Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part V · Dealings with Government Funds
44. Utilization of trust funds
Feedback & supportNo prescribed institution shall apply the assets of a trust fund to meet liabilities or expenses not properly attributable to that trust fund.
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
Any prescribed institution that contravenes subsection (1)
commits an offence and shall on conviction be liable to a fine not exceeding twenty-five million ringgit.
For the purposes of subsection (1), the Bank may specify the amount and types of liabilities and expenses that may be charged to any trust fund.
Bank
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
The Bank may, if it is satisfied that a prescribed institution has applied any assets of a trust fund to meet liabilities or expenses not properly attributable to that trust fund, direct the prescribed institution to charge such liabilities or expenses to the assets of the relevant trust fund or the assets of the prescribed institution.
(Deleted by Act A1502).