Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions) Act 1978

Original Language Title: Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions) Act 1978

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Laws of MALAYSIA Act REPRINTING 202 ACT BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) 1978 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 2022 ACT BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) 1978 date of Assent............... 6 February 1978, the date of publication in the Gazette......... 9 February 1978 REPRINT BEFORE Reprinting the first............ 2001 Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 3 laws of MALAYSIA Act 202 ACT BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) 1978 ARRANGEMENT of SECTIONS part I preliminary section 1. Short title and commencement 2. Interpretation 3. Things that happened following the commencement of the Act PART II BOARD of DIRECTORS and ADMINISTRATION 4. The Board and its main responsibility 5. The First Schedule 6. Custody and control of the assets of 7. Reduction of rights and liabilities 8. Steps for an efficient management of the Bank's 9. Production of particulars by directors formerly 10. Power of Bank to start proceedings for damages and property 11. Termination of service of officers and employees of the Bank 12. Knowingly destroying, or does not deliver, books, registers and documents the Bank 13. Protection in respect of acts done pursuant to this Act, the laws of Malaysia ACT 2024 PART III BUSINESS which ALLOWED and RESTRICTIONS PERTAINING to section 14. Business which allowed for Bank 15. Restrictions on payment of dividends and the granting of advances and loans to directors PART IV MONITORING and CONTROL 16. Directions by Minister 17. Examination of books, etc., and the authority to investigate the Affairs of the Bank 18. Information to the Minister, 19. Activities for Bank 20. Subsidiary Bank Part V STATUTORY RESERVE FUND, Accounts, AUDIT And 21. The Statutory Reserve Fund Maintenance 22. Declaration of dividend 23. Audit 24. Delivery of account, balance sheet, and reports to the Minister and Minister of finance PART VI GENERAL 25. General meeting of the Bank's 26. Public servants and public servants 27. Preservation of confidentiality of 28. The regulations of Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 5 29. Ketidakbolehan of claim 30. Continuation of personal liability 31. Power to end the effective travel of the FIRST SCHEDULE SECOND SCHEDULE of the Act, Section laws of Malaysia ACT 2026 Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 7 laws of MALAYSIA Act 202 ACT BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) 1978 an act to make special provisions for the management and administration of the appropriate Bank Kerjasama Rakyat Malaysia Berhad.
[February 16, 1978, P.U. (B) 105/1978]
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 and commencement 1. (1) this Act may be cited as the Act of Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 1978.
(2) this Act shall come into operation on a date to be determined by the Minister by notification in the Gazette.
Interpretation 2. (1) in this Act, unless the context otherwise requires — "Bank" means the joint companies known as Bank Kerjasama Rakyat Malaysia Berhad;
"Board" means the Board of Directors of the Bank established under section 4 and formed in accordance with paragraph 1 of the first schedule;
"The Board formerly" means the Board of Directors of the Bank formed under * Ordinances and by-laws of the Bank; * NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Laws of Malaysia ACT 2028 "Minister" means the Minister charged with the responsibility for development of the cooperative;
"Ordinance" means the Companies Ordinance 1948 * Cooperation [Ord. No. 33 1948];
"Director" means a member of the Board and includes the Chairman and Managing Director;
"Managing Director" means the Managing Director appointed under subparagraph 3 (1) of the first schedule;
"Director of formerly" means a person who is a member of the Board of Directors of the Bank at any time before the commencement of this Act;
"Chairman" means the Chairman of the Bank appointed under subparagraph 1 (2) of the first schedule;
"General Manager" means any Bank General Manager appointed under subparagraph 3 (1) of the first schedule;
"Secretary" means the Secretary of the Bank appointed under paragraph 4 of the first schedule;
"subsidiary" means a company, as defined in the companies Act 1965 [Act 125], in which the Bank controls the membership of the Board of directors or more than half the power of the vote, or holds more than half of the issued share capital, and includes a subsidiary, as defined in the Act, for the company.
