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mylaw.myby aturio
In forceUpdated to 1 Dec 2011Read it in Bahasa Malaysia
Contents

Part V · Provisions Relating to the Carrying on of Business of the Bank

23. Borrowing 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.

Report

Read on from s 24

Part VI

Financial Provisions

Read on from Part VI

Part VII

General

Read on from Part VII

Part VIII

Repeal and Transitional

Read on from Part VIII