Second Schedule. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

Second Schedule.

(Sections 7 (2), (5) and (6),11 (2) and (3))

FEDERATION ASSETS AUTHORISED FOR DEPOSITS AND INSURANCE FUNDS

1. Securities of which the principI or interest is charged directly or by way of guarantee on the Consolidated Fund of the Federation or of any State.

2. Debentures or other loans issued under the authority of any written Iaw by any authority or body established by any written law to discharge, otherise than with a view to profit, any functions of a public nature (incluing the provision of public utility and similar services) .

3. Shares in, or debentures or other securities of, a body incorporated in the Federation Which are listed by the MalaysIan Stock Exchange.

4. Shares in, or debentures or other securities of, a society registered under the Co-operative Societies Ordinance*, 1948.

5. Estates or interests in land in the Federation, and, up to the value of that security, loans secured on any such estate or interest.

6. In relation to any insurer, any loan secured on a life policy of the insurer, but only up to the value that security (calculated in the prescribed manner), and only if the policy is a Federation policy and the principal and interest of the loan is payable in the currency of the Federation.

7. Any currency of the Federation, and any amount payable in that currency which is held on current account or deposit in the Federation with a bank licensed under the Banking Ordinance †, 1958.

8. Such other investments in or connected with the Federation as may be prescribed.

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* In its application to Sabah and Sarawak, substitute the corresponding written law-The Co-operatIve Societies Ordinance of Sabah, 3/58 and the Co-operative Societies Ordinance of Sarawak (Cap. 66), as the case may be-See Modification of Laws (Insurance) (Extension) Order, 1964, F.L.N.470/64.

† The Banking Ordinance, 1958 (F.M. 62 of 1958) was extended to the Borneo States with effect from 21st January, 1965 vide Act No. 17 of 1965.