Section 10
Power to invest
of Skills Development Fund Act 2004
(1)
The moneys of the Fund, in so far as they are not immediately required to be expended by the Corporation under this Act, shall be invested wholly in investments in Malaysia in accordance with subsection (2).
(2)
The moneys of the Fund in subsection (1) may be invested in—
(a)
deposits in—
(i)
Bank Negara Malaysia;
(ii)
banks and financial institutions licensed under the
Banking and Financial Institutions Act 1989
[Act 372]; or
(iii)
any other financial institutions established by or licensed or registered under any other written law and approved by the Minister of Finance for the purposes of this Act;
(b)
bonds and securities of the Government;
(c)
investments authorized by or under the Trustee Act 1949
[Act 208]; and
(d)
such securities or investments as may be approved by the
Minister of Finance.
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(3)
For the purposes of this section, “securities” has the same meaning as that assigned to “securities” under section 2 of the
Securities Commission Act 1993 [Act 498].
Additional powers of the Corporation 11.
The Corporation may, with the approval of the Minister and the consent of the Minister of Finance—
(a)
where it appears requisite, advantageous or convenient for or in connection with the discharge of the functions, exercise of the powers and carrying on of the activities of the Corporation, enter into equity participation, partnership, joint venture, undertaking or any other form of cooperation or arrangement in association, or otherwise, with—
(i)
an enterprise, a company, or a private undertaking constituted for the carrying on of business in
Malaysia or elsewhere;
(ii)
the Federal Government or any State Government;
(iii)
any statutory authority; or
(iv)
a commission; and
(b)
establish or promote the establishment of companies under the Companies Act 1965 [Act 125], to carry on or engage in any activity which has been planned or is being undertaken by the Corporation.
Guarantee and indemnity 12.
The Corporation shall not issue any letter of guarantee or indemnity to a person under this Act without the written approval of the Minister and the Minister of Finance.