(1) No person shall accept appointment or election as a director of the Bank unless he has, prior to such acceptance, obtained the written consent of the Minister to accept the appointment or election.

(2) Where the Minister refuses to give his consent under subsection (1), he shall notify the applicant in writing of his refusal.

(3) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/31.Disqualifications of director or officer of the Bank

31. Disqualifications of director or officer of the Bank

(1) No person shall be appointed or elected, or accept appointment or election, as a director, manager, secretary, or other officer concerned in the management, of the Bank--

(2) Where a person is subject to the disqualification under paragraph (1)(e), he may--

(a) be appointed or elected, or accept appointment or election; or 

(b) notwithstanding anything in subsection (4), continue in his office, as a director, manager, secretary, or other officer concerned in the management, of the Bank if the Minister is satisfied that the criteria set out in section 29 are fulfilled with respect to him.

(3) Where a person who is a director, manager, secretary, or an officer concerned in the management, of the Bank, becomes subject to any of the disqualifications mentioned in subsection (1), he shall immediately thereupon cease to hold office and act as such, and the Bank shall immediately thereupon terminate his appointment in such capacity.

(4) During the pendency of any criminal proceedings in any court for any offence as is referred to in paragraph (1)(b) or (1)(c) against any person who is a director, manager, secretary, or other officer concerned in the management of the Bank, such person shall not act in such capacity, or hold any other office, or act in any other capacity, in the Bank, or in any manner, whether directly or indirectly, be concerned with, or take part or engage, in any activity, affairs or business of or in relation to the Bank, except as may be authorized by the Minister, subject to such conditions as the Minister may impose.

(5) For the purpose of subsection (4), criminal proceedings referred to therein shall be deemed to be pending from the date that the accused person is first charged in court for the offence until the date of the final conclusion of the proceedings, whether in the court of original jurisdiction or, in the event of any appeal by any party, in the court of final appellate jurisdiction.

(6) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.

(7) Any person who fails to comply with subsection (3) or (4) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

32. Appointment of chief executive

(1) Subject to subsection (2), the Bank shall appoint a chief executive of the Bank who shall be--

(a) an individual; and 

(b) resident in Malaysia during the period of his appointment. 

(2) Without prejudice to any appointment made before the appointed date, the Bank shall, before appointing a chief executive pursuant to subsection (1), seek and obtain the Minister's written approval for the proposed appointment.

(3) Where the Bank fails to comply with subsection (1) or (2), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit.

(4) Where the Bank is guilty of an offence--

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/33.Restrictions on payments of dividends

Part VIII RESTRICTIONS ON BUSINESS OF THE BANK

33. Restrictions on payments of dividends

(1) The Bank shall not pay any dividend on its shares until all its capitalized expenditure (including preliminary expenses, organization expenses, shares selling commission, brokerage, amount of losses incurred, and any other item of expenditure not  represented by tangible assets) has been completely written off.

(2) Before the Bank declares any dividend, it shall apply in writing for the approval of the Minister in respect of the amount proposed to be declared, and the Minister may approve such amount, or a reduced amount, or prohibit payment of any dividend, having regard to the financial condition of the Bank.

(3) Where the Bank fails to comply with subsection (1) or (2), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit.

(4) Where the Bank is guilty of an offence under subsection (3), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding one year or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/34.Advance against security of own shares or shares of holding company

34. Advance against security of own shares or shares of holding company

(1) The Bank shall not give any credit facility, or enter into any other transaction, against the security of its own shares or the shares of its holding company.

(2) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit.

(3) Where the Bank is guilty of an offence under subsection (2), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/35.Grant of secured and unsecured credit facilities

35. Grant of secured and unsecured credit facilities

(1) Subject to the prior written approval of the Minister, the Bank shall not give to any person any unsecured credit facility which, together with any other credit facility earlier given to him, exceeds an aggregate amount as may be determined by the Minister.

(2) Subsection (1) shall not apply to any credit facility given--

(3) A security in respect of a credit facility given to any person by the Bank shall consist of property of a value which is not less than the amount of the credit facility given to such person.

(4) Where a security provided in respect of a credit facility given by the Bank is, during the currency of the credit facility, by agreement between the Bank and the person providing the security, substituted by a different security, the Bank shall ensure that the new security shall be of a value which is not less than the amount of the credit facility which is outstanding at the time of that substitution.

(5) Where at any time during the currency of a credit facility, any security provided under subsection (3) or substituted under subsection (4) in respect of such credit facility decreases in value to a value which is less than the amount of the credit facility then outstanding, the Bank shall require the person to whom such credit facility is given to provide additional security so as to increase the value of the security to an amount which is not less than the amount of the credit facility then outstanding within a period not exceeding fourteen days, and if such additional security is not provided within such period, the person liable for the credit facility shall immediately thereupon be deemed to be in breach of the terms of the contract relating to the credit facility, and the Bank shall be entitled to enforce its rights under the contract in respect of a breach thereof.

(6) Nothing contained in this section shall affect the right of the parties to the contract relating to the credit facility from including in such contract at the time at which it is entered into, or at any time thereafter, any provision relating to the security to be provided for the credit facility which is intended to ensure the sufficiency of the security throughout the currency of the credit facility.

(7) For the purposes of this section, the value of any property which is provided as security shall be--

(8) For the purposes of this section, the Minister may prescribe--

(9) Where the Bank fails to comply with subsection (1), (4), (5) or (8), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit.

(10) Where the Bank is guilty of an offence under subsection (9), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/36.Restriction of credit facility to single customer

36. Restriction of credit facility to single customer

(1) The Bank shall not give to any single person any credit facility, or incur any liability on behalf of any single person, which, together with any credit facility given earlier to such single person, and any liability incurred earlier on his behalf, by the Bank, is in excess of such percentage as may be prescribed for the Bank by the Minister in relation to the Bank's capital funds, unimpaired by losses or otherwise.

