Laws of MALAYSIA Malaysian law ONLINE VERSION of the PRINT TEXT that UPDATES Act 684 BANK PERTANIAN MALAYSIA BERHAD ACT 2008 As at 1 July 2013 2 BANK PERTANIAN MALAYSIA BERHAD ACT 2008 the date of Royal Assent......... 16 January 2008 date of publication in the Gazette......... January 24, 2008 3 laws of MALAYSIA Act 684 BANK PERTANIAN MALAYSIA BERHAD ACT 2008 ARRANGEMENT of SECTIONS part I preliminary section 1. Short title and commencement 2. Interpretation part II PROVISION formation, OWNERSHIP and VESTING PROVISIONS 3. Bank 4. Provision vesting provisions 5. The Government's initial holding Bank 6. Government investment in securities the Bank 7. Appointment of government representatives on the Board 8. Statutory accounts PART III STAFF 9. Staff is PART IV PURPOSE, powers and OBLIGATIONS of the SOCIAL BANK 10. The purposes and powers of the Bank 11. Social obligations of the 4 laws of Malaysia ACT 684 part V GENERAL section 12. The authority of the Minister of agriculture and agro-based industries provide instructions 13. The financial statements shall be submitted to the Minister 14. Protection under the Bills of Exchange Act 1949 15. Application of the companies Act 1965 16. Regulations 17. Repeal 18. Continuation of laws, etc.
19. the continuation and completion of disciplinary proceedings 20. Prevent inconvenience and anomalies 5 laws of MALAYSIA Act 684 BANK PERTANIAN MALAYSIA BERHAD ACT 2008 an act to provide for the transfer to and vesting date for property, rights and liabilities of Bank Pertanian Malaysia at a company by the name of Bank Pertanian Malaysia Berhad, and to provide for other matters related to it.
[April 1, 2008, P.U. (B) 158/2008]
Enacted by the Parliament of Malaysia as follows: part I preliminary short title and commencement 1. (1) this Act may be cited as the Bank Pertanian Malaysia Berhad Act 2008.
(2) of this Act come into force on such date as the Minister may, by notification in the Gazette.
Interpretation 2. In this Act, unless the context otherwise requires — "Bank" means a Bank Pertanian Malaysia Berhad which is referred to in section 3;
"Agricultural Bank" means the Bank Pertanian Malaysia established under the Agricultural Bank Act 1969 [Act 9];
6 laws of Malaysia ACT 684 "property" includes all property, whether movable or immovable, and all property rights, interests, isemen or right, whether in terms of equity or in law on, to or from the property, right in the action, money and good name;
"Board" means the Board of Directors of the Bank;
"liability" means all kinds of liabilities, debts, liabilities, duties and obligations (whether present or future, actual or contingent, and whether due or must be complied with or implemented in Malaysia or elsewhere);
"Minister" means the Minister charged with the responsibility for finance;
"Corporation" means the Minister of finance incorporated by the Act the Minister of Finance (incorporation) 1957 [Act 375];
"vesting date" means the date specified by the Minister of agriculture and agro-based industry under subsection 4 (1);
"vested", in respect of the property, including reserves the right of property in the future or contingent and rights for the reversion and balance.
PART II the PROVISION formation, OWNERSHIP and VESTING DATE Bank 3. A Bank which is a company under the companies Act 1965 [Act 125] is incorporated with the name "Bank Pertanian Malaysia Berhad".
Provision vesting provisions 4. (1) the Minister of agriculture and agro-based industry may, by order published in the Gazette, specify a date put Bank Pertanian Malaysia Berhad 7 rights and at that date, all property, rights and liabilities of Bank Pertanian Malaysia by virtue of this Act shall be transferred to and vested in the Bank without any conveyancing, assignment or transfer of title.
(2) every property vested in the Bank by virtue of subsection (1) shall be vested in the Bank by title, property rights or the same interest and holding similar as the property is vested or held immediately before the vesting date.
(3) every right in action is vested in the Bank by virtue of subsection (1) may, after the vesting date, claimed through the suit, obtained or effected by the Bank in his own name, and it is not necessary for the Bank or Bank Pertanian Malaysia gave notice to the person bound by the right in the action about the vesting provisions made under subsection (1).
(4) every right and liabilities vested in the Bank by virtue of subsection (1) may, on and after the vesting date, demand through suit, being recovered or enforced by or against the Bank in his own name, and it is not necessary for the Bank or Bank Pertanian Malaysia gave notice to the person the rights or liabilities affected by vesting provisions made under subsection (1).
(5) any legal proceedings pending by or against the Bank Pertanian Malaysia in relation to any property, rights or liabilities transferred to and vested in the Bank by virtue of subsection (1) may, on or after the vesting date, be continued by or against the Bank.