(2) words and expressions contained in this Act, other than those defined in subsection (1), shall have the meaning assigned to it in the * Ordinance, unless the context otherwise requires.
Things that happened following the commencement of the Act 3. When this Act comes into force — (a) the Board formerly shall cease to exercise of its powers and discharging its duties and responsibilities in relation to the Bank and shall be terbubar;
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 9 (b) of this Act shall apply in relation to the Bank;
(c) Notwithstanding anything contained in the * Ordinance, rules made thereunder, or the Bank's by-laws, the rights of the shareholder of the Bank to choose or dismiss the Director of the Bank shall cease to run;
(d) the Director of the Bank who held office immediately before the coming into operation of this Act shall cease to hold any Office in the Bank or in any of its subsidiaries;
(e) Executive Committee appointed under the by-laws of the Bank shall cease to exercise the powers conferred by the by-laws and shall be terbubar;
(f) in exercising any power with respect to the Bank under any written law, or under the by-laws of the Bank, the Registrar General shall be subject to the direction and control of the Minister and shall comply with and enforce any direction given by the Minister;
(g) Notwithstanding paragraph (f), the Minister may exercise any function or power delegated to the Registrar General under any written law, or under the by-laws of the Bank, if it thinks necessary or expedient to do so;
(h) the Minister may, in its sole discretion, from time to time direct that any function, power or duty may be exercised by the general meeting of the Bank shall not be conducted by the general meeting, or that function, power or duty shall be exercised subject to any direction given by the Minister with the consent of the Minister of finance, or that function, power or duty, on the other hand , shall be carried out, with the agreement of the Minister of finance, by himself or by any other person or authority which it says;
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Laws of Malaysia ACT 20210 (i) the Bank, other than subject to this Act, shall continue to be subject to the provisions of * Ordinance, rules made thereunder, and the Bank's by-laws, but if there is any conflict or inconsistency between the provisions of this Act with the provisions of the Ordinance *, rules made thereunder, or any other written law, or by-laws of the Bank, the provisions of this Act shall apply.
PART II BOARD of DIRECTORS and ADMINISTRATION of the Board and its main responsibility 4. (1) for the purposes of this Act, shall be held a the Board of Directors of the Bank is formed in accordance with paragraph 1 of the first schedule.
(2) the Board shall be responsible for carrying out functions and powers, and General Administration of the Affairs and business of the Bank.
The First Schedule 5. (1) an additional allocation in the first schedule shall apply to the Board, banks, and principal officer of the Bank.
(2) the Minister may from time to time by order published in the Gazette amend the first schedule of — (a) the number of members of the Board as specified in subparagraph 1 (1);
(b) the term of appointment of Directors set out in subparagraph 2 (1);
(c) frequency of meetings the Board set out in subparagraph 5 (2);
(d) the number of Directors specified in subparagraph 5 (3), which is the same number on his request at a meeting of the Board may be called;
(e) the period of notice of meetings of the Board as specified in subparagraph 5 (4);
(f) the quorum for meetings of the Board as specified in subparagraph 5 (6).
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 11 Custody and control the property

6. The Board shall take such steps as are necessary to take into its custody or under his control all the property, properties, and you can take the actions that the Bank has or appears to be entitled.
Reduction of rights and liabilities 7. (1) the Board shall for all purposes be deemed to be the Board of Directors of the Bank which was formed accordingly under * Ordinances and by-laws of the Bank and shall be entitled to exercise all the powers of the Board of the Bank, whether that power available from * Ordinance, rules made thereunder, or the by-laws of the Bank; and any reference to the Board of Directors of the Bank in any written law or document shall be deemed to be a reference to the Board.
(2) subject to this Act, all the powers, rights, privileges, obligations and liabilities which, immediately before the coming into operation of this Act, is the power, right, privilege, obligation, liability and the Board formerly shall, from the date of commencement of this Act, down to the Board.
Steps for an efficient management of the Bank 8. Subject to any direction of the Minister, the Board shall take such steps as are necessary for the purpose of managing the Bank efficiently.