(2) The provisions of subsection (1) shall not apply--

(3) For the purposes of this section, in computing the amount of any credit facility given to a single person, or any liability incurred on behalf of a single person, any credit facility given to, or any liability incurred on behalf of, the following persons, shall be deemed to be a credit facility given to, or a liability incurred on behalf of, such single person:

Provided that the Minister may specify that all or any of the persons, or any particular person, or any class, category or description of persons, mentioned in paragraphs (a) to (d) shall be excluded in the application of this subsection in relation to any particular single person, or any class, category or description of single persons, to whom a credit facility is to be given, and at the same time specify the criteria or the basis on which such person or persons are to be so excluded.

(4) For the purposes of paragraph (3)(a), "family corporation" has the meaning assigned to it in subsection 23(4).

(5) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit.

(6) Where the Bank is guilty of an offence under subsection (5), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/37.Prohibition of credit facilities to director and officer

37. Prohibition of credit facilities to director and officer

(1) Unless exempted by the Minister in writing with or without conditions, or except as provided for under subsection (2) or (3), the Bank shall not give any credit facility to--

(2) The Bank may give to any of its officers, or its executive director--

(3) The provisions of--

(4) For the purposes of this section--

(5) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit.

(6) Where the Bank is guilty of an offence under subsection (5), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/38.Restriction on giving of credit facilities

38. Restriction on giving of credit facilities

(1) The Bank shall not give any credit facility under any exemption by the Minister referred to in subsection 37(1) or give any credit facility under subsection 37(3) unless the following conditions are satisfied:

(2) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit.

(3) Where the Bank is guilty of an offence under subsection (2), any person who at the time of the commission of the offence was a person responsible for the Bank shall be guilty of that offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/39.Disclosure of interest by director

39. Disclosure of interest by director

(1) Every director of the Bank who has in any manner, whether directly or indirectly, any interest in a proposed credit facility to be given to any person by the Bank shall as soon as practicable declare in writing the nature of his interest, to a duly constituted meeting of directors, and the secretary of the Bank, or other officer appointed by the Bank for the purpose, shall cause a copy of such declaration to be circulated immediately to every director of the Bank regardless whether he was present or not at such meeting.

(2) For the purposes of subsection (1), a general notice in writing served on each of the directors of the Bank referred to in that subsection by a director to the effect that he is a director, officer or member of the body corporate or unincorporate, or a director or officer of the sole proprietorship, to which the credit facility is proposed to be given shall be deemed to be sufficient declaration of interest in relation to such proposed credit facility if the provisions of subsection (3) are also complied with.

(3) A notice under subsection (2) shall--

(4) Every director of the Bank who holds any office, or possesses any property, whereby, directly or indirectly, duties or interests might be created in conflict with his duties or interests as a director of the Bank, shall declare at a meeting of the directors of the Bank the fact of his holding such office or possessing such property and the nature, character and extent of the conflict.

(5) The declaration referred to in subsection (4) shall be made at the first meeting of the directors held--

(6) The secretary of the Bank or the other officer referred to in subsection (1) shall record any declaration made under this section in the minutes of the meeting at which it was made or at which it was brought up and read.

(7) Any director who fails to comply with subsection (1) or (4) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

(8) Any director who fails to comply with subsection (3) or (5), shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.

(9) Any person who fails to comply with subsection (6) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding one year or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/40.Control of credit limit

40. Control of credit limit

(1) A director or officer of the Bank shall not give any credit facility in excess of the limit, or outside the scope of any terms and conditions, imposed on him by the Bank, or in contravention of any directions given to him, or any agreement made with him, by the Bank.

(2) The Minister may by written notice direct the Bank to--

(3) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.

(4) Where the Bank fails to comply with subsection (2), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

(5) Where the Bank is guilty of an offence under subsection (4), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/41.Restrictions on investments

41. Restrictions on investments

(1) Except as otherwise permitted by section 16, the Bank shall not acquire or hold--

(2) Subsection (1) shall not apply in respect of--

(3) Any immovable property or share, or any right or interest therein, acquired pursuant to subparagraph (2)(a)(ii) or paragraph (2)(c) by the Bank shall be disposed of as soon as practicable but not later than twelve months, or such longer period as the Minister may allow in any particular case, commencing on the date on which it was acquired.

(4) Any acquisition, holding or disposal of shares or interest in shares for the purposes or in the circumstances referred to in paragraph (2)(a), (2)(b) or (2)(c) or in subsection (3) shall not be regarded as "dealing in securities" for the purposes of the Securities Industry Act 1983.

(5) Where the Bank fails to comply with subsection (1) or (3), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit and, in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/42.Limitations, terms and conditions in respect of giving of credit facility

42. Limitations, terms and conditions in respect of giving of credit facility

(1) The Minister may specify limitations, terms and conditions in respect of the giving of any class, category or description of credit facilities to be given by the Bank, including the giving of any credit facilities to any person--

(2) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit.

(3) Where the Bank is guilty of an offence under subsection (2), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/43.Proof of compliance

43. Proof of compliance

(1) The Bank shall, at any time if called upon in writing by the Minister to do so, produce to the Minister all such evidence and provide all such information as the Bank may have relating to its compliance with any of the provisions of this Part, as the Minister may generally, or in relation to any particular case, require.

(2) Subsection (1) shall be without prejudice to, and shall not in any manner derogate from, any other power conferred on the Minister or an investigating officer under this Act.

