Section 7
Devolution of rights and liabilities
of Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions) Act 1978
The Board shall for all purposes be deemed to be the Board of Directors of the Bank duly constituted under the Co-operative
Societies Act 1993 and the by-laws of the Bank and shall be entitled to exercise all the powers of the Board of Directors of the Bank,
12 Laws of Malaysia ACT 202
whether such powers are derived from the Co-operative Societies Act 1993, the rules made thereunder, or the by-laws of the Bank; and any reference to the Board of Directors of the Bank in any written law or document shall be deemed to be a reference to the Board.
(2)
Subject to this Act, all powers, rights, privileges, duties, liabilities and obligation that, immediately before the commencement of this Act, were those of the previous Board shall, as from that commencement, devolve on the Board.