Bank Simpanan Nasional Act 1974

Original Language Title: Bank Simpanan Nasional Act 1974

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Act 146 BM laws of MALAYSIA Act 146 REPRINT BANK SIMPANAN NASIONAL ACT 1974 Contains all amendments to 1 January 2006 PUBLISHED by the COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 in COLLABORATION with PERCETAKAN NASIONAL MALAYSIA BHD 2006 laws of Malaysia ACT 1462 NATIONAL SAVINGS BANK ACT 1974 date of Assent............ 30 July 1974, the date of publication in the Gazette......... August 22nd, 1974 REPRINT BEFORE Reprinting the first............ 1997 Reprint the second............ 2001 Bank Simpanan Nasional 3 laws of MALAYSIA Act 146 NATIONAL SAVINGS BANK ACT 1974 ARRANGEMENT of SECTIONS part I preliminary section 1. Short title 2. Interpretation Part II The ESTABLISHMENT, PURPOSE And POWER 3. The establishment and incorporation of 4. The Purpose Of The Bank Is 5. Power Bank PART III MEMBERSHIP Of The BANK 6. The Board Of Directors 7. Alternate Director 8. Conditions of appointment of the Chairman and directors 9. Appointment and duties of General Manager 10. Instructions by the Minister 11. Board Meeting 12. Disclosure of interest of Directors on contract, etc.
13. Seal the laws of Malaysia ACT 1464 PART IV OFFICERS and EMPLOYEES of the BANK section 14. Officers and employees 15. The exchange of civil servants to the Bank 16. Facilities for staff of 17. Public servants part V PROVISIONS RELATING to the CONDUCT of BANKING 18. Transfer ownership of the powers, rights and privileges, assets and liabilities of 19. The acceptance and repayment of deposits and interest payable 20. Government Guarantee 21. Interest on loans and advances 22. Power to borrow 23. Lending by the staff of 24. Restrictions on loans and advances 25. Investment money PART VI FINANCIAL PROVISIONS 26. Financial year 27. The estimated annual 28. Accounts and audit 29. General Reserve Fund 30. Profit and loss account, balance sheet and the annual report PART VII GENERAL 31. Power to make rules and regulations 32. Confidentiality of 33. The power to appoint the representatives of Bank Simpanan Nasional 5 34. The Bank deemed to be Malay or bumiputera 35. The detention of 36 deposit. Power to administer oath 37. Public Authorities Protection Act 38. Things done in anticipation of this Act 39. Land acquisition forceful PART VIII REPEAL and TRANSITIONAL 40. Repeal and saving of 41. Transfer of title of the land and assets of 42. Transfer of ownership of money 43. Existing contract 44. Continuation of the criminal proceedings and Civil Section laws of Malaysia ACT 1466 Bank Simpanan Nasional 7 laws of MALAYSIA Act 146 * NATIONAL SAVINGS BANK ACT 1974 an act for abolishing the post Office Savings Bank Act 1948 and for incorporating the National Savings Bank to develop and exploit deposits, particularly from small depositors, to encourage thrift, to provide a channel for the public generally to save money , to provide for the transfer of title and vest the functions, assets and liabilities of Bank Simpanan post office to the Bank and to provide for other matters connected therewith.
[1 December 1974, P.U. (B) 611-A/1974]
BE IT enacted by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: part I preliminary short title 1. This Act may be cited as the National Savings Bank Act 1974.
Interpretation 2. In this Act, unless the context otherwise requires — "Bank" means a Bank Simpanan Nasional established under section 3;
"Post Office Savings Bank" means the post Office Savings Bank established under the post Office Savings Bank Act 1948 [Act 113];
* NOTE — this Act will be repealed by the Act of Bank Simpanan Nasional Berhad 1997 [Act 571] when 571 Act comes into operation.