(6) in the case of rights and liabilities arising under any loan which is vested in the Bank at the date of vesting, the Bank may make any arrangements or agreements about the rights and liabilities with the Government or any third party.
(7) where by virtue of subsection (1), any property transferred to and vested in the Bank, the provisions of Sections Thirty national land code [Act 56 of 1965] shall, for the purpose of implementing the registration for the vesting provisions, apply to the Bank as if it were a public authority.
8 laws of Malaysia ACT 684 (8) on and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the Bank under subsection (1) which the Bank Pertanian Malaysia become party to it immediately before the vesting date, whether in writing or not, and whether or not such kind until rights and liabilities under the agreement assignable by Bank Pertanian Malaysia , shall have effect as if the Bank had become a party to the agreement.
The Government's initial holding Bank 5. (1) arising from the vesting date property, rights and liabilities in the Bank under section 4, the Bank shall issue any securities the Bank as directed by the Minister, from time to time, to the Corporation.
(2) the Securities required to be issued pursuant to this section shall — (a) published or assigned at any time and upon such terms as may be directed by the Minister;
(b) of any nominal value as directed by the Minister; and (c) issued as fully paid and calculated for the purposes of the companies Act 1965 as if it were dibayarkan due to payments to the Bank shall be the value below.
(3) the Minister may dispose of any securities issued or any rights on securities assigned initially to the Corporation in accordance with this section.
(4) any dividends or other sums of money received by the Corporation as a right in, on the disposal of or otherwise in connection with, any of the securities or rights acquired by virtue of this section shall be paid into the consolidated fund.
Bank Pertanian Malaysia Berhad 9 government investment in securities the Bank 6. (1) the Minister may, by the Corporation, at any time, commanding — (a) securities of the Bank or any subsidiary of the Bank; or (b) the right to subscribe for 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 arising from the provisions of this section shall be calculated as an investment and allowed under subparagraph 8 (3) (a) (iv) Financial Procedure Act 1957 [Act 61].
(4) any dividends or other sums of money received by the Corporation as a right in, on the disposal of or otherwise in connection with, any of the securities or rights acquired under this section shall be paid into the consolidated fund.
(5) the stamp duty shall not be levied in respect of any increase in the Bank's capital — (a) caused by the issuance of shares allotted at the time Bank owned wholly by the Government;
and (b) certified by Treasury as having been caused by the issuance of shares subscribed by the Corporation under paragraph (1) (a).
Appointment of government representatives on the Board 7. (1) the Minister may, from time to time, as long as the Government of not less than five per cent of the total derivative securities in the Bank, after consultation with the Minister of agriculture and
Agro-based industry, naming such number of suitable persons to be directors on the Board.
10 laws of Malaysia ACT 684 (2) the Bank shall cause every person nominated by the Minister under subsection (1) appointed to the Board.
(3) any person appointed to the Board under subsection (2) may, at any time, terminated by the Minister, after consultation with the Minister of agriculture and agro-based industry, by giving written notice to the person and the Bank.
(4) for the purposes of determining the number of persons to be appointed as a Director on the Board under subsection (1), the Minister shall take into account the total amount of the securities held by the Government and the total number of directors appointed by the Bank on the Board, at the time of the nomination.
(5) no nothing in this section shall be construed as prejudice to any powers, rights or privileges that can be granted to the Government by the documents the establishment of the Bank.
Statutory accounts 8. (1) for the purposes of any statutory Bank account — (a) vesting provisions enforced by virtue of section 4 shall be calculated as a vesting provisions all property, rights and liabilities of Bank Pertanian Malaysia reserves the right, subject to him immediately before the end of the accounting year due on Bank Pertanian Malaysia, which ended before the date of vesting and have enforced to the Bank at the date of vesting; and (b) the value of any assets, rights or the amount of any liability of Bank Pertanian Malaysia, which is calculated as having been vested in the Bank by virtue of section 4 shall be calculated as the value or, as the case may be, the amount given to the assets, rights or liabilities in the statement of account prepared by Bank Pertanian Malaysia, in respect of the accounting year due on Bank Pertanian Malaysia , which ended before the date of vesting.
Bank Pertanian Malaysia Berhad 11 (2) for the purposes of any statutory accounts the Bank, the amount to be entered in respect of any item shall be determined as if nothing were done by Bank Pertanian Malaysia, whether by way of obtaining, evaluating or disposing of any assets or perform, review or release any liability, or by any amount at any provision of reserves, or otherwise , have been committed by the Bank.
