Malaysia legislation
Section 49
Section 49
(2)
The Commissioner may with the approval of the Minister establish a corporation by such name as the Commissioner thinks fit, to develop, carry out and have the charge, conduct and management of any project scheme or enterprise that has been planned or undertaken by the Commissioner in the discharge of his duty under this Part of developing a development area.
(3)
Every order made under subsection (2) shall make provision in respect of—
(a)
the purposes and objects for which the corporation is established;
Federal Territory (Planning) 55
(b)
the constitution of the corporation;
(c)
the duties, powers, and rights of the corporation;
(d)
the system of management of the corporation;
(e)
the financing of the corporation;
(f)
the accounts to be kept by the corporation and the auditing thereof;
(g)
the relations between the corporation and the Commissioner and his right of control over the corporation; and
(h)
the common seal of the corporation.
Power to borrow money