Production of particulars by directors formerly 9. (1) the Board may from time to time require any Director who first to submit to it, within the dibenarkannya, signed a statement of particulars in respect of any matter specified by the Board in relation to the Affairs of the Bank including matters relating to — (a) the assets of the Bank;
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Laws of Malaysia ACT 20212 (b) debts and liabilities of the Bank;
(c) debts and liabilities due to the Bank;
(d) the creditor and the debtor Bank.
(2) any Director formerly who, without reasonable cause — (a) did not submit to the Board within the time allowed by the Board that a statement as required by the Board under subsection (1) and signed by him; or (b) in submitting a statement, did not specify the details in the manner determined by the Board or leave from stating the specific details required by the Board; or (c) submit a statement that contains any items that are incorrect or not true, commits an offence and, on conviction, be liable to a fine not exceeding two thousand ringgit or to imprisonment for a term not exceeding twelve months or to both.
Power of Bank to start proceedings for damages and property 10. (1) the Bank may, if the Board is satisfied that the need and the importance of the Bank or the public interest to do so, start any proceedings as he may deem fit in order to obtain damages for any fraud, dishonesty, or other misconduct, in respect of the management of the Affairs of the Bank, performed by any person before the commencement of this Act, or to obtain any property the Bank that has been misused or stored improperly by any person.
(2) no Director may be liable himself for any costs or expenses incurred in connection with any proceedings instituted pursuant to this section.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 13 (3) subsection (1) does not affect any other right Bank to start proceedings for any purpose.
Termination of service of officers and employees of the Bank 11. (1) the Board may, if it is satisfied that necessary in the interest of the Bank or the public interest to do so, terminate the appointment of any officer or employee of the Bank in accordance with the terms and conditions of his contract of service or for any misconduct, in relation to the management of the Affairs of the Bank, performed by the officer or employee before the beginning of the effect of this Act.
(2) subsection (1) does not affect any other rights the Board to terminate the service of officials and employees of the Bank.
Knowingly destroying, or does not deliver, register and document Bank 12. Any person who willfully destroys, or does not deliver to the Board when required by the Board, any book account, register, or other documents in its custody relating to banking, or store without authority any property Bank, guilty of an offence and shall on conviction, be liable to a fine not exceeding two thousand ringgit or to imprisonment for a term not exceeding twelve months or to both.
Protection in respect of acts done pursuant to this Act 13. There are no any action, suit, prosecution, or any other proceeding whatsoever may be taken or brought or instituted against the Minister, the Minister of finance, Government, or any Director in respect of any act done or purporting to be done in accordance with or intended according to this Act, * Ordinance, rules made thereunder, or the by-laws of the Bank.
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Laws of Malaysia ACT 20214 PART III BUSINESS which ALLOWED and RESTRICTIONS on MANAGING business which allowed for Bank 14. (1) in addition to the powers, functions, duties, and responsibilities given to or charged over the Bank by * Ordinance, rules made thereunder, and by-laws of the Bank, the Bank may — (a) provide loans to, and be a guarantor for any loans money to, any person whether or not the Member Bank;
(b) to grant and issue a letter of credit to any person, whether or not the Member Bank;
(c) acquire, hold, issue on commissions, bear insurance, and managing stocks, bonds, funds, securities, obligations, and investments of all types;
(d) carry out all manner of managing agency;
(e) acquire and undertake all or any part of the business of any person or company carrying on any business of the same type as may be carried out lawfully by the Bank, or who owns property that is suitable for the purposes of the Bank;
(f) maintain an account with another bank in Malaysia;
(g) undertake any other business permitted expressly by the Minister with the consent of the Minister of finance.
(2) in the exercise of powers and performance of its functions, the Bank shall give paramount consideration to the goal to raise the economic status of its members.
