Section 12
Power of the Board to make regulations
(1)
The Board may, with the approval of the Minister, make regulations as may be necessary or expedient for giving effect to the provisions of this Act.
(2)
Without prejudice to the generality of subsection (1), regulations may be made—
(a)
with respect to financial and accounting matters, including the keeping, closing and auditing of the accounts of the Retirement Fund (Incorporated) and the creation of its own financial and accounting procedures;
(b)
to prescribe the responsibilities of officers and servants of the Retirement Fund (Incorporated) including matters in respect of remuneration, terms and conditions of service, period of service and leave of its officers and servants;
(c)
with respect to the conduct and discipline of the officers and servants of the Retirement Fund (Incorporated), the establishment of appropriate disciplinary authorities for the different categories of officers and servants.
Regulations made under this section may create such disciplinary offences and provide for such disciplinary punishment as the Board may deem appropriate, and the punishment so provided may extend to dismissal or reduction in rank, and may include provisions for the interdiction with reduction in remuneration or the suspension without remuneration of such officer or servant during the pendency of disciplinary proceedings against him;
(d)
with respect to the establishment of committees and the procedure of such committees;
(e)
to regulate its own procedures including the procedure relating to operational matters;
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(f)
to prescribe the manner in which documents, cheques and instruments of any description shall be signed or executed on behalf of the
Retirement
Fund
(Incorporated);
(g)
to prescribe the circumstances of emergency as envisaged by subsection 7(3);
(h)
to regulate its own procedures with respect to unclaimed moneys subject to section 15; and
(i)
to provide for all matters which are required to be prescribed or which are necessary or expedient to give effect to and for the purposes of carrying into effect the provisions of this Act.
(3)
Regulations made under this section—
(a)
may provide that any act or omission in contravention of any provisions shall be an offence; and
(b)
may provide for the imposition of a fine not exceeding five thousand ringgit or a term of imprisonment not exceeding one year or both for such offence.