Malaysia legislation

Section 28

of *INLAND REVENUE BOARD OF MALAYSIA ACT 1995

Section 28

The Board may, with the approval of the Minister, invest any of its funds available for investment in the following manner:

(a)

by depositing in—

(i)

Bank Negara Malaysia;

(ii)

banks duly licensed under the Banking and Financial

Institutions Act 1989 [Act 372];

(iii)

any other financial institution duly licensed under the

Banking and Financial Institutions Act 1989;

(iv)

Islamic bank duly licensed under the

Islamic Financial Services Act 2013 [Act 759];

(v)

any other financial institution duly licensed under the

Islamic Financial Services Act 2013;

(vi)

a development financial institution duly regulated under the Development Financial Institutions

Act 2002 [Act 618]; or

Inland Revenue Board of Malaysia 29

(vii)

a co-operative society duly registered under the

Co-operative Societies Act 1993 [Act 502];

(b)

by investing in bonds, mortgage papers, commercial notes, banker’s acceptances, money market papers, certificates of deposits and promissory notes and bills of exchange within the meaning of the Bills of Exchange Act 1949

[Act 204];

(c)

by investing in accordance with the provisions of the

Trustee Act 1949 [Act 208]:

Provided however, where the Board invests in or upon titles to immovable property in Malaysia in accordance with paragraph 4(1)(c)

of the Trustee Act 1949, such immovable property may or may not yield any income at the time of such investment.

Power to establish companies

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