(3) the Minister may, with the agreement of the Minister of finance, by order published in the Gazette exempt the Bank from any provision * Ordinance or direct that any provisions * applicable for Bank Ordinance with such modifications as may be specified in the order. * NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 15 (4) no investment in excess of the amount determined by the Minister with the consent of the Minister of finance can be made by the Board in the exercise of its powers under section 33 * Ordinance or under subsection (1), unless the written approval of the Minister given with the agreement of the Minister of finance, has been found in advance.
Restrictions on payment of dividends and the granting of advances and loans to directors 15. (1) the Bank may not — (a) paying any dividends on share until all the expenses are capitalised, including preliminary administrating Commission expenses, sales commissions, brokerage shares, the amount of the losses suffered, and details of other expenses that do not produce tangible assets, had been written off altogether;
(b) provide unsecured advances or unsecured loan exceeding, in the aggregate and outstanding at any one time, ten thousand dollars to — (i) any of its directors; or (ii) any firm or Corporation in which any Director of the Bank has an interest as a partner, Director, Manager or agent; or (iii) any subsidiary of the Bank; or (iv) any person, firm or corporation who is the guarantor of any independent Bank;
(c) provide to any officers or employees are unsecured advances or unsecured loan exceeds, at the aggregate and outstanding at any one time, six months remuneration officer or employee.
(2) all Directors Association and several Bank liable to indemnify the Bank against any loss arising from the granting of any unsecured advances or unsecured loan under paragraph (1) (b).
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Laws of Malaysia ACT 20216 (3) no loan or advance secured more than, at the aggregate and outstanding at any one time, ten thousand dollars may be given to any person, firm or corporation as referred to in paragraph 1 (b) unless the following conditions are met, namely — (a) that the borrower meets the required standard of creditworthiness for other borrowers;
(b) that the conditions of the loan or advance is not less favorably to the Bank than those offered to other people;
(c) that the granting of advances or loans will be the best availed to the Bank; and

(d) that the loan or advance has been approved with a vote of not less than two-thirds of the number of Directors of the Bank at a meeting of the Board duly and approval that has been recorded in the minutes of the meeting.
(4) in paragraph 1 (b), "Director" includes spouse, father, mother, son, or daughter of someone the Director.
(5) in this section, "unsecured advances" and "unsecured" loans respectively means advances and loans granted without collateral or, in the case of advances and loans granted with collateral, any part thereof which at any time exceeds the value of the collateral assets.
(6) If, in interpreting subsection (5), arise a dispute as to the value of any asset collateral, the value shall be calculated as the market value determined on the basis of a valuation approved by the Minister with the consent of the Minister of finance.
PART IV MONITORING and CONTROL Instructions by the Minister 16. The Minister may, from time to time, issue directives to the Board or any management body of the subsidiary Bank in connection with the Organization of the Affairs of the Bank or subsidiary Bank Kerjasama Rakyat Malaysia Berhad (special provisions) the 17, including any direction he considers necessary or expedient for the protection of the interests of members or depositors of the Bank or the subsidiary, and instructions so given him any information about the Affairs of the Bank or the subsidiary as it says; and the Board or the management body, as the case may be, shall comply with such directions.
Examination of books, etc., and the authority to investigate the Affairs of the Bank 17. (1) the Minister may authorize any person in writing to inspect at any time the books, accounts, papers, collateral, and cash in the Bank or any of its subsidiaries; and every officer of the Bank or subsidiary, including every officer who first, shall provide any information and produce any books, accounts, papers and collateral relating to the transaction and the Bank or the subsidiary as required by the authorised officer.
(2) any officer, including any officer or officers of the Bank which do not comply with any requirements of the person who is authorized under subsection (1) commits an offence and, on conviction, be liable to a fine not exceeding five hundred dollars for every day the default continues.
(3) without prejudice to subsection (1), the Minister may authorize any person in writing to conduct an investigation, under State secrets, about the books, accounts and transactions of the Bank or any of its subsidiaries, if he has reason to believe that the Bank or subsidiary that conducts himself in a manner prejudicial to the interests of members or pendepositnya, or does not have sufficient assets to cover its liability to the public , or in violation of this Act.