Laws of Malaysia ACT 1468 "flowers" includes bonus and any other financial interest (by whatever name called) payable on deposit and other accounts with the Bank;
"Board" means the Board of Directors referred to in section 6;
"officer" includes the General Manager;
"Director" means a member of the Board appointed under section 6 and includes the Chairman and alternate Director;
"Chairman" means the Chairman of the Board;
"General Manager" means the General Manager appointed under section 9 and includes any person appointed to act as General Manager;
"giro service" means a current account service that allows account holders provide payment instructions to the Bank and allowing the Bank to accept payments into the account of someone the accountholder from any other person;
"securities" means debentures, stocks and shares in a public company or Corporation, or bond of a Government or a body, Corporation or non-corporate, and includes any right or option in respect of which and any interest as defined in section 84 of the companies Act 1965 [Act 125];
"the premium savings certificate" means a certificate issued by the numbered Savings Bank for a deposit account for which no interest is payable but who can or cannot participate in the regular draw held by the Bank for award bonus payment with cash or otherwise;
"due date" means the date of coming into operation of this Act.
PART II the ESTABLISHMENT, PURPOSE and POWER of the establishment and incorporation of 3. Hereby established a savings bank named "Bank Simpanan Nasional" or in English "National Savings Bank Simpanan Nasional 9 Bank", which is a body corporate that is perpetual and shall have authority to enter into contracts, acquire, hold, dispose of or otherwise make any arrangements of movable and immovable property and to sue and be sued in his own name : the purpose of the Bank 4. The main purpose of the bank is — (a) to develop and exploit deposits, particularly from small depositors, and to promote the habit of thrift and saving money;
(b) to provide channels to save money by the public at large;
(c) to use the Banks money for investment, including finance the country's economic development;
(d) to take over the functions and responsibilities of the post Office Savings Bank; and (e) to promote the interests of depositors and other clients.
Power Bank 5. For the purpose of carrying out the purposes set out in section 4, the Bank may — (a) accept as deposits from its customers or collecting on behalf of their money can be repaid either on request or otherwise;
(b) to grant loans and advances to, or give a guarantee for the benefit of depositors and clients, the other for the purpose of housing and any other purposes as may be approved by the Minister and make agreements for this purpose;
(c) investing in government securities or Government of any State or any public authority or in other securities for the purpose of that suits its purpose;
(d) encourage the establishment of a corporation or taking part in encouraging a laws of Malaysia ACT the company or acquire 14610 an undertaking or part thereof;
(e) acquire land and property for or in connection with the exercise of his power, and developing the land and the property;
(f) dispose of or lease or otherwise make any arrangements regarding all or any part of the undertaking or property;
(g) organise and conduct services giro;
(h) accepting securities and other valuables from customers for safekeeping;
(i) melevi a fee for any services rendered by him;
(j) maintaining accounts with the Government, the Government of any State, bank and other financial institutions;
(k) open branches and appoint agents or correspondent;
(l) operates a scheme for producing and organizing premium savings certificate can be redeemed either when required or otherwise and, notwithstanding the provisions of any other written law to the contrary, to convene, organize, plan and administer the draw to award the payment of bonuses to the premium savings certificate holders issued; and (m) carries on the business of a general savings bank and make all other matters incidental to or beneficial to the achievement of its purpose.
PART III MEMBERSHIP Of The BANK Board Of Directors 6. (1) a Board shall be established under subsection (2) and the Board shall be responsible for the overall policy and administration Affairs and banking.
(2) members of the Board shall be appointed by name by the Minister and shall consist of — (a) a Chairman;
Bank Simpanan Nasional 11 (b) a representative of the Ministry of finance, who shall be the Deputy Chairman;
(c) a representative of the Central Bank;
(d) a representative of the Department of postal services;
(e) not more than four other directors and they shall be the person who berkenamaan and experienced in matters relating to banking, business or industry; and (f) General Manager.
Alternate Director 7. (1) the Minister may, in respect of each of the directors appointed under paragraph 6(2) (b, (c) and (d), appointed by name someone to be an alternate Director to attend Board meetings to replace the Director when the Director is unable to attend due to any reason whatsoever.
(2) when attending meetings of the Board of Directors to replace someone, one alternate Director shall for all purposes be deemed to be a member of the Board.

