Section 20
Subsidiaries of the Bank
of Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions) Act 1978
The Board may establish subsidiaries under the Companies
Act 1965 [Act 125], but before doing so the Board shall submit its proposal for that purpose to the Minister and the Minister of Finance, and no subsidiary shall be established unless the proposal has been approved by the Minister with the concurrence of the Minister of
Finance.
(2)
Notwithstanding anything contained in any other written law to the contrary, the subsidiaries established by the Bank before the commencement of this Act shall be deemed to have been lawfully established.
(3)
The Minister may, with the concurrence of the Minister of
Finance, direct the Bank to wind up any of its subsidiaries established before the commencement of this Act and the directors shall comply with such direction.
(4)
Notwithstanding anything contained in any other written law to the contrary, it shall be lawful for the Board to permit in writing any officer or employee of the Bank to hold any executive office in any subsidiary of the Bank.