(4) for the purposes of an investigation under subsection (3), the Bank and subsidiary shall allow the person who authorized access to the books, accounts, and documents, and shall provide such information and provide any facilities required to carry out the investigation.
Laws of Malaysia ACT 20218 (5) if the Bank or subsidiary that does not comply with subsection (4), he commits an offence and, on conviction, be liable to a fine not exceeding one thousand dollars for each day of default continued.
Information to Minister 18. (1) the Bank shall, once in every three months, submit to the Minister or an officer designated by the Minister and to the Minister of finance or an officer designated by the Minister of finance a report on the Bank's assets and liabilities and a statement showing details of all loans and advances granted to — (a) any of its directors, as defined in subsection 15 (4);
(b) any firm or Corporation in which any Director of the Bank, as defined in subsection 15 (4), has an interest as a partner, Director, Manager, or agent;
(c) any subsidiary of the Bank;
(d) any individual, firm, or corporation that the guarantor is a Director of the Bank, as defined in subsection 15 (4);
(e) any officer or employees that exceeds six months remuneration officer or employee; and (f) any corporation, other than a corporation to which paragraph (d), apply, in which any Director, officer, or employee of the Bank has an interest as a Director, Manager, agent, or guarantor.
(2) If, upon inspection reports and statements submitted by the Bank under subsection (1), turned out at the Minister or an officer designated by the Minister that any advances or loans granted to the detriment of the interests of members or depositors of the Bank, the Minister or, at the direction of the Minister, the officer determined that may, with the agreement of the Minister of finance, by order in writing prohibit the Bank from giving any further advance or loan Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 19 or impose any restrictions on the granting of further as it deems fit by the Minister or the officer determined that, with the agreement of the Minister of finance, and can further, with the agreement of the Minister of finance, directed the Bank to seek repayment of any advance or loan during such period and to the extent specified in the order.
Activities for Bank 19. (1) the Board shall, as soon as may be after the commencement of this Act, submit to the Minister and the Minister of finance a written report on the activities carried out by the Bank immediately before the coming into operation of this Act.
(2) the Minister may, with the agreement of the Minister of finance, to pass, either unconditionally or subject to such conditions as he thinks fit to impose, all or any of such activities undertaken by the Bank or may, with the agreement of the Minister of finance, direct that all or any of the activities stopped.
(3) Notwithstanding anything contained in any other written law to the contrary, the activities approved by the Minister under subsection (2) shall be deemed to have been carried out lawfully by the Bank.
Subsidiary Bank 20. (1) the Board may establish subsidiaries under the companies Act 1965, but before doing so the Board shall submit its proposal for that purpose to the Minister and the Minister of finance, and no subsidiary can be established unless the proposal has been approved by the Minister with the consent of the Minister of finance.
(2) Notwithstanding anything contained in any other written law to the contrary, a subsidiary established by the Bank prior to the commencement of this Act shall be deemed to have been established with valid.
Laws of Malaysia ACT 20220 (3) the Minister may, with the agreement of the Minister of finance, direct Bank so that wind up any of its subsidiaries was established before the commencement of this Act and the Director shall comply with such directions.
(4) Notwithstanding anything contained in any other written law to the contrary, valid for the Board to authorize in writing any officer or employee of the Bank holds any executive positions in any subsidiary of the Bank.
Part V The STATUTORY RESERVE FUND, Accounts, And AUDIT The Statutory Reserve Fund Maintenance 21. (1) the Bank shall maintain a Statutory Reserve Fund.
(2) at the end of each financial year, the Bank's net profit for the year should be determined after deducting operating expenses and after allowance is made for bad and doubtful debts, depreciation of assets, and contributions to the employees Provident Fund and pension.
