Malaysia legislation
Section 50
Section 50
Power to invest
(2)
The moneys in the Fund shall, in so far as the moneys are not immediately required to be expended by the Organization under this
Act or any regulations made under this Act, be invested subject to such
44 Laws of Malaysia terms and conditions as determined by the Minister after consultation with the Minister of Finance as follows:
(a)
in investments or securities authorized for the investment of trust funds by any written law;
(b)
in investment in shares and debentures in any public company the prices of which are quoted or sought to be quoted on the stock exchange established in Malaysia;
(c)
in such other investments or securities as the Board may decide based on the recommendation by the Committee.
(3)
The investments made under subsection (2) may be varied, transposed or realized from time to time.
(4)
The Minister may at any time, after consultation with the
Minister of Finance, direct the vacation in part or in whole, or prohibit investment, in any security.
(5)
The power to invest under subsection (2) shall vest in the
Board.
(6)
The Organization shall, with the approval of the Board and after consultation with the Minister of Finance, determine the procedure for investment of the Fund including its transfer or realization, the bank in which the Fund may be deposited, the raising and repayment of loans and the financial control and procedures.
Power to borrow