(3) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

(4) Where the Bank is guilty of an offence under subsection (3), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/44.The Bank under Minister's supervision

Part IX POWERS OF SUPERVISION AND CONTROL OVER THE BANK

44. The Bank under Minister's supervision

The Bank shall be under the general supervision of the Minister and, subject to the provisions of this Act, the Minister may, from time to time, give directions of a general character not inconsistent with the provisions of this Act as to the performance of the functions or duties and the exercise of the powers of the Bank.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/45.Examination of the Bank

45. Examination of the Bank

The Minister may, from time to time, examine, without any prior notice, the books or other documents, accounts, and transactions of the Bank and its offices within and outside Malaysia.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/46.Power of Minister to direct examination to be made

46. Power of Minister to direct examination to be made

The Minister may at any time direct any person to make an examination of the books or other documents, accounts and transactions of the Bank and its offices within and outside Malaysia if he suspects that the Bank is carrying on its business in a manner which is, or which is likely to be, detrimental to the interests of its depositors or creditors, or has insufficient assets to cover its liabilities to the public, or is contravening any provision of this Act or any other written law.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/47.Production of Bank's books, etc.

47. Production of Bank's books, etc.

(1) For the purpose of an examination under section 45 or 46, the Bank and its directors and officers shall afford any person carrying out the examination access to all its books or other documents and accounts, including documents of title to its assets, all securities held by it in respect of its customers' transactions, all its cash, and all such documents, information and facilities as may be required by that person for the purpose of the examination, and shall produce to that person all such books or other documents, accounts, titles, securities or cash, and give all such information, as he may require:

Provided that, so far as it is consistent with the conduct of the examination, such books or documents, accounts, titles, securities and cash shall not be required to be produced at such times or at such places as may interfere with the proper conduct of the normal daily business of the Bank.

(2) Notwithstanding anything in subsection (1), any person authorized by the Minister in writing for this purpose may take possession of any books or other documents, accounts, titles, securities or cash to which he has access under subsection (1) where in his opinion--

(3) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

(4) Where the Bank is guilty of an offence under subsection (3), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/48.Bank unable to meet obligations to inform the Minister

48. Bank unable to meet obligations to inform the Minister

(1) In the event the Bank is insolvent, or is likely to become unable to meet all or any of its obligations, or that it is about to suspend payment to any extent, the Bank shall immediately inform the Minister of that fact.

(2) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

(3) Where the Bank is guilty of an offence under subsection (2), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/49.Action by the Minister in respect of the Bank in certain circumstances

49. Action by the Minister in respect of the Bank in certain circumstances

(1) Where--

(2) Where any of the circumstances set out in paragraphs (1)(a) and (1)(b) exist in respect of the Bank, the Minister may, whether or not he had exercised any of his powers under paragraph (1)(aa), (1)(bb), (1)(cc), (1)(dd), or (1)(ee)--

(3) The costs and expenses incurred in relation to the assumption of control under paragraph (2)(a) or the remuneration of the person appointed under that paragraph or paragraph (2)(b), as the case may be, shall be payable out of the funds and properties of the Bank as a first charge thereon.

(4) An order of the Minister under subsection (1) or (2), may, from time to time, be modified, amended, altered, varied or replaced either prospectively, or where it is not impracticable or unjust to do so, retrospectively, by a further order under subsection (1) or (2), as the case may be.

(5) No order under subsection (1) or (2), or by virtue of subsection (4), shall be made unless the Bank, and in the case of an order under paragraph (1)(cc) or subparagraph (1)(dd)(i), also the officer or director who is to be removed from office, has been given a reasonable opportunity of making representations against, or otherwise in respect of, the proposed order:

Provided that if in the opinion of the Minister, in the case of an order to be made by the Minister under subsection (1) or (2), or by virtue of subsection (4), any delay would be detrimental to the interests of the Bank, or its depositors or creditors, or the public generally, the order may be made first and the opportunity to make representations against or otherwise in relation to the order shall, in such case, be given immediately after the order has been made, and the order may, in consequence of such representations either be confirmed, or be modified, amended, altered, varied or replaced under subsection (4), or be revoked under subsection (6), subject to such conditions, if any, as the Minister thinks fit to impose.

(6) An order of the Minister made under subsection (1), or by virtue of subsection (4), may at any time be revoked by an order similarly made by the Minister and any such order may contain all such orders, directions or provisions of an incidental, ancillary, or consequential nature, as may be deemed necessary or expedient by the Minister.

(7) Where the Bank fails to comply with--

(8) Where the Bank is guilty of an offence under paragraph (1)(aa) or (1)(bb), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding ten years or to both and, in the case of a continuing offence, to a further fine not exceeding ten thousand ringgit for each day during which the offence continues after conviction.

(9) Any person who contravenes subsection (5) or (6) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding ten years or to both and, in the case of a continuing offence, to a further fine not exceeding ten thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/50.Provisions in relation to an appointment under section 49

50. Provisions in relation to an appointment under section 49

(1) A person appointed by the Minister under subparagraph 49(1)(dd)(ii), paragraph 49(1)(ee), or paragraph 49(2)(a) or paragraph 49(2)(b) shall be appointed for such period as may be determined by the Minister, not exceeding, in any case, two years, but may be reappointed for three further consecutive periods not exceeding one year each, and shall, during such period of appointment or reappointment, hold his appointment at the pleasure of the Minister.

(2) The terms and conditions of an appointment referred to in subsection (1), shall, subject to the order under which the appointment is made, and to subsection (1), be determined by the Minister and shall be binding on the Bank.

(3) The appointment of a director or directors under subparagraph 49(1)(dd)(ii) shall not affect any provision of the constituent documents enabling the Bank to have further directors where the maximum number of directors allowed under the constituent documents has not already been reached or exceeded by the appointment or appointments under subparagraph 49(1)(dd) (ii).

