Section 12. Power to establish subsidiary of the Corporation. (BAITUMAL CORPORATION ENACTMENT 1998

ENACTMENT NO. 11 OF 1998
BAITUMAL CORPORATION ENACTMENT 1998

PART II - BAITULMAL CORPORATION

Section 12. Power to establish subsidiary of the Corporation.

(1) The Corporation may, with the approval of the Minister, establish any subsidiary of the Corporation to perform any its duties or to carry out any of its powers under this Enactment.

(2) The Corporation may, with the approval of the Minister and on the advice of the Majlis, make regulations in respect of such subsidiary of the Corporation established under subsection (1) defining -

(a)

the responsibilities, powers and the rights of the subsidiary of the Corporation;

(b)

the system of management of the subsidiary of the Corporation; and

(c)

the relationship between the Corporation and the subsidiary of the Corporation.

(3)The provisions of the Second Schedule shall apply to every subsidiary of the Corporation established by the Corporation under subsection (1).