*BANK PERTANIAN MALAYSIA BERHAD ACT 2008

This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.

Interpretation

Every property vested by virtue of subsection (1) in the

Bank shall be so vested in the Bank for the like title, estate or interest and on the like tenure as it was vested or held immediately before the vesting date.

Every chose in action vested by virtue of subsection (1)

in the Bank may, after the vesting date, be sued on, recovered or enforced by the Bank in its own name, and it shall not be necessary for the Bank or Bank Pertanian Malaysia to give notice to the person bound by the chose in action of the vesting effected under subsection (1).

Every right and liability vested by virtue of subsection (1)

in the Bank may, on and after the vesting date, be sued on, recovered or enforced by or against the Bank in its own name, and it shall not be necessary for the Bank or Bank Pertanian

Malaysia to give notice to the person whose right or liability is affected by the vesting effected under subsection (1).

Any pending legal proceedings by or against the Bank

Pertanian Malaysia which relate to any property, right or liability transferred to and vested in the Bank by virtue of subsection (1)

may, on and after the vesting date, be continued by or against the Bank.

In the case of rights and liabilities arising under any loan which vest in the Bank on the vesting date, the Bank may enter into such arrangements or agreements over such rights and liabilities with the Government or any third party.

Where by virtue of subsection (1), any property is transferred to and vested in the Bank, the provisions in Part Thirty of the

National Land Code [Act 56 of 1965] shall, for the purpose of effecting the registration of such vesting, apply to the Bank as if it were a public authority.

On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the

Bank under subsection (1) to which the Bank Pertanian Malaysia was a party immediately before the vesting date, whether in writing or not, and whether or not of such a nature that rights and liabilities thereunder could be assigned by the Bank Pertanian

Malaysia, shall have effect as if the Bank had been a party to the agreement.

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Initial Government holding in the Bank

Securities required to be issued in pursuance of this section shall—

The Minister may dispose of any securities issued or of any rights to securities initially allotted to the Corporation in pursuance of this section.

Any dividends or other sums received by the Corporation in right of, on the disposal of or otherwise in connection with, any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.

Government investment in securities of the Bank

securities of the Bank or of any subsidiary of the Bank;

or

rights to subscribe for any such securities.

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] w.e.f. 31 January 2017 –see subsection 620(1) of Act 777.

Bank Pertanian Malaysia Berhad 9

The Minister may dispose of any securities or rights acquired by the Corporation under this section.

Any expenses incurred by the Corporation in consequence of the provisions of this section shall be treated as investments and be authorized under subparagraph 8(3)(a)(iv) of the Financial

Procedure Act 1957 [Act 61].

Any dividends or other sums received by the Corporation in right of, on the disposal of or otherwise in connection with, any securities or rights acquired under this section shall be paid into the Consolidated Fund.

Stamp duty shall not be chargeable in respect of any increase in the capital of the Bank which—

The Bank shall cause every person nominated by the

Minister under subsection (1) to be appointed to the Board.

Any person appointed to the Board under subsection (2)

may, at any time, be removed by the Minister, after consultation with the Minister of Agriculture and Agro-Based Industry, by giving written notice to such person and the Bank.

For the purpose of determining the number of persons to be appointed as directors on the Board under subsection (1), the

Minister shall have regard to the total number of securities held by the Government and the total number of directors appointed by the Bank to the Board, at the time of such nomination.

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Nothing in this section shall be construed so as to affect any power, right or privilege, which may be conferred on the

Government by the constituent documents of the Bank.

Statutory account

the vesting effected by virtue of section 4 shall be taken to have been a vesting of all property, rights and liabilities which the Bank Pertanian Malaysia was entitled and subject to immediately before the end of the last complete accounting year of the Bank Pertanian Malaysia, ending before the vesting date and to have been effected to the

Bank on the vesting date; and

the value of any asset, right or the amount of any liability of the Bank Pertanian Malaysia, taken to have been vested in the Bank by virtue of section 4 shall be taken to be the value or, as the case may be, the amount assigned to the asset, right or liability in the statement of accounts prepared by the Bank Pertanian Malaysia, in respect of the last complete accounting year of the Bank Pertanian

Malaysia, ending before the vesting date.