(4) A person holding any appointment as referred to in subsection (1) shall not incur any obligation or liability solely by reason of his holding such appointment.

(5) Where a receiver or manager has been appointed in respect of the Bank by the High Court under paragraph 49(2)(c), all proper costs, charges and expenses, including the remuneration, of such receiver or manager shall be payable out of the assets of the Bank in priority to all other claims.

(6) Where the Bank fails to comply with subparagraph 49(1)(dd)(ii) or paragraph 49(1)(ee), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit and, in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/51.Provisions in relation to removal from office under paragraph 49(1)(cc) or subparagraph 49(1)(dd)(i)

51. Provisions in relation to removal from office under paragraph 49(1)(cc) or subparagraph 49(1)(dd)(i)

(1) Any officer or director removed from office in the Bank under paragraph 49(1)(cc) or subparagraph 49(1)(dd)(i) shall cease to hold the office from which he is removed with effect from the date set out in the order, and shall not thereafter hold any other office in the Bank or, in any manner, whether directly or indirectly, be concerned with, or take part, or engage in, any activity, affairs or business of or in relation to the Bank.

(2) The removal of an officer or director under paragraph 49(1)(cc) or subparagraph 49(1)(dd)(i) shall be lawful and valid notwithstanding anything contained in any contract of service or other contract or agreement, whether express or implied, whether individual or collective, and whether or not made or provided for under any written law, and a person so removed from office shall not be entitled to claim any compensation for the loss or termination of office.

(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/52.Provisions relating to assumption of control under paragraph 49(2)(a)

52. Provisions relating to assumption of control under paragraph 49(2)(a)

(1) Where control of the Bank has been assumed by the Minister or by a person appointed by the Minister (hereinafter in this Part referred to as the "appointed person") under paragraph 49(2)(a), the Bank and its directors and officers shall submit its property, business and affairs to such control, and shall provide the Minister or the appointed person or the person appointed under paragraph 49(2)(b) all such facilities as may be required to carry on the business and affairs of the Bank.

(2) Where control of the Bank has been assumed by the Minister or by the appointed person by order made under paragraph 49(2)(a)--

(3) Throughout the period of control of the Bank under paragraph 49(2)(a), there shall be vested in the Minister, or in the appointed person, as the case may be, all the powers of the Bank, and of its directors, under the constituent documents of the Bank, or exercisable by the Bank or its directors under any written law, or otherwise, regardless whether such powers are exercisable by the resolution, special resolution, or in any other manner, and any difficulty arising in relation thereto may be resolved by the Minister by a direction in writing.

(4) During the period of control by the Minister or the appointed person, as the case may be, under paragraph 49(2)(a), no director of the Bank shall, either directly or indirectly, engage in any activity in relation to the Bank, except as may be required or authorized by the Minister, or the appointed person, as the case may be, and no remuneration of whatever nature shall accrue or be payable to any director of the Bank, except such as may be approved in writing by the Minister, or the appointed person, as the case may be, in relation to any activity required as aforesaid by the Minister, or the appointed person, as the case may be.

(5) For the avoidance of doubt, it is hereby declared that the assumption of control under paragraph 49(2)(a) shall not have the effect of conferring on, or vesting in, the Minister, or the appointed person, as the case may be, any title to, or any beneficial interest in, any property of the Bank to which the order relates.

(6) Any person who contravenes subsection (1) or (4) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both and, in the case of a continuing offence, to a further fine not exceeding five thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/53.Power to reduce share capital and to cancel shares of the Bank when subject to an order under paragraph 49(2)(a)

53. Power to reduce share capital and to cancel shares of the Bank when subject to an order under paragraph 49(2)(a)

(1) Notwithstanding anything in any written law or the constituent documents of the Bank, where the Minister, or an appointed person, has, under paragraph 49(2)(a), assumed control of the Bank and the paid-up capital of the Bank is lost or unrepresented by available assets, the Minister or the appointed person, as the case may be, may apply to the High Court for an order to reduce the share capital of the Bank by cancelling any portion of its paid-up capital which is lost or unrepresented by available assets.

(2) Where the High Court makes an order under subsection (1) to reduce the share capital of the Bank, the Court may--

(3) Where the share capital of the Bank is reduced pursuant to subsection (1), or any of its shares is cancelled pursuant to subsection (2), the Minister, or the appointed person, as the case may be, may cause the constituent documents to be altered accordingly.

(4) The powers conferred on the Minister and the appointed person under subsections (1), (2) and (3) shall be in addition to any powers exercisable under subsection 64(1) of the Companies Act 1965, and where an application is made to the High Court under subsection (1)--

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/54.Loans to the Bank and acquisition of its shares

54. Loans to the Bank and acquisition of its shares

(1) Where the Minister considers that the Bank--

(2) The Minister, or the licensed institution to which the Minister granted loans to under paragraph (1)(cc), shall dispose of any shares purchased by it in pursuance of subsection (1) at such time when the Minister is satisfied that the reasons for which the shares were purchased have ceased to exist.

55. Extension of jurisdiction under this Part to related companies of the Bank

Any reference in this Part to the Bank shall be read as including a reference to--

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/56.Moratorium

56. Moratorium

(1) The Minister may, if he considers it to be in the interest of the depositors of the Bank, by order published in the Gazette--

(2) An order under subsection (1) may, from time to time, be modified, amended, altered, varied or replaced either prospectively, or where it is not impracticable or unjust to do so, retrospectively, by a further order under subsection (1).

