Islamic Banking Act 1983 s 39
This legislation has been repealed. Do not cite it as law in force.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 39
(1) Where the Central Bank has assumed or has appointed another person to assume control of the business of an Islamic bank in pursuance of paragraph
(e) of subsection (2) of section 37, the Central Bank or that person shall, subject to subsection (2), remain in control of the bank and continue to carry on the business of the bank in the name and on behalf of the bank until such time as the Central Bank is satisfied that the reasons for which it assumes control or has appointed another person to assume control have ceased to exist.
(2) Where the Central Bank has assumed control, or has appointed another person to assume control, of the business of an Islamic bank in pursuance of paragraph (e) of subsection (2) of section 37 the High Court may, upon application of the bank, order that the Central Bank shall cease to control the business of the bank as from a date specified in the order if the High Court is satisfied that it is no longer necessary for the protection of the depositors of the bank that the Central Bank should remain in control of the business of the bank.
(3) Where the Central Bank has assumed control, or has appointed another person to assume control, of the business of an Islamic bank in pursuance of paragraph (e) of subsection (2) of section 37, or ceased to control the business of an Islamic bank in pursuance of this section, the Central Bank shall notify that fact in the Gazette.
3 removed 1l cease to ınder that ,and shall isation for that paraand shall led or has rol of the paragraph al Bank or remain in ry on the half of the is satisfied rol or has lave ceased control, or control, of se of para- Figh Court I that the ness of the f the High ary for the the Central ness of the =d control, control, of ce of parar ceased to pursuance ý that fact [Pt. VI, S. 40-42] ISLAMIC' BANKING
Malay text (authoritative)
(1) Jika Bank Negara telah mengambil alih Pank isllan atau telah melantik seorang lain untuk mengambil alih kawalan, perniagaan sesuatu bank Negara. Islam menurut paragraf (e) subseksyen (2) seksyen 37, maka Bank Negara atau orang itu hendaklah, tertakluk boge phiat bain flu aling Benik Nler Brpan,
: [Bah. VI, S. 39-40] hati bahawa sebab-sebab yang kerananya ia mengambil alih kawalan atau telah melantik seorang lain untuk mengambil alih kawalan itu sudah tidak ada lagi.
(2) Jika Bank Negara telah mengambil alih kawalan, atau telah melantik seorang lain untuk mengambil paragraf (e) subseksyen (2) seksyen 37, maka Mahkamah Tinggi boleh, atas permohonan bank itu, memerintahkan supaya Bank Negara hendaklah berhenti mengawal perniagaan bank itu mulai dari suatu tarikh yang dinyatakan dalam perintah itu jika Mahkamah Tinggi berpuas hati bahawa tidaklah lagi perlu bagi Bank Negara meneruskan kawalannya terhadap perniagaan bank itu untuk melindungi pendeposit-pendeposit bank itu.
(3) Jika Bank Negara telah mengambil alih kawalan, atau telah melantik seorang lain untuk mengambil alih kawalan, perniagaan sesuatu bank Islam menurut paragraf (e) subseksyen (2) seksyen 37, atau telah berhenti mengawal perniagaan sesuatu bank Islam menurut seksyen ini, maka Bank Negara hendaklah memberitahu fakta itu dalam Warta. Bank Islam
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).
