Malaysia legislation
Section 48
Section 48
(a)
establish a body corporate for the purpose of training, research and development of human resource in relation to banking and financial services;
(b)
establish a body corporate for the purposes of providing financial counselling, debt management services and education on financial management;
(c)
establish a body corporate or acquire, hold or sell shares of a body corporate, wholly or partly, to operate payment systems or issue payment instruments, and undertake any other ancillary or incidental function or activity, for the purpose of promoting and developing payment systems and payment instruments in Malaysia;
(d)
establish a body corporate or acquire or hold shares of a body corporate, wholly or partly, for the purposes of subparagraph 32(1)(c)(i), (ii) or (iii);
(da) establish a body corporate or acquire or hold shares of a body corporate, wholly or partly, for the purposes of carrying out the functions of a bridge institution under any written law enforced by the Bank; and
(e)
with the approval of the Minister on the recommendation of the Board, and subject to section 50, establish a body corporate or acquire, hold or sell shares of a body
Central Bank of Malaysia 59
corporate, wholly or partly, for the purposes of giving effect to its objects and carrying out its functions under this Act.
(2)
The Bank may—
(a)
grant, donate or provide financing as may be necessary for the establishment or operations of a body corporate established under paragraphs (1)(a) and (b) and create and manage a fund to meet the expenses of such body corporate;
(b)
provide financing as may be necessary for the establishment or operations of a body corporate established or acquired under paragraph (1)(c) or (d); and
(c)
subject to section 50, provide financing as may be necessary for the establishment or operations of a body corporate established or acquired under paragraph (1)(e).
(3)
The Bank may only provide financing under paragraph (2)(b) to a body corporate established or acquired under paragraph (1)(c) which is wholly owned by the Bank.
(4)
The Bank may only provide financing under paragraph (2)(b) to a body corporate established or acquired under paragraph (1)(d) which is wholly owned by the Bank or jointly owned by the Bank and the
Government.
(5)
The Moneylenders Act 1951 [Act 400] shall not apply to a body corporate established under paragraph (1)(d) and (da).
Financing for special purposes