Malaysia legislation
Section 14
Section 14
(2)
The Corporation shall have power to do all things expedient or reasonably necessary or incidental to the discharge of its duties, and in particular, but without prejudice to the generality of the foregoing—
(a)
to carry out economic, including industrial, projects on its own account or in association with others;
(b)
to provide loans for agriculture, industry, commerce, housing, transport, and any other economic undertakings;
(c)
to provide loans for the purchase of shares and debentures of companies and corporations in Malaysia;
(d)
to guarantee, within such limits as shall be fixed by the
Minister, any loans made by any financial institution or other financial source to any applicant approved by the Corporation for any purpose for which the Corporation might itself have granted such loan;
[Am. Ord. No. 1/79; Am. Cap. A41.]
(e)
to promote research and useful innovations in such economic activity as the Corporation may consider necessary and desirable;
(f)
to purchase, underwrite or otherwise acquire any stock and shares in any public or private company, and to dispose of the same on such terms and conditions as the Corporation may determine;
(g)
whether on its own account or in association with other persons (including the Government of Malaysia or of Sarawak and any public body and any body corporate or unincorporate), or as managing agents or otherwise on their behalf—
(i)
to carry on all activities the carrying on of which appears to the Corporation to be requisite, advantageous or convenient for or in connection with the discharge of its duties, including the processing and marketing of products and research activities; and
(ii)
to establish or expand, or promote the establishment or expansion of, other bodies to carry on 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 of share or loan capital, or by loan or otherwise; and
(h)
to take over from time to time any credit activities of the State Government including outstanding loans to private enterprises or the liability of the State Government to any financial institution or other financial source in respect of any guarantee of any loan made by such financial institution or other financial source, but excluding advances of salaries to public officers and advances to any local authority.
[Am. Ord. No. 1/79; Am. Cap. A41.]
(3)
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 cent of the officer’s annual emoluments from the Corporation as may, from time to time, be approved by the Majlis Mesyuarat
Kerajaan Negeri and the service of such person while in the employment of the Corporation shall be deemed to be service under the Government and shall be subject to the Pensions Act 1980 as amended from time to time.
[Am. Ord. No. 19/71.]
General powers of Corporation to transact business