Section 100

Part III of the repealed Act shall continue to remain in full force and effect until such date to be appointed by the

Minister in accordance with subsection 1(2) for the coming into operation of Part VIII of this Act;

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subparagraphs 30(1)(oo)(ii), (iii), (iiia), (iv) and (v) of the repealed Act shall continue to remain in full force and effect until such date to be appointed by the Minister by notification in the Gazette for the repeal to take effect;

the capital of the Bank under the repealed Act which on the coming into operation of this Act stands at one hundred million ringgit of which the amount of twenty million ringgit being the capital of the Bank which was subscribed and paid up by the Government under subsection 6(2) of the repealed Act on the establishment of the Bank and the additional amount of eighty million ringgit which was subsequently subscribed and paid up by the Government pursuant to subsection 6(3) of the repealed Act shall continue to remain as the capital of the Bank under this

Act;

the person holding office under the repealed Act immediately before the coming into operation of this Act as—

Governor;

the Head Office and any branches opened, or any agent, correspondent or attorney appointed under the repealed

Act shall be deemed to be opened and appointed under or in accordance with this Act;

92 Laws of Malaysia ACT 701

the Syariah Advisory Council established and its members appointed under the repealed Act shall be deemed to be established and appointed, as the case may be, under or in accordance with this Act;

currency notes and coins issued under the repealed Act and which are legal tender immediately before the coming into operation of this Act shall continue to be legal tender in

Malaysia at their face value as provided in section 24 of the repealed Act and every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the payment of, or the liability to pay, any money which but for this paragraph would have been made, executed, entered into, done and had for in, and in relation to currency notes and coins issued under the repealed Act shall be deemed to be validly made, executed, entered into, done and had for in and in relation to currency notes and coins issued under this Act;

currency notes and coins issued under the repealed Act which have ceased to be legal tender shall not be affected by this Act and any obligation of the Bank relating to the currency notes and coins under the repealed Act shall continue to be in force under this Act;

subsidiary legislation and any approval, direction, decision, exemption, trust directions, recommendation, specification and other executive act made or done under the repealed Act and in force or having effect immediately before the coming into operation of this Act, shall be deemed to have been made or done under the corresponding provisions of this Act, and shall continue to remain in full force and effect in relation to the person to whom it applied until amended or replaced;

any directive, notice or circular issued, or any act or thing done, by the Bank in relation to Islamic financial business, or any ruling made by the Syariah Advisory Council

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established under section 16B of the repealed Act before the coming into operation of this Act shall be deemed to have been validly issued, done or made under this Act and shall continue to remain in full force and effect in relation to the person to whom it applied until amended or replaced;

any securities issued by the Bank under—

subparagraph 30(1)(bb)(i) of the repealed Act and any right or liability relating to the securities shall continue under the repealed Act until the obligation is discharged; and

all transactions, dealings, contracts, powers of attorney or arrangements lawfully executed or entered into and all business lawfully done, under or in accordance with the repealed Act with any other person shall be deemed to have been lawfully and validly executed, entered into or done, under or in accordance with this Act, and accordingly, any right or liability under such transaction, dealing or business existing immediately before the coming into operation of this Act, shall be deemed to continue to be lawful and valid under this Act;

nothing shall affect any person’s liability to be prosecuted or punished for offences committed under the repealed Act immediately before the coming into operation of this Act;

any pending legal proceedings, criminal prosecution, investigation or disciplinary proceedings under the repealed Act shall be continued under the repealed Act;

94 Laws of Malaysia ACT 701

any body corporate, clearing house, credit bureau or any systems established or operated by the Bank under the repealed Act shall be deemed to have been established or operated under or in accordance with this Act;

any securities or shares subscribed, acquired or held by the

Bank under the repealed Act shall be deemed to have been lawfully and validly subscribed, acquired or held by the

Bank under or in accordance with this Act;

any trust deed or deed issued or executed under the repealed Act shall be deemed to have been lawfully and validly issued or executed under or in accordance with this

Act;

any reserve held by banking institutions or Islamic banks at the Bank pursuant to paragraph 37(1)(c) or (d) of the repealed Act, as the case may be, shall be deemed to be held under or in accordance with this Act;

any obligation pursuant to any grants, loans or other payments made by the Bank under the Bank Negara

Malaysia Staff Welfare Account established under subsection 15(5) or any scholarships granted by the Bank under section 49 of the repealed Act shall continue to remain in force under the repealed Act until the obligation is discharged;

any loan provided by the Bank under section 49 of the repealed Act shall continue to remain in force under the repealed Act until the loan is settled;

the General Reserve Fund established under section 7 of the repealed Act, any pension and provident fund established under subsection 15(3) of the repealed Act and the Bank Negara Malaysia Staff Welfare Account established under subsection 15(5) of the repealed Act shall be deemed to have been established under or in accordance with this Act and any moneys standing in or

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due to be paid to the funds shall be transferred to and be deemed to be part of the General Reserve Fund, pension and provident fund and Bank Negara Malaysia Staff

Welfare Account, as the case may be, established under this Act;

any movable, immovable property and asset purchased, acquired, leased or held by the Bank under the repealed

Act shall be deemed to have been purchased, acquired, leased or held under or in accordance with this Act;

any reference to the repealed Act in any written law shall be construed as a reference to this Act and any reference to any specific provision of the repealed Act in any written law shall be construed as a reference to a provision of this

Act which corresponds as nearly as may be to such specific provision;

any membership of the Bank in any organization or to any committee or commission appointed by the Government or participation in any bilateral, regional or international co-operation or scheme under the repealed Act, as the case may be, shall continue to be in force under this Act for the unexpired period of the membership or participation;

any act required to be done under the repealed Act shall be deemed to be required to be done under or in accordance with this Act; and

any other right, benefit, privilege, obligation or liability acquired, accrued or incurred under the repealed Act, including any obligation to preserve secrecy, shall not be affected by this Act and shall continue to remain in force as if this Act had not been enacted.

96 Laws of Malaysia ACT 701

FIRST SCHEDULE

[Sections 21 and 23]