Act 102 Banking Act, 1973 PART VII - MISCELLANEOUS
Section 59. Exemption.
(1) The provisions of this Act shall not apply to-
(a) the Post Office Savings Bank established under the provisions of the Post Office Savings Bank Ordinance, 1948 [40/48] of the States of Malaya or Post Office Savings Bank Ordinance of Sarawak [Swk. Cap. 40];
(b) any business of pawnbroking carried on by a person licensed under any written law relating to pawnbrokers for the time being in force in the Federation; and
(c) any borrowing company licensed under the Borrowing Companies Act, 1969 [Act 6].
(2) The Minister may on the recommendation of the Central Bank, exempt any business prescribed to be banking business under section 2 on such terms and conditions as may be imposed.