(3) an alternate Director shall cease to be an alternate Director when the Director in respect of which he became the Director of the alternate cease to be a member of the Board.
Conditions of appointment of the Chairman and the Director 8. (1) subject to the provisions of this Act — (a) the Chairman shall be appointed for a term not exceeding five years and shall be eligible for reappointment; and (b) any other Director (other than General Manager) shall hold office for a term not exceeding three years and are eligible for reappointment.
(2) the Director shall be paid by the Bank any salary, fees or allowances as may be prescribed by the Minister.
(3) in the Chairman's temporarily unfit due to illness or within Chairman is temporarily in Malaysia, the Deputy Chairman shall act as Chairman of laws of Malaysia Act 14612 temporary, and if both the Chairman and the Deputy Chairman is in place, the Minister may appoint one of the directors of the other to become Chairman.
(4) the Minister may at any time terminate the appointment of the Chairman or any other Director who — (a) guilty of severe misconduct in relation to his Office;
(b) did not attend Board meetings of more than three times in a row, except when on vacation or with the approval of the Minister;
(c) fails to comply with its obligations under section 12; or (d) in the opinion of the Minister, no longer eligible to be the Chairman or the Director.
(5) a person shall not be appointed or can no longer be the Chairman or a Director of the Bank if he — (a) convicted by any Court of law upon an offence and sentenced to imprisonment for a term not less than one year, or convicted of an offence in respect of fraud or dishonesty and he has not received a free pardon;
(b) to be a person who is not of unsound mind or otherwise unfit to carry out his duties; or (c) become a bankrupt or makes any arrangement or composition with his creditors;
(d) (Cut by the Act A397).
Appointment and duties of General Manager 9. (1) the Minister shall, after consultation with the Chairman of the Board, appoint a General Manager on such terms and conditions as the Minister thinks fit.
(2) General Manager — (a) shall be the Chief Executive Officer of the Bank;
(b) shall be responsible to the Board of administration and management of the Bank is perfect, according to the policy set by the Board;
Bank Simpanan Nasional 13 (c) may, subject to the provisions of this Act, provide the results and perform all the powers and do all such acts as may be exercised or done by the Bank; and (d) shall be responsible to the Board of actions and decision.
(3) the General Manager shall devote the whole of his professional time to Bank service: provided that he may, if appointed and with the approval of the Minister, be — (a) a Director, the Governor or a member of the Board (by whatever name called) for an international savings bank or similar institution positioning international;
(b) a Director of a corporation or institution in Malaysia, which the Bank may have an interest; or (c) a Director or member of the Board of managers (by whatever name called) for an authority or public body.
Directions by Minister 10. (1) the Minister may from time to time provide general instructions in accordance with the provisions of this Act to the Board with respect to the policy to be followed by the Bank and the Board shall be bound by something that commands and the Board shall immediately take all measures necessary or expedient to carry it out.
(2) the Bank shall give the Minister such information in respect of the financial position and its activities as may be required by the Minister from time to time.
Board Meeting 11. (1) the Chairman shall convene a meeting of the Board as often as required but not less kerapnya than once a month.
Laws of Malaysia ACT 14614 (2) the Chairman, or if he is absent, the Deputy Chairman, shall preside at every meeting of the Board. If both the Chairman and the Deputy Chairman is absent, the Board shall appoint one of them to act as Chairman.
(3) any three members may request a a meeting of the Board.
(4) Four members of the Board present at a meeting of the Board make up a quorum.
(5) all results in a meeting of the Board shall be in accordance with the votes more voice directors present and voting: provided that if on a question of the number of votes obtained the same number, the Chairman or the person presiding over the meeting shall be entitled to give a casting vote.
Disclosure of interest of Directors on contract, etc.
12. (1) a Director who has, directly or indirectly, by itself or through a partner, any interest of a company or undertaking which Bank proposing to make a contract or having any interest on the contract or matter under discussion by the Bank shall disclose the type of its interest in the first meeting of the Board after she finds the relevant facts known by him.
