Section 23
Borrowing by staff
of Bank Simpanan Nasional Act 1974
ActIn forceProvision 28 of 49
Section 23
(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.