Bank Simpanan Nasional Act 1974 · s 23

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s 23Borrowing by staff

(1)

Subject to subsection (2), the Bank shall not lend or advance money to an officer or employee except—

(a)

for the purchase, erection, alteration, and renovation of a house in which he resides or intends to reside under rules approved by the Board;

(b)

to discharge a mortgage or encumbrance on such a house; or

(c)

for the purchase of a vehicle.

(2)

When the Bank is satisfied that special or compassionate circumstances exist, it may approve a loan or advance to an officer or employee on such terms and conditions as the Board deems appropriate.