(3) net profit for the financial year, as determined in accordance with subsection (2), shall be managed according to the following ways: (a) if at the end of the financial year the Statutory Reserve Fund of less than fifty per cent of the paid-up capital of the Bank, at least fifty per cent of the net profit shall be credited to the Statutory Reserve Fund;
(b) if at the end of the financial year the Statutory Reserve Fund fifty per cent or more, but less than one hundred per cent of the paid-up capital of the Bank, at least twenty-five per cent of the net profit shall be credited to the Statutory Reserve Fund.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 21 Declaration of dividend 22. (1) subject to paragraphs 15 (1) (a) and subsection (2) of this section, the Board may from time to time, if in its opinion the money enough, declare and pay dividends on share of the net profit, including any profit earned in the previous year.
(2) unless approved by the Minister with the consent of the Minister of finance, the Board cannot declare and pay dividends on share more than ten per cent of the value of the shares.
Audit 23. (1) Bank accounts shall be audited by the Auditor General or any other auditor appointed by the Board with the approval of the Minister given with the agreement of the Minister of finance.

(2) the duty of the Auditor or auditors of the other, is to conduct the audit of the accounts of the Bank and make a report on its annual balance sheet and trading account profit and ruginya, including its balance sheet and the consolidated profit of the consolidated account ruginya.
Delivery of account, balance sheet, and reports to the Minister and Minister of finance 24. (1) the Bank shall, within six months from the date of its financial year closed or in any extended period allowed by the Minister with the consent of the Minister of finance, submit to the Minister a copy of — (a) trading profit and loss account and the Bank for that financial year;
(b) balance sheet of the Bank as at the date of the financial year is closed;
Laws of Malaysia ACT 20222 (c) a report signed by or on behalf of the Board in respect of the State of affairs of the Bank and its subsidiaries and which States with details of the relevant matter referred to in subsection 35A (4) * Ordinance; and (d) the auditor's report referred to in subsection 23 (2).
(2) the Second Schedule shall apply in relation to subparagraph 1 (a) and (b).
(3) account, balance sheet, and the report referred to in subsection (1) shall be published in any local newspapers by the Bank.
PART VI GENERAL general meeting the Bank 25. The Board may at any time, if it thinks expedient and shall, when directed by the Minister, convene a general meeting of the Bank to perform any of the following matters, namely — (a) to consider the account, balance sheet and report referred to in subsection 24 (1);
(b) consider any other matter brought by the Board; and (c) consider any other matter specified by the Minister.
Public servants and public officers 26. Every Director, officer, and employees of the Bank and every Director, officer and employee of every subsidiary of the Bank shall be deemed to be public servants within the meaning of the Penal Code [Act 574] and shall be deemed to be public officers for the purposes of any other written law.
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 23 preservation of confidentiality of 27. Except for the purpose of discharging its duties or carry out its functions properly, or for the purposes of any legal proceedings in which the Bank is a party, or unless he is lawfully required by any court or under any law, none of the directors, General Manager, officer, or employee of the Bank may disclose to any person any information relating to the Affairs of the Bank or Affairs of any Bank customers who have diperolehnya in discharging its duties or in the exercise of its functions.
Regulations 28. The Board may, with the approval of the Minister, make regulations that are consistent with this Act or * ordinances, to carry out the objects and purposes of this act better.
Ketidakbolehan of claim 29. None became a Director, a member of any Committee, officer or employee of the Bank prior to the commencement of this Act shall be entitled to make any claim against the Bank or any other person with respect to any matter arising from or as a result of this Act, or arising or resulting from anything done under this Act.
Continuation of personal liability 30. There is nothing in this Act shall be construed as a release of any person who became a Director, a member of any Committee, officer, or employee of the Bank prior to the commencement of this Act from personal liability against anything as a consequence of his involvement before the commencement of this Act in the Affairs of the Bank, against whom he will be liable on their own.
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Laws of Malaysia ACT 20224 Power to end the effective travel Act 31. (1) if at any time it appears on the Minister that is no longer necessary for this Act remain in force, the Minister may, with the agreement of the Minister of finance, direct the Board so that the calling of a general meeting of the Bank for the purpose of forming a Board of Directors under the by-laws of the Bank.