For the purposes of any statutory accounts of the Bank, the amount to be included in respect of any item shall be determined as if anything done by the Bank Pertanian Malaysia, whether by way of acquiring, revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision of reserve, or otherwise, had been done by the

Bank.

References in this section to the statutory accounts of the

Bank are references to any accounts prepared by the Bank for the purposes of any provision of the *Companies Act 1965.

For the purposes of this section, “complete accounting year”

means an accounting year ending on 31 December or a period to be determined by the Minister.

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] w.e.f. 31 January 2017 –see subsection 620(1) of Act 777.

Bank Pertanian Malaysia Berhad 11

Every person who opts under subsection (1) to serve as an employee of the Bank shall be employed by the Bank on terms and conditions of service not less favorable than the terms and conditions of service to which he was entitled immediately before the vesting date.

The Bank shall not retrench any staff within the period of five years from the vesting date.

to promote Malaysia’s sound agricultural development;

to co-ordinate and supervise the grant of credit from public funds for agricultural purposes by the various persons or bodies of persons whether incorporate or unincorporate;

to provide loans, advances and other credit facilities for the development of agriculture sector and agriculture related business;

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to mobilize savings with particular regard to the agricultural sector and in furtherance of this object to accept savings and time deposits;

to uplift the well-being of the agricultural community;

and

to carry on the general business of a modern and progressive financial services institution catering for the total financial needs of its customers.

In addition to all the powers of the Bank as prescribed in its Memorandum and Articles of Association, the Bank may—

Where any business activity carried out pursuant to the powers conferred under subsection (2) requiring the approval of or licensing by an authority, such activity may be carried out subject to the approval or license being obtained from such authority.

For the purposes of this section—

“Central Bank” means the Central Bank of Malaysia established by the *Central Bank of Malaysia Act 1958 [Act 519];

*NOTE—This Act has since been repealed by the Central Bank of Malaysia Act 2009 [Act 701] w.e.f.

25 November 2009—see subsection 1(1) of Act 701 [P.U. (B) 533/2009] except paragraph 23(8)(b)

and section 61 to 66.

Bank Pertanian Malaysia Berhad 15

“giro service” means a current account service which permits an account holder to issue payment instructions to the Bank for payment to any party or which permits the Bank to accept payments into the account of an account holder from any party;

“unsolicited call” means a personal visit or oral communication without express invitation.

Social obligations

duly audited revenue account together with supporting statements;

duly audited profit and loss account and balance sheet together with supporting statements;

a certificate by the auditor;

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a report by the Board on its operations in the financial year; and

a statutory declaration by one of its non-executive directors and its chief executive officer in respect of matters in paragraphs (a), (b) and (d).

Protection under the Bills of Exchange Act 1949

Any reference in such written laws to Bank Pertanian

Malaysia, unless the context otherwise requires, shall be construed as a reference to the Bank and expressions importing such a reference shall be construed accordingly.

Continuation and completion of disciplinary proceedings

An order, ruling or direction made or given by a disciplinary authority of the Bank pursuant to this section shall, in respect of such employee, have the same force and effect as an order, ruling or direction made or given by the Disciplinary Committee or Disciplinary Appeal Committee of the Bank Pertanian Malaysia, as the case may be, under the laws referred to in subsection (1).

Prevention of difficulties or anomalies

The Minister shall not exercise the powers conferred by this section after the expiration of two years from the vesting date.

In this section ‘modifications’ includes amendments, additions, deletions, substitutions, adaptations, variations, alterations and non-application of any provision of this Act.

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LIST OF AMENDMENTS

Amending law

Short title

In force from

— NIL —

Bank Pertanian Malaysia Berhad 19

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LIST OF SECTIONS AMENDED

Section

Amending authority

In force from

— NIL —