Malaysia legislation
Section 8A
Section 8A
Participating investing institutions and primary investing institutions
(2)
The Bank may appoint, in writing, any participating investing institution to be a primary investing institution.
(3)
Only a primary investing institution may take up stock from the Bank, and the Bank shall maintain an entry in its records of every such stock.
(4)
A participating investing institution shall maintain a single account with the Bank—
(a)
of all transfers of stock to itself by another participating investing institution or by itself to another participating investing institution; and
(b)
where the participating investing institution has been appointed a primary investing institution under subsection (2), there shall be included in the single account mentioned in paragraph (a) an account of all its stock taken up under subsection (3).
(5)
The Bank shall—
(a)
pay to the participating investing institution interest on each of its stock standing in its account under subsection (4) on the date the interest becomes payable under section 9; and
Loan (Local) 13
(b)
repay to the institution each of the stock standing in its account under subsection (4) on the date the stock becomes redeemable under section 11, by the means and in the manner as may be determined by the Bank.
(6)
The Bank shall maintain records of the account of a participating investing institution, and the records shall be the sole and conclusive evidence of the state of the account, and of all the particulars and details of it, and it shall be binding on the Bank, the participating investing institution and on any other person having any interest in it.
Depository institutions