Islamic Banking Act 1983 s 42

This legislation has been repealed. Do not cite it as law in force.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 42

(1) The Central Bank may, with the approval of Moratorium the Minister, if it considers it to be in the interests of the depositors of an Islamic bank, make an order prohibiting the bank from carrying on banking business or from doing or performing any act or function connected with banking business or any aspect thereof as may be specified in the order. (2) The Central Bank may, with the approval of the Minister, if it considers it to be in the interests of the depositors, apply to the High Court for an order staying the commencement or continuance of any proceedings by or against the bank in regard to any business of the bank. Such an order shall be valid for a period not exceeding.six months. :(3) So long aș an order under subsection (1) remains in force the licence granted to the bank under this Act shall be suspended. • (4) Where an order has been made under subsection (1), the: Central Bank shall notify that fact in the (4) . Ce ara Gazette. [Pt. VI-VII, S. 43-44] Amendment. 43. (1) Every Islamic bank shall, prior to the making constitution. of any amendment or alteration in the memorandum of association or articles of association or other instrument under which it is incorporated, furnish to the Central Bank particulars in writing of such proposed amendment or alteration for its approval. (2) Every Islamic bank shall, within three months after the making of any amendment or alteration in the memorandum of association and articles of association or other instrument under which it is incorporated, furnish to the Minister through the Central Bank particulars in writing (verified by a statutory declaration made by a senior officer of the bank) of such amendment or alteration. (3) Any Islamic bank which fails to comply with the requirements of subsection (1) or (2) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding two thousand ringgit for every day during which the default continues.

Malay text (authoritative)

(1) Bank Negara boleh, dengan kelulusan Menteri, Moratorium. jika difikirkannya berfaedah kepada kepentingan pendeposit-pendeposit sesuatu bank Islam, membuat suatu perintah melarang bank itu daripada menjalankan perniagaan bank atau daripada melakukan atau melaksanakan sesuatu perbuatan atau fungsi yang berkaitan dengan perniagaan bank atau mana-mana aspeknya sebagaimana yang dinyatakan dalam perintah (2) Bank Negara boleh, dengan kelulusan Menteri, jika difikirkannya berfaedah pendeposit-pendeposit itu, memohon kepada Mahkamah Tinggi untuk suatu perintah menahan permulaan atau penerusan mana-mana prosiding oleh atau terhadap bank itu berkenaan dengan apa-apa perniagaan bank itu. Sesuatu perintah . itu adalah sah selama suatu tempoh tidak lebih daripada enam bulan. (3) Selagi sesuatu perintah di bawah subseksyen (1) terus berkuatkuasa lesen yang diberi kepada bank di bawah Akta ini hendaklah digantung. Ksveni fakta itu dalam Warta.

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).

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