Minister of Finance Incorporation Act 1957

The Minister of Finance (Incorporation) Act 1957 is a significant legislative act in Malaysia that established the corporate entity known as the Minister of Finance (Incorporated). This body plays a crucial role in managing and holding government assets in Malaysia and ensuring effective and efficient financial administration.

Background

The act was enacted by the Parliament of Malaysia in 1957, a critical year as it marks the period shortly after Malaysia's independence from British colonial rule. The law was designed to facilitate the Malaysian government's control over its financial and physical assets through the office of the Minister of Finance.

Structure and Function

Under the Minister of Finance Incorporation Act 1957, the Minister of Finance (Incorporated) operates as a corporate body. This structure allows it to own, purchase, hold, and dispose of movable and immovable property on behalf of the Malaysian government. The act also grants the Minister powers to enter into contracts, sue and be sued, and perform various legal acts essential for managing state assets and funds.

Key Provisions

Corporate Identity: The act creates a legal entity under the name of the Minister of Finance, allowing it to function as a corporation.
Asset Management: It is responsible for the ownership and management of government assets and funds, including properties and shares.
Legal Authority: Provides the Minister with the legal authority to engage in activities necessary for financial governance, including contractual agreements and litigation.

Impact and Implementation

The establishment of the Minister of Finance (Incorporated) under this act has enabled the Malaysian government to centralize its financial operations and asset management. This centralization aids in reducing bureaucracy, enhancing transparency, and ensuring that government assets are managed efficiently. The act has been instrumental in the formation of various government-linked companies and projects that benefit from this corporate structure.

Examples of Implementation

Prasarana Malaysia and MRT Corporation are notable entities established under this act. These organizations manage significant public infrastructure projects, such as urban transit systems, contributing to Malaysia's economic development.
The act has facilitated the government's involvement in numerous public-private partnerships and investments, enhancing national growth.

Related Legislation

The Minister of Finance Incorporation Act 1957 is part of a broader legislative framework governing financial administration in Malaysia. Related acts include the Unclaimed Moneys Act 1965, the Stamp Act 1949, and the Financial Procedure Act 1957, which collectively support the country's fiscal policy and management.

Minister Of Finance Incorporation Act 1957