Malaysia legislation
Section 25
Section 25
(1)
It shall be the duty of the Corporation to promote the economic development of
Sabah and with that object to provide or facilitate the grant of financial credits where necessary and desirable and to stimulate and facilitate private investment in Sabah by local and external capital.
(2)
The Corporation shall in pursuance of the discharge of its duties provide and facilitate the grant of credits for agriculture, industry, rural and urban housing and building, and utilities both of a public and private nature and other undertakings of a like nature.
(3)
Without prejudice to the generality of the provisions of subsection (2), the functions of the Corporation in the discharge of its duties shall be to –
(a)
take over from time to time any credit activities of the Government including outstanding loans to private enterprises or the liability of
Government to any bank in respect of any guarantee of any loan made by such bank which loan might have been or guaranteed by the Corporation had this Enactment been in force at the time of the grant of such loan but excluding advances of salaries to public officers and advances to any local authority;
(b)
provide agricultural and industrial credits to any co-operative societies registered under the provisions of any written law for the time being in force relating to co-operatives societies;
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(c)
provide credits for land settlement schemes;
(d)
provide such credits as are necessary for agricultural and industrial undertakings;
(e)
make loans to individuals, and make loans to, and purchase shares or debentures of, companies engaged in Sabah in new or existing industries;
(f)
promote the introduction of private external capital for investment in agriculture, industry, rural and urban housing and building and mining;
(g)
promote useful innovations in agriculture and industry;
(h)
provide credits for private or mixed private and public investment in rural and urban housing and building.
(4)
The Corporation shall have power for the purpose of the discharge of its duties.
(a)
to carry on all activities the carrying on whereof appears to the
Corporation to be requisite, advantageous or convenient for or in connection with the discharge of its said duties, including the processing and marketing of products and research activities;
(b)
to promote the carrying on of any such activities by other bodies or persons, and for that purpose establish or expand, or promote the establishment or expansions of, other bodies to carry on any such activities either under the control or partial control of the Corporation or independently, and to give assistance to such bodies or to other bodies or persons appearing to the Corporation to have facilities for the carrying on of any such activities including financial assistance by the taking up of share or loan capital, or by loan or otherwise.
(5)
Where an officer in the public service who holds a pensionable office within the meaning of the Pensions Act, 1980 [Act 227], is appointed to be an officer of the Corporation, the Corporation shall pay to the Government an annual pension contribution at such rate per centum of the officer’s annual emoluments from the Corporation as may, from time to time, be approved by the Yang di-Pertua Negeri, and the service of such person while in the
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employment of the Corporation shall be deemed to be service under the Government and shall be subject to the provisions of the Pensions Act, 1980 [Act 227], as amended from time to time.
General powers of Corporation to transact business.