(3) An order under subsection (1) shall not be made unless the Bank has been given a reasonable opportunity of making representations against, or in relation to, the proposed order, provided that where any delay would be detrimental to the interests of the depositors, the order may be made first, and the opportunity to make representations shall be given immediately after the order has been made, and in consequence of such representations, the order may, either be confirmed, or be modified, amended, varied, altered or replaced under subsection (2), or be revoked under subsection (4), by the Minister.

(4) An order made under subsection (1), or by virtue of subsection (2), may at any time be revoked by the Minister by an order, and any such order may contain all such orders, directions or provisions of an incidental, ancillary or consequential nature as may be deemed necessary by the Minister.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/57.Priority of payments in the event of insolvency of the Bank

57. Priority of payments in the event of insolvency of the Bank

(1) Where the Bank becomes unable to meet all or any of its obligations, or suspends payment to any extent, the properties of the Bank in Malaysia shall be available to meet all liabilities of the Bank in respect of deposits in Malaysia in priority over all other liabilities of the Bank in Malaysia.

(2) In determining the total liabilities of the Bank to a person under subsection (1), no account shall be taken in respect of a deposit if it was made with the Bank, or received by the Bank, in contravention of this Act after the appointed date, or if it was otherwise unlawfully made or received whether before or after the appointed date.

(3) In determining the total liabilities of the Bank to a person under subsection (1), there shall be deducted any right of set-off which existed immediately before the provisions of subsection (1) became applicable to it.

(4) The provisions of this section shall have effect notwithstanding anything inconsistent therewith or contrary thereto in any written law other than this Act, or in any rule of law.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/58.Appointment and functions of investigating officers

Part X INVESTIGATION, SEARCH AND SEIZURE

58. Appointment and functions of investigating officers

(1) For the purposes of this Part, the Minister may appoint any person to be an investigating officer.

(2) Subject to subsection (3), an investigating officer appointed under subsection (1) shall have all the powers, functions, and duties conferred on an investigating officer under this Act.

(3) An investigating officer shall be subject to the direction and control of the Minister, or of such other officer as may be authorized by the Minister to act on the Minister's behalf, and of any other investigating officer or officers superior to him in rank, and shall exercise his powers, perform his functions, and discharge his duties referred to in subsection (2) in compliance with such directions, instructions, conditions, restrictions or limitations as the Minister, or an officer authorized to act on behalf of the Minister, or an investigating officer superior in rank, may specify orally or in writing, either generally, or in any particular case or circumstance.

(4) The Minister, or any officer authorized by the Minister to act on his behalf, shall have all the powers, functions and duties of an investigating officer.

(5) An investigating officer conducting any examination of any person under this Part shall have the power to administer an oath or affirmation to the person who is examined.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/59.Power to search and seize

59. Power to search and seize

(1) If it appears to a Magistrate upon written information on oath and after such enquiry as he considers necessary that there is a reasonable cause to believe that--

(2) An investigating officer may if it is necessary so to do--

(a) break open any outer or inner door of such premises and enter thereinto; 

(b) forcibly enter such premises and every part thereof; 

(c) remove by force any obstruction to such entry, search, seizure, detention or removal as he is empowered to effect; or 

(d) detain all or any person found on any premises, or in any conveyance, searched under subsection (1) until such premises or conveyance have been searched. 

(3) Notwithstanding subsection (1), if an investigating officer has reasonable cause to believe that by reason of delay in obtaining a search warrant--

(4) A list of all things seized in the course of a search made under this section and of the premises in which they are respectively found shall be prepared by the investigating officer conducting the search and signed by him.

(5) The occupant of the premises entered under subsection (1), or some person on his behalf, shall in every instance be permitted to attend during the search, and a copy of the list prepared and signed under this section shall be delivered to such occupant or person at his request.

(6) An investigating officer shall, unless otherwise ordered by any court--

(a) on the close of investigations or any proceedings arising therefrom; or 

(b) with the prior written consent of any officer of the Bank authorized by the Minister to act on his behalf for this purpose, or of any investigating officer superior to him in rank, at any time before the close of investigations, release any property, book or other document seized, detained or removed by him or any other investigating officer, to such person as he determines to be lawfully entitled to the property, book or other document if he is satisfied that it is not required for the purpose of any prosecution or proceedings under this Act, or for the purpose of any prosecution or proceedings under this Act, or for the purpose of any prosecution under any other written law. 

(7) A record in writing shall be made by the officer effecting any release of any property, book or other document under subsection (6) in respect of such release specifying therein in detail the circumstances of, and the reason for, such release.

(8) Where the investigating officer is unable to determine the person who is lawfully entitled to the property, book or other document or where there is more than one claimant to such property, book or other document, the investigating officer shall report the matter to a Magistrate who shall then deal with the property, book or other document as provided for in subsections 413(2), (3) and (4) and sections 414, 415 and 416 of the Criminal Procedure Code [Act 593].

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/60.Search of person

60. Search of person

(1) An investigating officer may search any person whom he has reason to believe has on his person any property, book or other document, or other article necessary, in his opinion, for the purpose of investigating into any offence under this Act, and for the purpose of such search may detain such person for such period as may be necessary to have the search carried out, which shall not in any case exceed twenty-four hours without the authorization of a Magistrate, and may remove him in custody to such place as may be necessary to facilitate such search.

(2) An investigating officer making a search of a person under subsection (1) may seize, detain, or take possession of any property, book or other document, or article, found upon such person for the purpose of the investigation being carried out by him.

