contract
43. All deeds, bonds, agreements, instruments and working
arrangements subsisting immediately before the appointed date
affecting any of the properties transferred under section 41 shall
be in full force and effect against or in favour of the Bank and
enforceable as fully and effectually as if, instead of the Post Office
Savings Bank or any person acting on behalf of the Post Office
Savings Bank, the Bank has been named therein or been a party
thereto.
Act 146
LIST OF AMENDMENTS
Act 146
DICETAK OLEH
PERCETAKAN NASIONAL MALAYSIA BERHAD,
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