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

Part VI · Financial Provisions

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.

Report

Read on from s 30

Part VII

General

Read on from Part VII

Part VIII

Repeal and Transitional

Read on from Part VIII