Islamic Banking Act 1983 s 38
This legislation has been repealed. Do not cite it as law in force.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 38
Where the Central Bank has acted under paragraph Effect of
(c) of subsection (2) of section 37 with respect to an removal of office of Islamic bank, the following provisions shall have director or effect— appointment of a
(a) notwithstanding anything contained in the director Companies of a bank and the articles of by the association of the bank, the rights of the mem- Bank. bers or holders of shares to elect directors of Act 125.
[Pt. VI, S. 38-39] Control of Islamic bank by Bank. the bank in place of those who are removed from office by the Central Bank shall cease to be exercisable;
(b) any director removed from office under that paragraph shall cease to hold office, and shall not be entitled to claim any compensation for the loss or termination of office; and
(c) every r'emoval or appointment under that paragraph shall be final and conclusive and shall not be questioned in any Court.
Malay text (authoritative)
Jika Bank Negara telah bertindak di bawah para- Akibat grat (C) subseksyen (2) seksyen 37 berkenaan dengan pemecatan bank Islam, peruntukan-peruntukan yang pengarah berikut hendaklah berkuatkuasaperlantikan
(a) walau apa pun yang terkandung dalam Akta seseorang Syarikat 1965 dan artikel persatuan bank itu, pengarah sesuatu hak-hak bagi anggota-anggota atau pemegangbank oleh Bank pemegang syer untuk memilih Negara. pengarah bank itu bagi menggantikan mereka Akta 125. yang telah dipecat dari jawatan oleh Bank Negara hendaklah terhenti daripada berkuatkuasa;
(b) seseorang pengarah yang dipecat dari jawatan di bawah paragraf itu hendaklah terhenti daripada memegang jawatan, dan tidaklah berhak menuntut apa-apa pampasan kerana kehilangan atau penamatan jawatan; dan
(c) tiap-tiap pemecatan atau perlantikan di bawah paragrat itu adalah muktamad dan konklusif dan tidak boleh disoal dalam mana-mana Mahkamah.
Read this section in the full act → · Open Part VI →
Find Act 276 on lom.agc.gov.my ↗
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).
