Malaysia legislation
Section 3
of *BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) ACT 1978
Section 3
Upon the commencement of this Act—
(a)
the previous Board shall cease to exercise its powers and discharge its duties and responsibilities in relation to the
Bank and shall stand dissolved;
(b)
the provisions of this Act shall apply in relation to the
Bank;
(c)
notwithstanding anything contained in the Co-operative
Societies Act 1993, the rules made thereunder, or the by-laws of the Bank, the right of members or shareholders of the Bank to elect or remove directors of the Bank shall cease to be exercisable;
(d)
the directors of the Bank holding office immediately before that commencement shall cease to hold any office in the Bank or in any of its subsidiaries;
(e)
the executive committee of the Bank appointed under the by-laws of the Bank shall cease to exercise the powers conferred by the by-laws and shall stand dissolved;
(f)
in exercising any power in relation to the Bank under any written law, or under the by-laws of the Bank, the
Commission shall be subject to the direction and control of the Minister and shall comply with and give effect to any direction given by the Minister;
10 Laws of Malaysia ACT 202
(g)
notwithstanding paragraph (f), the Minister may exercise any function or power conferred on the Commission under any written law, or under the by-laws of the Bank, if he deems it necessary or expedient to do so;
(h)
the Minister may, in his absolute discretion, from time to time direct that any function, power, or duty exercisable by the general meeting of the Bank shall not be exercised by the general meeting, or that it shall be exercised subject to such directions as the Minister may, with the concurrence of the Minister of Finance, give, or that it shall instead be exercised, with the concurrence of the
Minister of Finance, by himself or by such other person or authority as he may specify;
(i)
the Bank, in addition to being subject to this Act, shall continue to be subject to the provisions the Co-operative
Societies Act 1993, the rules made thereunder, and the by-laws of the Bank, but where there is any conflict or inconsistency between the provisions of this Act and the provisions of the Co-operative Societies Act 1993, the rules made thereunder, or any other written law, or the by-laws of the Bank, the provisions of this Act shall prevail.