Bank Simpanan Nasional Act 1974 · s 29

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

29.
General Reserve Fund
(1)  There shall be a General Reserve Fund of the Bank.
(2)  At the end of each financial year, the net profit of the Bank for that year shall be determined after allowing for the expenses of operation and after making provision for bad and doubtful debts, depreciation in assets, contribution to staff provident or pension funds and such other contingencies as are usually provided for by banks.
(3)  The net profit determined under subsection (2) shall be dealt with as follows:
(a)  such part as the Board may direct shall be placed to the credit of the General Reserve Fund; and
(b)  any excess shall be carried in the profit and loss account for the ensuing financial year.
(4)  The Board may appropriate such portion of the General Reserve Fund as may be necessary for the purpose of—
(a)   meeting losses arising from any revaluation or disposal of assets;
(b)  maintaining reasonable rates of interest payments on deposits in the Bank;
(c)   carrying out the general business of the Bank; and

26                                            Laws of Malaysia                                 ACT 146
(d)  such other purposes as may be approved by the Minister in keeping with the objects of this Act.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 29General Reserve Fund

(1)

There shall be a General Reserve Fund of the Bank.

(2)

At the end of each financial year, the net profit of the Bank for that year shall be determined after allowing for the expenses of operation and after making provision for bad and doubtful debts, depreciation in assets, contribution to staff provident or pension funds and such other contingencies as are usually provided for by banks.

(3)

The net profit determined under subsection (2) shall be dealt with as follows:

(a)

such part as the Board may direct shall be placed to the credit of the General Reserve Fund; and

(b)

any excess shall be carried in the profit and loss account for the ensuing financial year.

(4)

The Board may appropriate such portion of the General Reserve Fund as may be necessary for the purpose of—

(a)

meeting losses arising from any revaluation or disposal of assets;

(b)

maintaining reasonable rates of interest payments on deposits in the Bank;

(c)

carrying out the general business of the Bank; and

26 Laws of Malaysia ACT 146

(d)

such other purposes as may be approved by the Minister in keeping with the objects of this Act.