(2) a disclosure under subsection (1) shall be recorded in the minutes of the Board and, after the disclosure, the Director of — (a) cannot take part in any deliberations or decisions of the Board in relation to the contract or the matter; and (b) shall not be taken into account for the purpose of make up a quorum of the Board for consideration or the decision.
(3) no any act or proceeding of the Board can be questioned on the ground that a person has violated the provisions of this section.
Bank Simpanan Nasional 15 seal 13. (1) the Bank shall have a common seal bearing a sign approved by the Board and such seal may from time to time be broken, changed, altered or made new as the Board may think fit.
(2) until a seal is provided under this section, a stamp bearing the words "Bank Simpanan Nasional" or "National Savings Bank" can be used as the seal of the Corporation.
(3) all deeds, documents and other instruments requiring the seal of the Bank shall be sealed with the seal of the Bank in front of the Chairman and the General Manager or some other person duly authorised by the Board to act in that behalf, who shall sign all deeds, documents and other instruments that stamped with the seal and the signature is proof enough that the seal has been affixed properly and appropriately and that the seal is the seal of the legal law for the Bank.
(4) any document or instrument which if executed by a person not being a body corporate shall not be required that can be sealed in a manner so executed by the Bank; and a document or instrument may be executed on behalf of the Bank by an officer or employee of the Bank generally or specially by the Board for that purpose.
PART IV of the OFFICERS and EMPLOYEES of the BANK officers and employees 14. (1) the Bank may appoint officers and employees may deem necessary for the conduct of efficient banking.
(2) the officers and employees of the Bank shall hold office for a period, receive salaries and allowances and subject to the terms and conditions of service as may be determined by the Board and approved by the Minister.
Laws of Malaysia ACT 14616 Exchange civil servants to Bank 15. (1) subject to the provisions of this Act, a person who immediately before the appointed date was a member of the public service and which in the opinion of the Minister be necessary for perfect travel Bank shall be from the date it becomes an officer or employee of the Bank, in accordance with the terms and conditions of service no less favourably than those charged to its services immediately before that date.
(2) a member of the public service who have, by virtue of subsection (1), be an officer or employee of the Bank may not later than twelve months from the date specified in writing to choose whether to continue with the Bank or return to the public service; and if she chose to return to public service, he shall thus return to service in accordance with the terms and conditions no less favourably than those applicable to services if he fails to become an officer or employee of the Bank by virtue of subsection (1); In addition, with the Bank shall be deemed to be service in the public service.
(3) a member of the civil service back to the public service under subsection (2) may, by reason of a vacancy there is no immediately for him in public service, is required by the Government, and the Bank shall allow it, continued again served the Bank for a period not exceeding five years.
(4) in determining whether the terms and conditions of service less or no less favourably, as mentioned earlier, attention shall be given to salaries, conditions relating to termination of service, retirement benefits, medical treatment, housing, allowances, leave and fare abroad (if any) for himself and his family and any other benefits provided either for himself or his widow or liabilities.

(5) a question has arisen about whether a terms and conditions of service are less good than be applied to the service specified in subsection (1) or (2) shall be referred to the Minister its decision on that point final.
Bank Simpanan Nasional 17 Facilities for staff of 16. In accordance with its purpose, the Bank may set aside for staff education and welfare facilities, including — (a) scholarships and other financial assistance for persons employed or likely to be employed by him; and (b) to convene the House, hostels, clubs and educational facilities and other recreation.
Public servants 17. A person's directors, officers and employees of the Bank shall be deemed to be public servants within the meaning of the Penal Code [Act 574].
Part V PROVISIONS RELATING to the CONDUCT of BANKING Transfer ownership of power, rights, and privileges, assets and liabilities 18. All the powers, rights and privileges, the movable property, assets, debts, liabilities and obligations vested in or belong to the post Office Savings Bank and all other business ditransaksikan by him shall, on the appointed date, be transferred in title and vested at the Bank without moving further right and its affairs shall be carried out by the Bank.
