3 Establishment of the Corporation
(1) A body corporate to be known as the "Perumahan Rakyat 1Malaysia Corporation" or "PR1MA Corporation Malaysia" is established.
(2) The Corporation shall have perpetual succession and a common seal.
(3) The Corporation may sue and be sued in its corporate name.
(4) Subject to and for the purposes of this Act, the Corporation may, upon such terms as the Corporation thinks fit-
(a) enter into contracts;
(b) acquire, purchase, take, hold and enjoy movable and immovable property of every description; and
(c) convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property or any interest in the property vested in the Corporation.
4 Common seal
(1) The Corporation shall have a common seal which shall bear a device approved by the Corporation and the seal may from time to time be broken, changed, altered and made anew as the Corporation thinks fit.
(2) Until a seal is provided by the Corporation, a stamp bearing the words "PR1MA Corporation Malaysia" may be used and shall be deemed to be the common seal of the Corporation.
(3) The common seal shall be kept in the custody of the Chairman of the Corporation or any other person authorized by the Corporation, and shall be authenticated by either the Chairman of the Corporation or such other person as may be authorized by the Chairman of the Corporation in writing.
(4) All deeds, documents and other instruments purporting to be sealed with the seal and duly authenticated shall, until the contrary is proved, be deemed to have been validly executed.
(5) Any deed, document or other instrument which, if executed by a person not being a body corporate, is not required to be under seal may in like manner be executed by a member of the Corporation or an employee of the Corporation authorized in that behalf.
(6) The common seal of the Corporation shall be officially and judicially noticed.
5 Membership of the Corporation
(1) The Corporation shall consist of-
(a) the following members who shall be appointed by the Prime Minister:
(i) a Chairman;
(ii) not less than two but not more than five representatives of the Federal Government; and
(iii) not less than three but not more than five other members; and
(b) the Chief Executive Officer.
(2) The persons appointed under paragraph (1)(a) shall be persons who, in the opinion of the Prime Minister, have experience and shown capacity and professionalism in matters relating to housing and community development, finance, construction, engineering, business or administration, or are otherwise suitable for appointment because of their special knowledge, experience or suitable qualifications.
6 Temporary exercise of functions of the Chairman
The Prime Minister may appoint temporarily any member of the Corporation, other than the Chief Executive Officer, to act as the Chairman of the Corporation for the period when-
(a) the office of the Chairman of the Corporation is vacant;
(b) the Chairman of the Corporation is absent from duty or from Malaysia; or
(c) the Chairman of the Corporation is, for any other reason, unable to perform the duties of his office.
The provisions of the Schedule shall apply to members of the Corporation.
8 Approval to hold other office
A member of the Corporation shall not, while holding such office, hold any other office or employment, whether remunerated or not, without the prior written approval of the Prime Minister.
9 Tenure of office
Subject to such conditions as may be specified in his instrument of appointment, a member of the Corporation shall, unless he sooner resigns or vacates his office or his appointment is sooner revoked, hold office for a term not exceeding two years and is eligible for reappointment.
10 Remuneration and allowances
(1) The Chairman of the Corporation shall be paid such remuneration and allowances as the Prime Minister may determine.
(2) All other members of the Corporation shall be paid allowances at such rates as the Prime Minister may determine.
11 Subsidies, grants, facilities, etc., for members of Corporation
The Corporation may provide-
(a) subsidies, grants, financing or credit facilities, for housing or vehicle purposes, and other compassionate financing or loans, to the members of the Corporation; or
(b) subsidies, grants, financing or credit facilities, for medical purposes to the members of the Corporation and their dependants,
on such terms and conditions as the Corporation may determine.
12 Revocation of appointment and resignation
(1) The Prime Minister may, at any time, revoke the appointment of any member of the Corporation.
(2) A member of the Corporation may, at any time, resign by giving notice in writing to the Prime Minister.