(3) References in this section about the statutory Bank account is a reference to any account provided by the Bank for the purposes of any provision of the companies Act 1965.
(4) for the purposes of this section, "accounting year due" means the accounting year ending 31 December or a period shall be determined by the Minister.
PART III staff staff 9. (1) the Bank shall accept into its employment at vesting date every person who immediately before that date was a member of the staff of Bank Pertanian Malaysia and was given the option by Bank Pertanian Malaysia and have chosen to serve as an employee of the Bank.
(2) every person who elects under subsection (1) to serve as employees of the Bank shall be employed by the Bank upon the terms and conditions of service no less favourably than the terms and conditions of service to which he is entitled to immediately before the vesting date.
(3) the Bank can't stop work any employee within a period of five years from the date of vesting.
12 laws of Malaysia ACT 684 PART IV PURPOSE, powers and OBLIGATIONS of the BANK'S SOCIAL purpose and power Bank 10. (1) the purpose of the Bank shall — (a) to promote the development of agriculture, Malaysia's strong;
(b) to coordinate and facilitate the granting of credit out of public funds for agricultural purposes by various persons or body of persons, whether incorporated or unincorporated;
(c) to make available the facility loans, advances and other credit for the development of agriculture and agriculture-related businesses;
(d) to exploit deposits with special attention to the agricultural sector and to achieve this end, to receive the savings and deposit period;
(e) to enhance the well-being of agricultural communities; and (f) to carry out general business a modern financial services institutions and progressive total financial needs of customers.
(2) in addition to all the powers of the Bank as set out in the Memorandum and his Association, the Bank may — (a) borrow, get or take money, loan or advance money with or without security for the purpose of financing the operation of agriculture or agriculture related businesses;
(b) buy, sell, discounting or discounting the local bills of Exchange and promissory letter Bank Pertanian Malaysia Berhad 13 issued or published for the purpose of financing the operation of agriculture or agriculture related businesses;
(c) receive, obtain or collect and prepare all types of deposit accounts including savings account, term deposit accounts and any other similar account;
(d) make unsolicited visits through units has to — (i) requesting or obtaining the making of deposits; or (ii) make or offer to make any agreement for the purpose of receiving a deposit;
(e) grant financing to the agricultural community;
(f) in respect of the handling of agriculture and marketing agricultural produce, provide or issue a letter of credit;
(g) issue with getting commissions, subscription, underwriting, take, acquire, hold, sell, change and trade shares, stocks, bonds, funds, obligations, securities and investments of all types;
(h) receive money and valuables as deposit to secure storage;
(i) Act as agents for the Government, any State Government or other authorities and for public bodies or private bodies or private person;
(j) acquire and operate the whole or any part of the business, property and liabilities of any person or company carrying on any business which the Bank is allowed to run it, or own a property suitable for the purpose of the Bank;
14 laws of Malaysia ACT 684 (k) doing business as warehouse or warehouse maintenance Manager and rent, buy, build or otherwise acquire warehouse for any purpose the Bank;
(l) acquire, improve, manage, achieve, develop, exercise all rights with respect to, lease, mortgage, sell, dispose of, making profits from, and otherwise make any arrangements of — (i) movable or immovable property regardless of ownership thereof; and (ii) all types of results and in particular agricultural products;
(m) make any arrangement with the Government, any State Government or local authority or otherwise with all purposes or any of the purposes of the Bank, and to obtain from any such Government or authority any rights, privileges and concessions deemed by the Bank should be obtained, and to carry out, exercise and comply with any such arrangements, rights, privileges and concessions that;
(n) the buying, selling and discounting Treasury bills Government or any State Government allowed to issue Treasury bills;
(o) maintain an account with another bank in Malaysia;
(p) Act as representative or agent for any international bank or credit institution of a farming international;
(q) grant all types of payment services and collection, including giro service, automated teller machines, debit card, credit card and prepaid card;
(r) with the approval of the Board, using the funds of the Bank for investment;
Bank Pertanian Malaysia Berhad 15 (s) conducting financial services based on the principles of Islam;
(t) open branches and appoint agents or representatives in or outside Malaysia;
(u) pay interest on deposit by the customer and determine the rate of interest;
(v) charge interest on loans and advances made to the customer and determine the rate of interest;
(w) charge for any services rendered by him;
(x) carry out agricultural insurance business;
(y) grant security for agricultural financing facilities;
(z) to the financial and business advisory services; and (aa) do any other business as may be approved in writing by Bank Negara.
(3) where any business activities conducted pursuant to the powers conferred under subsection (2) requires approval or licensing by an authority, the activities can be carried out subject to the approval or licence from the authority.