The acceptance and repayment of deposits and interest payable 19. Money from depositors and other Bank customers shall be received and repaid in accordance with terms and conditions determined by the Board; provided that the interest payable shall be at the rate approved by the Minister.
Government Guarantee 20. Repayment of all the money deposited into the Bank along with the interest digerenti by the Government and if the laws of Malaysia ACT 14618 if assets Bank is not sufficient to pay the claim's legal laws from every depositor, lack shall be charged to and paid out of the Consolidated Fund and the Minister shall make a certificate about the lack of the House of Commons as early as possible.
Interest on loans and advances 21. The Bank may charge interest on loans and advances made to depositors and other customers at the rate determined by the Board from time to time with the approval of the Minister.
Power to borrow 22. For the purpose of carrying out its functions under this Act, the Bank may, with the approval of the Minister, to borrow from the Government, the Government of any State or of any other Bank or financial institution any sums required by the Bank in accordance with the terms and subject to the terms agreed between the parties that give loans with the Bank and approved by the Minister.
Lending by the staff of 23. (1) subject to subsection (2), the Bank cannot lend or advance money to an officer or employee unless — (a) for the purchase, erect, alter and repair houses in dudukinya or he proposes to occupy under the rules approved by the Board;
(b) to release something home from a mortgage or load; or (c) for the purchase of the vehicle.
(2) when the Bank is satisfied as to the existence of special circumstances or that gives rise to compassion, the Bank may approve a loan or advance to an officer or employee in accordance with the terms and conditions as the Board considers appropriate.
Bank Simpanan Nasional 19 restrictions on loans and advances 24. The Bank cannot provide a loan or advance to any directors or persons to whom a person of Directors is a penggerenti.
Investment money 25. (1) subject to the provisions of this Act, the money the Bank shall, to the extent practicable and with the exception of an amount of money which may be reserved to be kept on hand for general purpose Bank, invested in — (a) Government securities;
(b) other investments permitted by or under the Trustee Act 1949 [Act 208];
(c) housing loans to depositors and other customers in accordance with the General instructions of the Minister;
(d) other loans and advances to depositors and other customers for the purposes approved by the Minister; and (e) of the Securities and other investments which are determined by the Board from time to time: provided that, subject to any changes made by the Minister under subsection (2), the securities held under paragraph (a) shall not be less than 70 percent, and securities and investments held under paragraph (e) shall not exceed 10 per cent of the funds in any one year for investment and that are not required for immediate use by the Bank.
(2) the Minister may, after consultation with the Board, vary the percentage specified in the proviso of subsection (1).
(3) no investment may be made by the Bank outside Malaysia.
PART VI FINANCIAL PROVISIONS the financial year 26. The Bank's financial year shall commence on the day of January and ends on thirty-one days in the month of December each year: the laws of Malaysia ACT 14620 provided that if this Act comes into force on a date other than one day in January, the financial year is as determined by the Minister on the recommendation of the Board.
The estimated annual 27. The Board shall within each year prepare and put on the annual estimates of income and expenditure to the next financial year.
Accounts and audit 28. (1) the Bank shall direct that kept any records of account and other records that will adequately explain the transactions and financial position of the Bank and allows a profit and loss account and a balance sheet prepared in each financial year and shall be directed so that the records are stored in a manner that allowed him to have acted with easy and perfect.
(2) Bank accounts shall be audited by the Auditor General.
General Reserve Fund 29. (1) a General Reserve Fund of the Bank shall be held.
(2) at the end of each financial year, the Bank's net profit for the year should be determined after taking into account the operating expenses and after making provision for bad and doubtful debts, depreciation of assets, contributions to pension or Provident Fund staff and any other contingencies are usually assigned by the bank.
(3) net profit as determined under subsection (2) shall be dealt with as follows: (a) any part of the Board may direct shall be placed on the credit of the General Reserve Fund; and (b) any excess shall be brought into the account of profit-loss for the subsequent financial year.