(2) as soon as may be after a Board formed under the by-laws of the Bank pursuant to subsection (1), the Minister may, by order published in the Gazette declare that this Act, cease to have effect, and such order may contain such consequential or transitional provisions as may be deemed necessary or expedient by the Minister.
(3) subject to subsection (4), at the date of the order under subsection (2) come into force, the Board shall be released from the management and administration of the Bank, management and administration shall be vested in the Board of Directors set up under the by-laws of the Bank pursuant to subsection (1).
(4) Notwithstanding subsection (3), until the Board of Directors set up under the by-laws of the Bank meets or the holding of the first meeting, the Board established under subsection 4 (1) may continue to manage and administer the Affairs of the Bank on behalf of the Board of Directors.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 25 FIRST SCHEDULE [section 5] ADDITIONAL PROVISIONS RELATING to the BOARD, the BANK, and the BANK'S PRINCIPAL OFFICER Manning the Board 1. (1) the Board shall consist of a Chairman and not less than six and not more than nine other members.
(2) the Minister shall, by notification in the Gazette, appoint the Chairman and other members of the Board.
Term of Office and matters incidental to Director 2. (1) the appointment of the Chairman and other directors shall be for a term not exceeding two years, but any person so appointed shall be eligible for re-election.
(2) the Minister may at any time revoke any appointment made under subparagraph (1) without giving any reason for the revocation.
(3) the Chairman and other directors shall be paid by the Bank any remuneration and allowances prescribed by the Minister with the consent of the Minister of finance.
(4) within the Chairman or any other Director is absent or unable for any reason, the Minister may appoint another person to be the Chairman or Director while, as the case may be.
(5) without prejudice to subparagraph (2), the Minister shall revoke the appointment of the Chairman or any other Director if he — (a) has been guilty of an act of serious misconduct in relation to his Office;
(b) has not attended, except with the consent, three consecutive meetings of the Board; or (c) do not meet their obligations under this Act, * Ordinance, rules made thereunder, or the by-laws of the Bank.
(6) a person lost his entitlement of appointed or continue to be a Chairman or Director if he — (a) not of unsound mind or is unable to carry out his duties;
* NOTE — the company Ordinance 1948 Collaboration has been revised to become co-operative Societies Act 1948 [Act 287] and subsequently repealed by co-operative Societies Act 1993 [Act 502] – see paragraph 95 (1) (a) of the 502.
Laws of Malaysia ACT 20226 (b) has committed an act of bankruptcy as provided for in the Bankruptcy Act 1967 [Act 360]; or (c) has been convicted in Malaysia of an offence and was sentenced to imprisonment for a term not less than twelve months, or an offence involving fraud, dishonesty, or moral turpitude.
Managing Director and General Manager 3. (1) the Board may, with the agreement of the Minister appoint one of the directors became the Managing Director and other person or persons, who are not directors, became the General Manager, on terms and conditions determined by the Board with the approval of the Minister given with the agreement of the Minister of finance.
(2) the powers, duties, and responsibilities of the Managing Director and the General Manager shall, subject to this Act, as determined by the Board.
(3) Managing Director and every General Manager is a full time employee of the Bank and shall devote all their attention fully to the service of the Bank and shall be responsible to the Board on actions and their results.
The Secretary Of The Bank 4. (1) the Board shall appoint a Secretary to the Bank on terms and conditions approved by the Board.
(2) the Secretary shall also serve as Secretary to the Board.
Board Meeting 5. (1) in any meeting of the Board, the Chairman or, in the absence of the Chairman, a Director elected by the directors present at the meeting shall preside at the meeting.
(2) the Board shall meet as often as necessary but the frequency can't be less than once a month.
(3) the Secretary shall convene a meeting of the Board if directed to do so by the Chairman or if he receives a request in writing to do so from at least three Directors.