(3) No female person shall be searched under this section or under section 59 except by another female.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/61.Obstruction to exercise of powers by an investigating officer

61. Obstruction to exercise of powers by an investigating officer

(1) No person shall--

(2) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both and, in the case of a continuing offence, to a further fine not exceeding five thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/62.Requirement to provide translation

62. Requirement to provide translation

(1) Where an investigating officer finds, seizes, detains, or takes possession of, any book or other document in the exercise of any power under this Part, and such book or other document or any part thereof is in a language other than the national language or the English language, or in any sign or code, the investigating officer may orally or in writing require the person who had the possession, custody or control of such book or other document, to furnish to the investigating officer a translation in the national language of such book or other document within such period as, in the opinion of the investigating officer, would be reasonable having regard to the length of the book or other document, or other circumstances relating to it.

(2) No person shall knowingly furnish a translation under subsection (1) which is not an accurate translation, or knowingly make a translation under that subsection which is not accurate.

(3) Where the person required to furnish a translation under subsection (1) is not the person who is suspected to have committed the offence under investigation, the Minister shall pay to him reasonable fees for the translation.

(4) Any person who contravenes subsection (2) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit and, in the case of a continuing offence, to a fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/63.Power to examine persons

63. Power to examine persons

(1) Where an investigating officer suspects any person to have committed an offence under this Act, he may, if in his opinion it is reasonably necessary to do so for the purposes of investigation into such offence--

(2) A person to whom an order under paragraph (1)(a) or (1)(b), or a written notice under paragraph (1)(c), has been given shall comply with the terms of such order or written notice, as the case may be, and, in particular--

(3) A person to whom an order or a notice is given under subsection (1) shall comply with such notice or order and with the provisions of subsection (2) in relation thereto, notwithstanding the provisions of any written law, whether enacted before or after the commencement of this Act, or of any oath, undertaking or requirement of secrecy, to the contrary, or of any obligation under any contract, agreement, whether express or implied, to the contrary.

(4) Where any person discloses any information or produces any property, book, other document, article, or thing, pursuant to subsections (1) and (2), neither the first mentioned person, nor any other person on whose behalf or direction or as whose agent or employee, the first mentioned person may be acting, shall, on account of such disclosure or production, be liable to any prosecution for any offence under or by virtue of any law, or to any proceeding or claim in any form or of any description by any person under or by virtue of any agreement or arrangement, or otherwise.

(5) An investigating officer may seize, take possession of and retain for such duration as he deems necessary, any property, book, other document, article or thing produced before him in the course of an investigation under subsection (1), or search the person who is being examined by him under paragraph (1)(a), or who is producing anything to him under paragraph (1)(b), for the purpose of ascertaining whether anything relevant to the investigation is upon such person, whether concealed or otherwise.

(6) An examination under paragraph (1)(a) shall be reduced into writing by the investigating officer and shall be read to and signed by the person being examined, and where such person refuses to sign the record, the investigating officer shall endorse thereon under his hand the fact of such refusal and the reason thereof, if any, stated by the person examined.

(7) The record of an examination under paragraph (1)(a), or a written statement on oath or affirmation made pursuant to paragraph (1)(c), or any property, book, other document, article or thing produced under paragraph (1)(b) or otherwise in the course of an examination under paragraph (1)(a) or under a written statement on oath or affirmation made pursuant to paragraph (1)(c), shall, nothwithstanding any written law or rule of law to the contrary, be admissible in evidence in any proceedings in any court--

(8) Any person who fails to comply with subsection (2) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit and, in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/64.Specific persons in respect of whom powers of investigation may be exercised

64. Specific persons in respect of whom powers of investigation may be exercised

Without prejudice to the generality of other powers of investigation conferred on an investigating officer under this Part, such powers may be exercised by him against--

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/65.Assistance to police or other public officer

65. Assistance to police or other public officer

The Minister may on his own initiative, or on the request of a public officer--

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/66.Investigating officer deemed to be public servant and public officer

66. Investigating officer deemed to be public servant and public officer

An investigating officer shall be deemed to be a public servant for the purposes of the Penal Code [Act 574], and to be a public officer for the purposes of the Criminal Procedure Code or any other written law which the Minister may prescribe.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/67.Restriction on inquiring specifically into affairs of particular customer

Part XI INFORMATION AND SECRECY

67. Restriction on inquiring specifically into affairs of particular customer

Without prejudice to the powers of inspection, examination, investigation or inquiry conferred on the Minister or on an investigating officer under this Act, nothing in this Act shall authorize the Minister to inquire specifically into the affairs of any individual customer of the Bank.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/68.Secrecy

68. Secrecy

(1) No director or officer of the Bank or any agent appointed by the Bank to undertake any part of its business, whether during his tenure of office, or during his employment, or thereafter, and no person who for any reason, has by any means access to any record, book, register, correspondence, or other document, or material, relating to the affairs or, in particular, the account, of any particular customer of the Bank, shall give, produce, publish or otherwise disclose, to any person, or make a record for any person, of any information or document relating to the affairs or account of such customer.

(2) This section shall not apply to any information or document which at the time of the disclosure is, or has already been made, lawfully available to the public from any source other than the Bank, or to any information which is in the form of a summary or collection of information set out in such manner as does not enable information relating to the Bank or any particular customer of the Bank to be ascertained from it.

(3) No person who has any information or document which to his knowledge has been disclosed in contravention of subsection (1) shall in any manner disclose such information or document to any other person.

(4) Any person who fails to comply with subsection (1) or (3) shall be guilty of an offence and shall, on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/69.Disclosure for facilitating performance of functions of Minister

69. Disclosure for facilitating performance of functions of Minister

The provisions of section 68 shall not apply to the disclosure of any information or document--

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/70.Other permitted disclosures

70. Other permitted disclosures

(1) The provisions of section 68 shall not apply to the disclosure of any information or document--

(2) In any civil proceedings under paragraph (1)(b) or (1)(d) where any information or document is likely to be disclosed in relation to a customer's account, such proceedings may, if the court, of its own motion, or on the application of a party to the proceedings, so orders, be held in camera and in such case, the information or document shall be secret as between the court and the parties thereto, and no such party shall disclose such information or document to any other person.