(4) the Board may assign any share in the General Reserve Fund necessary for the purposes of — (a) cover the losses arising from any revaluation or disposal of assets;
Bank Simpanan Nasional 21 (b) maintain the payment of interest with affordable rates on deposit in the Bank;
(c) carries on the business of General Bank; and (d) such other purposes as may be approved by the Minister in accordance with the purposes of this Act.
Profit and loss account, balance sheet and the annual report 30. (1) the Bank shall after the end of each financial year, after only the audited Bank accounts but, except with the specific approval of the Minister, not later than 30 days in April each year — (a) directing that the profit and loss account and balance sheet and, if certified by the Auditor-General, together with a copy of the views made by the Auditor-General, sent to the Minister and the financial statements and the views are then published in the Gazette;
(b) submit to the Minister its annual report in respect of the activities of the Bank within the previous financial year and contain information relating to the handling and Bank accounts, including a statement of whether a contingent has been diakujanjikan by the Bank pursuant to paragraph 5 (b) in the period covered by the financial statements; and (c) publish its annual report together with the audited financial statements and the Auditor General's opinion referred to in paragraph (a).
(2) the Minister shall direct that a copy of the documents referred to in paragraph (1) (c) are set out in each Parliament.
PART VII GENERAL power to make rules and regulations 31. (1) the Board may make rules and regulations necessary for the purpose of carrying out or enforcing any of the provisions of this Act.
Laws of Malaysia ACT 14622 (2) in particular, and without prejudice to the generality of the powers conferred by subsection (1), rules and regulations that may be made in respect of — (a) handling scheme for deposits with the Bank;
(b) the provision of loans and advances for the purpose of housing and certain other purposes;
(c) investment money Bank;
(d) handling of giro service; and (e) production and premium savings certificate organizing and convening, organizing, planning and administering drawings therefor: provided that the rules and regulations in respect of the policy requires the approval of the Minister.
Confidentiality of 32. (1) the name of the depositor and the amount of deposits and money out can not be disclosed by any officer or employee of the Bank, with the exception of the Auditor General or by written consent of the Minister: provided that nothing in this section shall be deemed to restrict the powers granted to the High Court or a high court judge by the Act Book Banker (Description) 1949 [Act 33] to prohibit any person to comply with an order made under the Act.
(2) any person who contravenes this section is guilty of an offence and shall on conviction liable to a fine not exceeding one thousand dollars.
The power to appoint a representative

33. the Bank may by instrument which sealed with seal appoint someone either in Malaysia or in any place outside Malaysia, becoming its representative and such person appointed may, subject to the instrument, do any act or perform any of the powers or functions which he is authorised by the instrument to do or carry it out.
Bank Simpanan Nasional 23 Bank deemed to be Malay or bumiputera 34. For the purposes of a law relating to land set aside to be given title to the Malay or bumiputera to State land is located in the venue, the Bank shall be deemed to be a Malay or bumiputera, as the case may be.
Retention of deposit 35. (1) except as provided under subsection (2), there is a deposit in the Bank, and no particular interest on a deposit it, can be detained, separated or levied for or in respect of any debt or claim whatsoever.
(2) Upon notice of a claim under a judgment of any court, legally binding laws for General Manager discretion to store the account an amount enough money to settle the claim and to pay to the Court on the order amount to the claim or part thereof; but a court shall make an order under this section only if the Court is satisfied that the judgment debtor has an account with the Bank solely for his own benefit.
Power to administer oath 36. (1) for the purpose of obtaining evidence about the death of a depositor or to determine who is the appropriate person to receive funds in the name of a person is a minor, a person who is of unsound mind, or deceased person, General Manager, or any other officers appointed by the General Manager in that behalf, may take evidence on oath or affirmation in accordance with the law.
(2) a person who, upon oath or pledge it, make a false statement, and that statement either knowingly or he as false, or not true as cognizant, shall be deemed to be guilty of an offence under section 193 of the Penal Code.
Public Authorities Protection Act 37. Public authorities Protection Act 1948 [Act 198] shall apply to any action, suit, prosecution or proceedings against the Bank or against any member of, laws of Malaysia Act 14624 officer, employee, agent or correspondent Bank, in respect of any act, negligence or default made or done by him on such properties.
