Section 7
Participating investing institutions and primary investing institutions
of Treasury Bills (Local) Act 1946
The Bank may authorize in writing any financial institution to be a participating investing institution.
(2)
The Bank may appoint in writing any participating investing institution to be a primary investing institution.
(3)
The Bank may issue only to a primary investing institution a
Treasury Bill under section 4, and the Bank shall maintain an entry in its records of every such treasury Bill.
(4)
A participating investing institution shall maintain a single account with the Bank—
(a)
of all transfers of Treasury Bills 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 such single account mentioned in paragraph (a) an account of all the Treasury
Bills issued to it under subsection (3).
(5)
The Bank shall repay to the participating investing institution the principal moneys represented by each Treasury Bill standing in its account under subsection (4) on the date the Treasury Bill falls due, by such means and in such manner as may be determined by the
Bank.
(6)
The Bank shall maintain records of the account of a participating investing institution, and such records shall be the sole and conclusive evidence of the state of such account, and of all the particulars and details thereof, and the same shall be binding on the
Bank, the participating investing institution and on any other person having any interest therein.
10 Laws of Malaysia Act 188