Section 3

(1)

There shall be established a body corporate by the name of

“Malaysian Institute of Chemistry” which shall have perpetual succession and a common seal and which may, subject to this Act, sue and be sued in its corporate name, enter into contracts, acquire, purchase, take, hold and enjoy movable and immovable property or any rights therein, and convey, assign, surrender, charge, mortgage, reassign, transfer, dispose of, or otherwise deal therewith.

(2)

Without prejudice to the generality of subsection (1), the

Institute may do all things necessary for the purpose of the Institute and in particular may, subject to subsection (3)—

(a)

purchase or lease any lands required for the purposes of the Institute;

(b)

take up and subscribe for or otherwise acquire stocks and shares in any company, if membership of the company is essential or advantageous to the Institute for the purpose of acquiring and holding any lease or tenancy from the company of land required for the purposes of the Institute;

(c)

except in the case of leases from month to month, sell, surrender, lease, exchange, or mortgage any land or building vested in it, in such manner as it finds most convenient or advantageous;

8 Laws of Malaysia ACT 158

(d)

borrow money whether by way of bank overdraft or otherwise for such of the purposes of the Institute as the

Council from time to time considers desirable;

(e)

guarantee any contract with any company from which the Institute holds or intends to hold any lease or tenancy in accordance with paragraph (b) and any other contract in which the Institute may have a financial interest and to which it may lawfully be a party under this section; and

(f)

receive gifts, donations and bequests from individuals, companies, foundations or other sources.

(3)

The exercise of the powers under paragraphs (2)(a), (b), (c),

(d)

and (e) shall be with the approval of the Minister.

Report

Read on from s 4

Part III

The Council

Read on from Part III

Part IV

Membership of the Institute

Read on from Part IV

Part V

General

Read on from Part V