Malaysia legislation
Section 31
of *BANK KERJASAMA RAKYAT MALAYSIA BERHAD (SPECIAL PROVISIONS) ACT 1978
Section 31
Power to terminate operation of Act
(2)
As soon as possible after a Board of Directors has been constituted under the by-laws of the Bank pursuant to subsection (1), the Minister may by order published in the Gazette declare that this
Act shall cease to remain in force, and such an order may contain
26 Laws of Malaysia ACT 202
such consequential or transitional provisions as the Minister may deem necessary or expedient.
(3)
Subject to subsection (4), on the date when the order under subsection (2) takes effect, the Board shall be divested of the management and administration of the Bank, and such management and administration shall vest in the Board of Directors constituted under the by-laws of the Bank pursuant to subsection (1).
(4)
Notwithstanding subsection (3), until such time as the
Board of Directors constituted under the by-laws of the Bank meets or holds its first meeting, the Board established under subsection 4(1)
may continue to manage and administer the affairs of the Bank on behalf of the said Board of Directors.
Bank Kerjasama Rakyat Malaysia Berhad (Special Provision) 27
FIRST SCHEDULE
[Section 5]
SUPPLEMENTARY PROVISIONS RELATING TO THE BOARD, THE BANK,
AND THE PRINCIPAL OFFICERS OF THE BANK
Composition of the Board