Things done in anticipation of this Act 38. All things made by any person or authority on behalf of the Bank in preparation for and towards the perfect implementation of any provision of this Act and any expenses incurred in connection therewith, in anticipation of the proclamation of this Act, shall be deemed to have been authorized by this Act; and all rights and liabilities of the acquired or apply for the Bank from any article made or any such expenses incurred shall be when start the currency of this Act are deemed to be rights and liabilities of the Bank.
Land acquisition forceful 39. (1) If an immovable property, which is not a State land, needed to be taken by the Bank for the purposes of this Act, the property may be taken in accordance with the provisions of a law relating to land acquisition for public purpose in effect at that time in the State the property is located in the venue, and any declaration required by any written law that that land is needed so can be made even if the compensation payable by the Bank; and such declaration shall take effect as if it is a declaration that the land is required for a public purpose in accordance with the written law.
(2) expenses and compensation in respect of an immovable property taken under this section shall be paid by the Bank.
(3) when an immovable property is taken under this section, the Bank shall obtain the necessary document of title in respect of the property, and shall pay any rent due on the property.
PART VIII REPEAL and TRANSITIONAL Repeal and saving 40. (1) subject to subsection (2) and (3), the post Office Savings Bank Act 1948 (hereinafter referred to as Act 1948) Bank Simpanan Nasional 25 is hereby repealed and the post Office Savings Bank established by or under the Act of 1948 is hereby dissolved.
(2) all legislation in force immediately before the appointed date only made under Act 1948 shall, with the necessary modifications, continue to further force and effect as if made under this Act, and may be amended or repealed by regulations made under this Act.
(3) all deposits made and all entries in the depositor's book, and all the money invested in securities that are still unsold on the appointed date and all other matters under the Act ditransaksikan 1948 shall, so far as in accordance with this Act, be deemed to be a deposit and entries made, money invested and ditransaksikan arrangements under this Act.
Transfer of title of the land and assets of 41. (1) the land immediately before the appointed date were vested in, or reserved under a law of bertuliskan relating to the land for the purpose of the post Office Savings Bank and the land acquired with the post Office Savings Bank Fund, shall on that day, deemed to be vested in or reserved for the purpose of the Bank, as the case may be.
(2) all property and assets other than land immediately before the appointed date were vested in or post Office Savings Bank at a person on his behalf shall at that date vested in the Bank.
Transfer of ownership of money 42. All post Office Savings Bank Fund or payable to him shall on the appointed date, transferred ownership to the Bank or due to it.
Existing contracts 43. All deeds, bonds, agreement, instrument and existing work arrangement immediately before the appointed date affecting any property transferred title under the laws of Malaysia ACT 14626 section 41 shall be in force and effect to the or to the Bank and shall be fully and effectively as if, in lieu of the post Office Savings Bank or a person acting on behalf of the post Office Savings Bank The Bank has been named in it or has become a party to it.
Continuation of the criminal proceedings and civil law 44. The revocation under section 40 or anything contained in this Act shall affect the liability of a person not to be prosecuted or punished for the offence committed in respect of any act or omission under the Act 1948.
Bank Simpanan Nasional 27 laws of MALAYSIA Act 146 NATIONAL SAVINGS BANK ACT of 1974 LIST AMENDMENT law short title of the Act into force amend the Currency Act 160 Malaysia 29-08-1975 (dollars) 1975 A397 Act Savings Bank Act 10-06-1977 National (Amendment) Act 1977 laws of Malaysia ACT 14628 laws of MALAYSIA Act 146 NATIONAL SAVINGS BANK ACT of 1974 LIST SECTION AMENDED Section Power amend with effect from 1 Act 160 29-08-1975 2 Act 160 29-08-1975 Act A397 10-06-1997 3 Act 160 29-08-1975 5 Act A397 10-06-1977 6 Act A397 10-06-1977 8 A397 Act 10-06-1977 31 Act A397 10-06-1977