Section 3
Treasury deposits
of Treasury Deposit Receipts Act 1952
The Minister of Finance is hereby authorized to accept on behalf of the Federal Treasury at such times and up to such maximum amounts as he may from time to time specify deposits by any person of any sum of fifty thousand ringgit or a multiple of fifty thousand ringgit:
Provided that the total amount of money so accepted and not repaid on deposit at any one time shall not exceed* two hundred million ringgit, or such further sum as may be authorized by resolution of the Dewan Rakyat.
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*NOTE—As authorized by the Legislative Council by resolution on 12 September 1956−see 1956
Hansard page 1529.
6 Laws of Malaysia ACT 236
(2)
The sums received under this section shall be applied, and are hereby appropriated, to the following purposes:
(a)
repayment of the moneys received under this Act, to such extent as the Minister of Finance may determine;
(b)
payment, with the prior approval of the Dewan Rakyat signified by resolution, into the Development Fund specified in the Second Schedule to the Financial Procedure
Act 1957 [Act 61], for the purposes of such Fund.