29. Power to invest

The Akademi may invest in securities of the Government or such other securities as may be approved in advance in writing by the Minister of Finance such moneys of the Fund as may not be immediately required for current expenditure, with power from time to time to vary any such investment subject to the prior approval in writing by the Minister of Finance being obtained in respect of any variation resulting in any investment in securities other than Government securities.

The Akademi may deposit, either in fixed deposit or in current account, any moneys for the time being uninvested with any bank in Malaysia holding a valid licence under the provisions of the Banking and Financial Institutions Act 1989 [Act 372] or the Islamic Banking Act 1983 [Act 276] and approved in advance in writing for the purpose by the Minister.