(3) Unless the court otherwise order, no person shall publish the name, address or photograph of any parties to such civil proceedings as are referred to in subsection (2), or any information likely to lead to the identification of the parties thereto, either during the currency of the proceedings or at any time after they have been concluded.

(4) Any person who fails to comply with subsection (2) or (3) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/71.Disclosure under Banker's Books (Evidence) Act 1949

71. Disclosure under Banker's Books (Evidence) Act 1949

Nothing in this Part shall limit any powers conferred upon the High Court or a judge thereof by the Banker's Books (Evidence) Act 1949 [Act 33] or to prohibit obedience to an order made under that Act.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/72.Offences in relation to entries in books, documents, etc.

Part XII OFFENCES

72. Offences in relation to entries in books, documents, etc.

(1) No person shall, with intent to deceive--

in any book or record, or in any report, slip, statement or other document, relating to the business, affairs, transactions, condition, property, assets, liabilities or accounts, of the Bank.

(2) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding ten years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/73.Offences by persons responsible for the Bank

73. Offences by persons responsible for the Bank

(1) Without prejudice to subsections 10(2), 17(11), 25(2), 32(3), 33(3), 34(2), 35(9), 36(5), 37(5), 38(2), 40(4), 42(2), 43(3), 47(3), 48(2), 49(6) and 90(6), where any offence against any provision of this Act has been committed by the Bank, any person who at the time of the commission of the offence was a person responsible for the Bank shall be guilty of that offence.

(2) Where any person (hereinafter in this subsection referred to as the "principal") would be liable under this Act to any punishment or penalty for any act, omission, neglect or default, he shall be liable to the same punishment or penalty for every such act, omission, neglect or default of any clerk, servant or agent of his or of the clerk or servant of such agent:

Provided that such act, omission, neglect or default was committed by the principal's clerk or servant in the course of his employment, or by the agent when acting on behalf of the principal, or by the clerk or servant of such agent in the course of his employment by such agent or otherwise on behalf of the agent.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/74.Defence

74. Defence

It shall be a defence for any person who is charged with an offence by virtue of being a person responsible for the Bank to prove that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in the post held and to all the circumstances.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/75.Joinder of offences

75. Joinder of offences

Notwithstanding anything contained in any other written law, where a person is accused of more than one offence under this Act, he may be charged with and tried at one trial for any number of such offences committed within the space of any length of time.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/76.Power of Minister to compound offences

76. Power of Minister to compound offences

(1) The Minister may, in a case where he deems it fit and proper to do so and subject to the prior written consent of the Public Prosecutor, compound any offence committed by any person which is punishable under any provision of this Act, by making a written offer to such person to compound the offence by paying to the Minister within such time as may be specified in the offer such sum of money as may be specified in the offer which shall not exceed fifty per centum of the amount of the maximum fine (including the daily fine, if any, in the case of a continuing offence) to which that person would have been liable if he had been convicted of the offence.

(2) Any moneys paid to the Minister pursuant to the provisions of subsection (1) shall be paid into and form part of the Federal Consolidated Fund.

(3) An offer under subsection (1) may be made at any time after the offence has been committed, but before any prosecution for it has been instituted, and where the amount specified in the offer is not paid within the time specified in the offer, or any extension of it which the Minister may grant, prosecution for the offence may be instituted at any time thereafter against the person to whom the offer was made.

(4) Where an offence has been compounded under subsection (1), no prosecution shall thereafter be instituted in respect of such offence against the person to whom the offer to compound was made.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/77.Prosecution

77. Prosecution

No prosecution shall be instituted in respect of any offence under this Act or any regulation made thereunder without the sanction in writing of the Public Prosecutor.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/78.Offences to be seizable offences

78. Offences to be seizable offences

Every offence punishable under this Act shall be a seizable offence, and a police officer not below the rank of Inspector, or an investigating officer appointed under subsection 58(1) may arrest without warrant any person whom he reasonably suspects to have committed or to be committing any such offence.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/79.Duty of investigating officer to make over arrested person to police

79. Duty of investigating officer to make over arrested person to police

An investigating officer appointed under subsection 58(1) making an arrest under section 78 shall without unnecessary delay make over the person so arrested to the nearest police officer or, in the absence of a police officer, take such person to the nearest police station, and thereafter the person so arrested shall be dealt with as provided by the law relating to criminal procedure for the time being in force as if he had been arrested by a police officer.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/80.Attempts, preparations, abetments and conspiracies punishable as offences

80. Attempts, preparations, abetments and conspiracies punishable as offences

(1) Any person who--

shall be guilty of such offence and shall be liable to the penalty provided for such offence.

(2) Any provision of this Act which contains a reference to an offence under any specific provision of this Act shall be read as including a reference to an offence under subsection (1) in relation to the offence under that specific provision.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/81.General penalty

81. General penalty

Any person who contravenes--

shall be guilty of an offence under such provision, and if no penalty is expressly provided for the offence in this Act, shall on conviction be liable to a fine not exceeding five hundred thousand ringgit and, in the case of a continuing offence, shall, in addition, be liable to a daily fine not exceeding one thousand ringgit for each day during which the offence continues.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/82.Submission to Minister of information required by him

Part XIII GENERAL PROVISIONS

82. Submission to Minister of information required by him

(1) If, for the purpose of the exercise of any of his powers, the performance of any of his functions, or the discharge of any of his duties, under this Act, or under any other written law, the Minister requires any information from the Bank or from any corporation related to the Bank, on any matter relating to the affairs or business of the Bank or such corporation, the Bank or such corporation, shall submit such information to the Minister.

