PUBLIC SECTOR HOME FINANCING BOARD ACT 2015

Public Sector Home Financing Board laws OF MALAYSIA Act 767 public sector home financing board act 2015 1 2 Act 767 Laws of Malaysia Date of Royal Assent ... ... 28 May 2015 Date of publication in the Gazette ... ... ... 4 June 2015 Publisher’s Copyright C percetakan nasional malaysia berhad All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording and/or otherwise without the prior permission of Percetakan Nasional Malaysia Berhad (Appointed Printer to the Government of Malaysia). Public Sector Home Financing Board Laws of malaysia Act 767 PUBLIC SECTOR HOME FINANCING BOARD act 2015 ARRANGEMENT OF sections Part I PRELIMINARY Section 1. Short title and commencement 2. Interpretation Part II ESTABLISHMENT OF PUBLIC SECTOR HOME FINANCING BOARD 3. Establishment of the Board 4. Vesting provisions 5. Common seal 6. Functions of the Board 7. Powers of the Board 8. Membership of the Board 9. Tenure of office 10. Allowances 11. Revocation and resignation 12. Meetings and procedures of the Board 13. Committees 14. Vacation of office 15. Board and committee may invite others to meetings 16. Disclosure of interest 17. Validity of acts and proceedings 3 4 Laws of Malaysia Act 767 Part III EMPLOYEES OF THE BOARD Section 18. Chief Executive Officer 19. Appointment of employees 20. Conditions of service, conduct and discipline Part IV PUBLIC SECTOR HOME FINANCING FACILITY 21. Public sector home financing facility policy 22. Allocation for public sector home financing facility 23. Granting of public sector home financing facility 24. Duty to maintain record 25. Board to be responsible for collection and recovery of repayment of public sector home financing facility Part V FINANCIAL PROVISIONS 26. The Fund 27. Expenditure to be charged on the Fund 28. Annual estimates 29. Bank accounts 30. Statutory Bodies (Accounts and Annual Reports) Act 1980 31. Financial procedure Part VI ADDITIONAL POWERS OF THE BOARD 32. Power to borrow 33. Power to invest 34. Power to establish or acquire corporation Public Sector Home Financing Board Part VII GENERAL Section 35. Delegation of powers 37. Returns, reports, accounts and other information 36. 38. 39. 40. 41. 42. 43. Power of Minister to give directions Public Authorities Protection Act 1948 Public servants Representation in civil proceedings Obligation of secrecy Things done in anticipation of the enactment of this Act Power to make regulations Part VIII REPEAL, SAVINGS AND TRANSITIONAL 44. Interpretation 45. Repeal of the Housing Loans Fund Act 1971 47. Transfer of funds 46. Savings and transitional 5 6 Laws of Malaysia Act 767 7 Public Sector Home Financing Board laws of malaysia Act 767 public sector home financing board act 2015 An Act to establish and incorporate the Public Sector Home Financing Board, to provide for its functions and powers, and for matters connected therewith. [ ] ENACTED by the Parliament of Malaysia as follows: Part I PRELIMINARY Short title and commencement 1. (1) This Act may be cited as the Public Sector Home Financing Board Act 2015. (2) This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette and the Minister may appoint different dates for the coming into operation of different provisions or Parts of this Act. 8 Laws of Malaysia Act 767 Interpretation 2. In this Act, unless the context otherwise requires— “repealed Act” means the Housing Loans Fund Act 1971 [Act 42] repealed under section 45; “property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property where the person executing the conveyance is the proprietor or possessor, or wherein he is entitled to a contingent right, either for the whole or part of the interest; (c) any security, including any stock, share, debenture, bond, loan stock, transferable subscription right or warrant; (d) any negotiable instrument, including any bank note, bearer note, Treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property; “committee” means the committee of the Board established under section 13; Public Sector Home Financing Board 9 “public sector home financing facility” means the facility granted by the Board to an approved eligible person; “Chief Executive Officer” means the Chief Executive Officer appointed under section 18 and includes an employee of the Board appointed under subsection 18(7) to act as the Chief Executive Officer; “Fund” means the Public Sector Home Financing Fund established under section 26; “Board” means the Public Sector Home Financing Board established under section 3; “Minister” means the Minister charged with the responsibility for finance; “eligible person” means any person referred to in subsection 23(3); “approved eligible person” means an eligible person whose application for public sector home financing facility has been approved by the Board; “Chairman” means the Chairman of the Board appointed under paragraph 8(1)(a) and includes the Deputy Chairman when he exercises the functions of the Chairman. Part II ESTABLISHMENT OF PUBLIC SECTOR HOME FINANCING BOARD Establishment of the Board 3. (1) A body corporate to be known by the name of “Public Sector Home Financing Board” is established. (2) The Board shall have perpetual succession and a common seal. (3) The Board may sue and be sued in its own name. 10 Laws of Malaysia Act 767 (4) Subject to and for the purposes of this Act, the Board may, upon such terms as it deems fit— (a) enter into contracts; (b) acquire, purchase, take, hold