(1) Neither the Government nor the Central Bank nor any officer of either shall be subject to any action, claim or demand by or liability to any person in respect of anything done or omitted to be done in good faith in pursuance or in execution or intended execution, or in connection with the executing or intended execution, of any power conferred upon the Government, Central Bank or the officer by this Act.
(2) For the purposes of this section a Minister and any public officer shall be deemed to be an officer of the. Government; and the. Governor and Deputy Governor of the Central Bank and any director or employee thereof and any person holding any office therein or appointed by the "Central Bank under paragraph (c), (d) or (e) of subsection (2) of section 37 shall be deemed to be an officer of the Central Bank.
: Central Bank to any action, ison in respect • in good faith 1 execution, OI ided execution, nment, Central i Minister and e an officer of and Deputy iy director or ing any office ik: under paraection 37 shall 3ank. IPt. VII, S. 45-47] ISLAMIE BANKING
Where an Islamic bank becontes unable to meet its priority of obligations or suspends payments, the assets of the savings bank in Malaysia shall be available to meet all sight account and savings account labilities of the bank in Malaysia; liabilities. and such liabilities shall have priority over all other liabilities of the bank. 3uD,41as5
(1) Any person who, being a director or manager Penalties on of an Islamic bank-
(a) fails to take all reasonable steps to secure compliance by the bank with the requirements of this Act and of the Central Bank of Malaysia Ordinance 1958 (hereafter in this section 61/58. referred to as "the Ordinance"); or
(b) fails to take all reasonable steps to ensure the correctness of any statement submitted under the provisions of this Act or the Ordinance, shall be guilty of an offence and shall on conviction be eason ae gr ound o batacte tot
(3) A person shall not be sentenced to imprisonment for any offence under subsection (1) unless in the opinion of the Court be committed the offence wilfully. or agent of anty istamic ba, trustee, auditor , employee Offences bi directors,
(a) wilfully makes or causes to be made a false entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, condition, assets or accounts of the bank; or
(b) wilfully omits to make an entry in any book of record or in any report, slip, document or 'statement of the business, affairs, transactions, condition, assets or accounts of the bank, or wilfully causes any such entry to be omitted: or
•[Pt. VIl, S. 47-49]
(c) wilfully alters, abstracts, conceals or destroys an entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, condition; assets or accounts of the bank, or wilfully causes any such entry to be altered, abstracted, concealed or destroyed, shall be guilty of an offence and shall on conviction be liable to a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding tve years or to both such fine and imprisonment. Offences by companies, etc., and by servants and agents.
(1) Where any offence against any provision of this Act has been committed by a corporation, firm, society or other body of persons, any person who at the time of the commission of the offence was a director, manager, secretary or other similar officer thereof or was purporting to act in such capacity shall be deemed to be guilty of that oflence unless he proves that the ofience was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.
(2) Where any person would be liable under this Act to any punishment or penalty for any act, omission, neglect or default, he shall be liable to the same punishment or penalty for every such act, omission, neglect or detault of any clerk, servant or agent, or of the clerk or servant of the agent, provided that the act, omission, neglect or default was committed by the clerk or servant in the course of his employment, or by the agent when acting on behalf of the person, or by the clerk or servant of the agent when acting in the course of his employment in such circumstances that had the act, omission, neglect or default been committed by the agent his principal would have been liable under this section. Prohibition on receipt of
Any director, officer or employee of an Islamic commission bank, or other persons being persons receiving remuneby staff. ration from the Islamic bank, who asks for or receives,
r destroys ny report, business, assets or auses any concealed iviction be ringgit or 'e years or ion of this 'm, society t the time ector, maeof or was deemed to the offence .vance and t the comexercised, ns in that er this Act omission, ne punishneglect or f the clerk , omission, or servant igent when e clerk or urse of his id the act, ed by the under this an Islamic ng remuneor receives, ommission, ty or thing Ivantage or [Pt. VII, S. 49-53] for that of any of his relatives, from any person other than from that bank, for procuring or endeavouring to lacility from that bank or the purchase or discount o gations by the bank, or for permitting any person to overdraw any account with that bank, shall be guilty of an offence and shall on conviction be liable to a not exceeding twenty thousand ringgit or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.
Any Islamic bank which contravenes or fails to General comply with any provision of this Act or regulations penalty. made thereunder for which no penalty is expressly provided shall be guilty of an offence and shall on conviction be liable to a fine not exceeding fitty thousand ringgit.
(1) The Governor of the Central Bank, with the Power of concurrence of the Minister, may compound any offence punishable under this Act by accepting such sum of money as he thinks fit, being not exceeding the amount of the maximum fine to which that person would have been liable if he had been convicted of the offence.
(2) Any moneys paid to the Governor pursuant to the provisions of subsection (1) shall be paid into and form part of the Consolidated Fund. 24. No prosecution in respect of any offence under this Consent of the Public Act shall be instituted without the consent in writing Prosecutor of the Public Prosecutor.
(1) The Central Bank may with the approval of the Regulations. Minister make such regulations as may be required from time to time for carrying into effect the objects of this
(2) Without prejudice to the generality of subsection
(1), regulations may be made-
(a) to provide for control by the Centrai Bank with respect to the acquisition or holding by an Islamic bank of shares of any corporation or the acquisition or development by the bank of any immovable property;
[Pt. VII, S. 53-54] *(771307 ine. 1171307 Bank holidays. Act 102.
(b) to provide for control by the Central Bank with respect to an Islamic bank becoming a partner or proprietor of any firm with unlimited liability;
(c) to provide for control by the Central Bank with respect to the granting of any credit facility to any person for the purpose of financing the acquisition or holding of immovable property shares and contracts in consumer credit and commodity futures;
(d) to provide for the declaration by directors of Islamic banks to the board of directors of their respective Islamic banks of the number and description of any shares in any corporation which are held by or in trust for them or of which they have any right to become the holder (whether on payment or not) or in which they have, directly or indirectly, any beneficial interest, and of the nature of their interest as partner, director, manager or agent in any firm or corporation; and
(e) to provide for the declaration by executive directors, officers and employees of Islamic banks to the respective boards of directors of such Islamic banks or such other person as may be specified in the regulations of the following kinds of interest held by or for any of them or any of their spouses or children:
(i) the number and description of any shares in any corporation which are held by or in trust for any such executive director, officer, employee, spouse or child or of which he has any right to become the holder (whether on payment or not) or in which he has, directly or indirectly, any beneficial interest;
(ii) the nature of any interest. as partner, director, manager or agent in any firm or corporation; and
(iil) all other assets; and peaf ic on amyc bandedared a bank bosiday undier the provisions of section 57 (1) of the Banking Act 1973.
Bank with a partner ited liabi- Bank with facilitrr tarporation lem or of the holder vhich they beneficial interest as 1 any firm executive ›f Islamic irectors of on as may following of them or any shares held by or e director. hild or of ecome the or not) or indirectly, narond. sm time to the Central cessary for [Pt. VII-VII, S. 55-57]
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