(2) Where the information obtained by the Minister under subsection (1) relates to the account or affairs of any customer of the Bank or corporation supplying the information, that information shall be secret as between the Minister and the Bank or corporation supplying it, except where it is to be used for the purpose of prosecuting any person for any offence under any written law.

(3) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/83.Indemnity

83. Indemnity

(1) No action, suit, prosecution or other proceeding shall lie or be brought, instituted, or maintained in any court or before any other authority against--

for or on account, or in respect of, any act done or statement made or omitted to be done or made, or purporting to be done or made or omitted to be done or made, in pursuance or in execution of, or intended pursuance or execution of, this Act, or any order in writing, direction, instruction, notice or other thing issued under this Act:

Provided that such act or such statement was done or made, or was omitted to be done or made, in good faith.

(2) For the purposes of this section--

(3) In subsection (2) "member of the administration" has the meaning assigned to it in Clause (2) of Article 160 of the Federal Constitution.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/84.Control of advertisements issued by the Bank

84. Control of advertisements issued by the Bank

(1) If the Minister is of the opinion that any statement made in an advertisement issued by the Bank is false, deceptive, offensive or misleading, the Minister may by notice in writing direct the Bank to do all or any of the following:

(2) The Minister may revoke or amend any directions issued under subsection (1) by a notice in writing to the Bank.

(3) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit and, in the case of a continuing offence to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/85.Prohibition on receipt of gifts, commissions, etc.

85. Prohibition on receipt of gifts, commissions, etc.

(1) No director, officer or agent of the Bank or any other person being a person receiving any payment or remuneration in any capacity, professional or otherwise, from the Bank, shall directly or indirectly, ask for or receive, or consent or agree to receive, any gift, commission, emolument, gratuity, money, property, token or thing of value, or any service, facility or other intangible benefit, whether for his own personal benefit or advantage or for the benefit or advantage of any other person, from any person other than from the Bank, for procuring or endeavouring to procure for any person--

(2) The provisions of subsection (1) shall not in any manner derogate from, and shall be without prejudice to, any other written law relating to corruption or illegal gratification.

(3) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding ten years or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/86.Islamic banking or financial business

86. Islamic banking or financial business

(1) The Bank shall consult the Minister before carrying on Islamic banking business or Islamic financial business.

(2) The Minister may in consultation with the Syariah Advisory Council established under the Banking and Financial Institutions Act 1989 issue written directions to the Bank on matters relating to Islamic banking business or any other Islamic financial business and the Bank shall comply with the written directions.

(3) The Bank may in carrying on Islamic banking business or Islamic financial business seek the advice of the Syariah Advisory Council on the operations of such business in order to ensure that it does not involve any element which is not approved by the religion of Islam.

(4) For the purposes of this section--

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/87.Regulations

87. Regulations

The Minister may, from time to time, make such regulations as may be necessary or expedient for giving full effect to the provisions of this Act, for carrying out or achieving the objects and purposes of this Act or any provisions thereof, or for the further, better or more convenient implementation of the provisions of this Act.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/88.Appointment of persons

88. Appointment of persons

The Minister may, either generally or in any particular case, appoint any person who is not an officer of the Government, to render such assistance as he may specify in the exercise of his powers, the performance of his functions, or the discharge of his duties, under this Act.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/89.Protection under the Bills of Exchange Act 1949

89. Protection under the Bills of Exchange Act 1949

In the performance of its functions under this Act, the Bank shall be accorded the protection of a banker under the Bills of Exchange Act 1949 [Act 204].

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/90.Declaration of holidays

90. Declaration of holidays

(1) The Minister may, at any time by notice in the Gazette, declare any day or days to be a holiday or holidays for the Bank.

(2) The Bank shall not do any business with the public on any day declared as holiday for the Bank under the provisions of subsection (1).

(3) A day declared as holiday under the provisions of subsection (1) shall not necessarily be a public holiday and nothing in this section shall affect the provisions of any written law relating to public holidays.

(4) Any reference to a holiday for the Bank, in any written law shall include--

(5) Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one million ringgit.

(6) Where the Bank is guilty of an offence under subsection (5), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding one year or to both.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/91.Application of Companies Act 1965

91. Application of Companies Act 1965

The Bank, which is incorporated under the Companies Act 1965, shall be subject to the provisions of that Act as well as to provisions of this Act, but where there is any conflict or inconsistency between the provisions of the Companies Act 1965 and this Act in their respective application to the Bank, the provisions of this Act shall prevail.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/92.Exemptions

92. Exemptions

The Islamic Banking Act 1983 and sections 25, 26, 27 and 28 of the Banking and Financial Institutions Act 1989 shall not apply to the Bank so long as the Bank is wholly owned by the Government.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/93.Contracts not affected

93. Contracts not affected

Except as otherwise provided in this Act, no contract, agreement or arrangement entered into by or with Bank Simpanan Nasional before the coming into force of this Act but which is now in contravention of this Act shall be void solely by reason of such contravention.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/94.Repeal and transitional provisions

94. Repeal and transitional provisions

(1) The Bank Simpanan Nasional Act 1974 is repealed.

(2) Notwithstanding subsection (1), any regulations made under or in accordance with the repealed Act shall in so far as they are not inconsistent with this Act, continue in force until repealed, revoked or replaced by new regulations made under this Act.

Unannotated Statutes of Malaysia - Principal Acts/BANK SIMPANAN NASIONAL BERHAD ACT 1997 Act 571/BANK SIMPANAN NASIONAL BERHAD ACT 1997 ACT 571,,/LIST OF AMENDMENTS