This legislation has been repealed. Do not cite it as law in force.
Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 22
(1) Every Islamic bank shall obtain the approval of the Minister of any proposed-
(a) arrangement or agreement—
(i) for the sale or disposal of its shares or business; of
(ii) affecting voting power, management or other matters, which will result in a change in the control or management of the bank; and
(b) scheme-
(i) for reconstruction of the bank; or
(ii) for amalgamation, merger or otherwis between the bank and any other cor poration, wherein the whole or any part of the underlaking or the property of the bank is to be transferred to another corporation.
: under subine loan or ie. and (2) shall •be required vritten law. ze expression k means the wer to direct it and policy comply with all be guilty e liable to a it. the approval its shares or nagement or he control or nk; or or otherwise y other corif the underank is to be n. [Pt. IV-V, S. 22-24]
(2) The Minister, on the recommendation of the Central Bank, may approve or refuse to allow the proposed arrangement, agreement or scheme, but the approval of the Minister shall not be unreasonably withheld. 13) Subsechan.. L-ins,hn1S5
Malay text (authoritative)
(1) Tiap-tiap bank Islam hendaklah memperolehi kelulusan Menteri mengenai apa-apa—
(a) perkiraan atau perjanjian yang dicadangkan—
(i) untuk menjual atau melupuskan syer-syer atau perniagaannya; atau
(ii) mengenai kuasa mengundi, pengurusar atau perkara-perkara lain, yang akan mengakibatkan sesuatu perubahan dalam pengawalan atau pengurusan bank itu;
(b) skim yang dicadangkan-
(i) bagi membina semula bank itu; atau
(ii) bagi menyatukan, mencantumkan atau selainnya antara bank itu dan manamana perbadanan lain, dalam mana kesemua atau mana-mana bahagian daripada pengusahaan atau harta bank itu akan dipindah milik kepada suatu perbadanan lain.
(2) Menteri, atas syor Bank Negara, boleh meluluskan atau enggan membenarkan perkiraan, perjanjian atau skim yang dicadangkan itu, tetapi kelulusan Menteri itu janganlah hendaknya ditahan dengan tidak berpatutan. c3)..
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).