(4) except as provided in subparagraph (5), the Secretary shall cause notice of each Board meeting is delivered to all Directors that are in Malaysia at least three clear days before the date of the meeting.

(5) If a meeting of the Board had called immediately, notwithstanding subparagraph (4), sufficient if notice is given at the earliest time that can be either in writing or orally, including by telephone or telegram.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 27 (6) Four members of the Board present in a meeting, including the person who chaired the meeting, shall constitute a quorum.
(7) if within half an hour from the time appointed for the holding of a meeting of the Board, there is no quorum, the meeting shall be postponed to the next day at the time and in the same place, and if within fifteen minutes from the time appointed for holding the meeting of grace that no quorum, the directors present shall be a quorum.
(8) unless otherwise provided for in this Act, all decisions at a meeting of the Board shall be adopted through a vote more voice of directors present and voting, but if on any question and the same number of votes, the person chairing the meeting shall have the right to give a casting vote.
Financial year 6. The Bank's financial year shall commence on January 1 and ends on December 31.
Disclosure of interest 7. (1) a Director who has, directly or indirectly, any interest in any matter or business which is or will be discussed or conducted in any meeting of the Board, namely a conflicting interest or likely to be in conflict with the duties and functions as the Director, shall, in the meeting, disclose the types of interest before the matter is discussed or business or run or when only he knew its importance on matters or business that.
(2) a disclosure under subparagraph (1) shall be recorded in the minutes of the meeting.
(3) after the disclosure, the Director cannot be present at the next meeting, or qualify for purposes of a quorum, as long as the item or business in question discussed or carried out, and also he shall not participate in discussions or transactions subject or managing it.
(4) any person who contravenes or fails to comply with subparagraph (1) or (3) commits an offence and, on conviction, be liable to a fine not exceeding five thousand ringgit or to imprisonment for a term not exceeding two years or to both.
(5) no act, managing or decision of the Board may be void by reason of a violation of subparagraph (1) or (3) by a Director.
Laws of Malaysia ACT 20228 SECOND SCHEDULE [Subsection 24 (2)] the CONSOLIDATED PROFIT and LOSS ACCOUNT and balance sheet 1. Shall be attached to the trading account and profit and loss of the Bank — (a) a consolidated profit and loss account for the Bank and its subsidiaries, by leaving all transactions between the Bank and its subsidiaries and among its subsidiaries own; and (b) a separate profit and loss account for each subsidiary Bank.
2. Shall be attached to the balance sheet of the Bank — (a) a consolidated balance sheet of the Bank and its subsidiaries, by leaving all the balance between the Bank and its subsidiaries and among its subsidiaries own; and (b) a balance sheet as a separate for each subsidiary Bank.
3. Must be stated clearly, by post or otherwise, in the profit and loss account and balance sheet of a subsidiary the subsidiary name.
4. trading and profit and loss Account and balance sheet of the Bank, the consolidated profit and loss account and the consolidated balance sheet, and profit and loss account and balance sheet for each subsidiary Bank must be accompanied by the auditor's report thereon.
5. If the Auditors ' reports on the profit and loss account or balance sheet of a subsidiary Bank is conditional in any way, the separate balance sheet of the subsidiary or the consolidated balance sheet, as the case may be, shall contain details of the manner in which the report is required.
6. Must be produced under a separate heading in the balance sheet of every subsidiary Bank the amount owing by the subsidiary to the Bank and to any other subsidiaries of the Bank, the amount which the Bank or any of its other subsidiaries to subsidiaries and extent of shareholding in the Bank and subsidiaries in any other subsidiaries of the Bank.
Bank Kerjasama Rakyat Malaysia Berhad (special provisions) 29 laws of MALAYSIA Act 202 ACT BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) 1978 LIST AMENDMENT law short title force amend the from-no-laws of Malaysia ACT 20230 laws of MALAYSIA Act 202 ACT BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) 1978 LIST SECTION AMENDED Section Power amend with effect from-no-