or enjoy, as the case may be, any property, right, interest, obligation and liability of every description; and (c) sell, convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer, lease or otherwise dispose of, or deal with, any property, right, interest, obligation and liability vested in the Board. Vesting provisions 4. (1) Subject to this Act, the Minister may, from time to time, by order published in the Gazette, appoint a vesting date and on such date all properties, rights, interests, obligations and liabilities of the Government specified by the Minister in such order relating to the administration of loan under the repealed Act shall, by virtue of this Act, be transferred to and vested in the Board without any conveyance, assignment or transfer. (2) Every property, right, interest, obligation and liability transferred to and vested in the Board by virtue of subsection (1) shall be so transferred to and vested in the Board for the like title, estate or interest and on the like tenure as the property, right, interest, obligation and liability were vested or held immediately before the vesting date. (3) Every chose in action, right, interest, obligation or liability vested in the Board by virtue of subsection (1) may, on and after the vesting date, be sued on, recovered or enforced by the Board in its own name and it shall not be necessary for the Board or the Government to give notice— (a) to the person bound by the chose in action of; or (b) to the person whose right, interest, obligation or liability is affected by, the vesting effected under subsection (1). Public Sector Home Financing Board 11 (4) Any pending legal proceedings by or against the Government which relates to any property, right, interest, obligation or liability transferred to and vested in the Board by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Board. (5) In the case of rights, interests, obligations and liabilities arising under any loan which are vested in the Board on the vesting date, the Board may enter into such agreements or arrangements over such rights, interests, obligations and liabilities with the Government or any other person. (6) Where by virtue of subsection (1), any property is transferred to and vested in the Board, the provisions of Part Thirty of the National Land Code 1965 [Act 56 of 1965] shall, for the purpose of effecting the registration of such vesting, apply to the Board. (7) On and after the vesting date, any agreement, deed or other arrangement relating to any property, right, interest, obligation and liability transferred to and vested in the Board under subsection (1) to which the Government was a party immediately before the vesting date, whether in writing or not, and whether or not of such a nature that property, right, interest, obligation and liability under the agreement, deed or other arrangement, as the case may be, could be assigned by the Government, shall have effect as if the Board had been a party to such agreement, deed or other arrangement. (8) In this section, “vesting date” means the date appointed by the Minister under subsection (1). Common seal 5. (1) The common seal of the Board shall bear such device as the Board may approve and such seal may be broken, changed, altered and made anew by the Board as it deems fit. (2) Until a seal is provided by the Board, a stamp bearing the words “Public Sector Home Financing Board” may be used and shall be deemed to be the common seal of the Board. 12 Laws of Malaysia Act 767 (3) The common seal of the Board shall be kept in the custody of the Chairman and shall be authenticated by any two members of the Board authorized by the Board, or by one member of the Board and the Chairman. (4) All deeds, documents and other instruments purporting to be sealed with the common seal and authenticated in accordance with subsection (3) shall, until the contrary is proved, be deemed to have been validly executed. (5) The common seal of the Board shall be officially and judicially noticed. Functions of the Board 6. The functions of the Board are— (a) to manage the Fund and to administer the public sector home financing facility in accordance with the provisions of this Act; (b) to advise the Minister on matters relating to the public sector home financing facility; and (c) to do such other things as may be required or permitted to do under this Act. Powers of the Board 7. (1) The Board shall have the power to do all things necessary or expedient for or in connection with the performance of its functions. (2) Without prejudice to the generality of subsection (1), the powers of the Board shall include the power— (a) to utilize all properties of the Board in such manner as the Board may think expedient including raising of moneys for the purposes of the Fund by securitizing or mortgaging the properties; Public Sector Home Financing Board 13 (b) to co-operate with the Federal Government, any State Government, local authority, statutory authority or body corporate for the purposes of performing the functions of the Board; (c) subject to subsection (3), to impose fees or charges for services rendered by the Board; (d) to require the furnishing of information by any person to assist the Board in the performance of its functions; (e) to appoint such agents, advisors including experts, advocates and solicitors, bankers and consultants, and other persons as the Board deems fit to assist it in the performance of its