(4) for the purposes of this section — "Central Bank" means the Bank Negara Malaysia which was established under the Bank of Malaysia Act 1958 [Act 519];
"giro service" means a current account service that allows account holders to issue instructions NOTE — this Act was repealed by the Central Bank of Malaysia Act 2009 [Act 701] which
with effect from 25 November 2009 — see subsection 1 (1) of Act 701 [P.U. (B) 533/2009] with the exception of paragraph 23 (8) (b) and section 61 to 66.
16 laws of Malaysia ACT 684 payments to the Bank for payment to any party or that allow the Bank receives the payment into the account of someone account holder of any party;
"unsolicited visits" means a personal visit or oral communication without real invitations.
Social obligations of the 11. The Bank shall meet the social obligations as determined by the Government from time to time.
Part V GENERAL powers of the Minister of agriculture and agro-based industries provide instructions 12. Minister of agriculture and agro-based Indusri may, from time to time, give directions to the Board with respect to the agricultural policy to be followed by the Bank and the Board shall comply with such directions.
The financial statements shall be submitted to the Minister 13. The Bank shall, within ninety days after the end of each financial year, or such further period as may be agreed by the Minister, submit to the Minister, in respect of the whole of its operation both inside and outside of Malaysia, a copy of each printed and in the form of records kept or recorded by electronic means and in electronic documents materials tara follows in such form as the Minister : (a) the audited revenue account accordingly, together with the statement of support;
(b) profit and loss account and balance sheet audited accordingly, together with the statement of support;
Bank Pertanian Malaysia Berhad 17 (c) certification by the Auditors;
(d) report by the Board on its operation in that financial year; and (e) statutory declaration by one of the non-Executive Director and Chief Executive Officer in respect of the matters referred to in paragraph (a), (b) and (d).
Protection under the Bills of Exchange Act 1949 14. In the performance of its functions under this Act, the Bank shall be given the protection of a person's bankers under the Bills of Exchange Act 1949 [Act 204].
Application of the companies Act 1965 15. The Bank shall be subject to the provisions of the companies Act 1965 and also to the provisions of this Act, but if there is any conflict or inconsistency between the provisions of the companies Act 1965 with this Act in the application respectively for the Bank, the provisions of this Act shall apply.
Regulation 16. The Minister may, from time to time, make such regulations as are necessary or expedient to give effect to the provisions of this Act, to carry out or to achieve the goals and purposes of this Act or any of its provisions, or to implement the provisions of this Act with more, better or easier.
Repeal 17. Bank Pertanian Malaysia Act 1969 repealed.
18 laws of Malaysia ACT 684 Continuation law, etc.
18. (1) subject to subsection (2), all written law including subsidiary legislation, which touch or for the protection of Bank Pertanian Malaysia and in force immediately before the vesting date shall, until amended or cancelled by the relevant authorities having power to do so, continue to have effect and be construed as if this Act had never approved.
(2) any reference in any law of Bank Pertanian Malaysia, unless the context otherwise requires, be construed as a reference to the Bank and such pronunciation known as expressions shall be construed accordingly.
Continuation and completion of disciplinary proceedings 19. (1) where at the date of vesting any disciplinary proceedings pending or existing against any employee of Bank Pertanian Malaysia who have chosen to get into the service of the Bank, the proceedings shall be continued and completed by the Bank, and the law applicable to the employee immediately before the vesting date in respect of such proceedings shall apply to the proceedings continued and completed under this section.
(2) an order, decision or direction made or given by a party disciplinary authority of the Bank in accordance with this section shall, with respect to such employees, have effect and the effect of the order, decision or direction made or given by the Disciplinary Committee or the disciplinary Appeal Committee of Bank Pertanian Malaysia, as the case may be, under the applicable law referred to in subsection (1).
Bank Pertanian Malaysia Berhad 19 Prevent inconvenience and anomalies 20. (1) the Minister may, whenever it considers necessary or expedient to do so, whether for the purpose of removing difficulties or prevent anomalies arising from the manufacture of this Act, by order published in the Gazette make any modification to any of the provisions of this act as he may deem fit.
(2) the Minister may not exercise the powers conferred by this section after the expiration of two years from the date of vesting.
(3) in this section "modification ' include the amendment, addition, deletion, replacement, adaptation, variation, alteration and disapplication of any of the provisions of this Act.
20 laws of MALAYSIA Act 684 BANK PERTANIAN MALAYSIA BERHAD ACT 2008 LIST AMENDMENT of laws that amend the short title effect from-No-21 laws of MALAYSIA Act 684 BANK PERTANIAN MALAYSIA BERHAD ACT 2008 LIST SECTION AMENDED Section Power amend with effect from-no-