s 10
(1) The Director General may from time to time registration. and as he thinks fit- (a) impose conditions of registration on an operator; or (b) add to, vary, or revoke any existing conditions of registration of an operator, who is already registered under this Act in order for it to remain so registered. (2) Any operator who fails to comply with any of the conditions imposed by the Director General under subsection (1) shall be guilty of an offence and shall, on conviction, be liable to a fine of twenty thousand ringgit and to a daily fine of four thousand ringgit. Cancellation 11. (1) The Director General may by order cancel the registration. registration of an operator either wholly or in respect of a class of business, as the case may be, if he is satisfied that— (a) the operator is pursuing aims or carrymg on operations involving any element which is not approved by the Syariah; (b) the operator has not commenced business within twelve months after being registered; (c) the operator has ceased to carry on takaful business in respect of any class of business; (d) the operator has failed to maintain a surplus of assets over liabilities in accordance with subsection (2) (b) of section 4; (e) the o an o. have (f) the crec bee (g) the ma of (h) the (i) th' Ie (j) th th ti d (k) t I (1) (m) (2) ] registri the op tion tc days: cancel opera the re (3) an o] long respe of ti er an 'class at the s the 'any 1 the tion tion me ranS ỉ rencegahah anus) 198г [Pt. II, S. 11l (e) the operator has neglected or refused to observe an order of the Director General to make good any deticiency, whenever its takatul fund shall have become ımpaıred; (f) the operator proposes to make, or has made composition or arrangement with its creditors or has gone into liquidation or has (g) the operator is carrying on its business in a manner likely to be detrimental to the interests of its participants; (h) the operator is unable to meet its obligations; - (i) the operator has failed to effect satisfactory re-takaful arrangements; (i) the operator is contravening or has contravened the provisions of this Act or any of the regulations any conditions imposed or directions given by the Director General under this Act; (k) the operator has been convicted of any offence under this Act or any of its officers holding a nanagerial or an executive position has beel onvicted of anv offence under this Act () the operator has furnished false, misleading or inaccurate information, or has concealed or failed to disclose material facts in its application for registration; or (m) it is in the public interest to cancel the registration. (2) The Director General shall before cancelling any registration under subsection (1) cause to be given to the operator concerned notice in writing of his intentioys a der so, sicife iog a date, not less than fourteen the notice, upon which the cancellation will take effect and calling upon operator to show cause to the Director General why the registration should not be cancelled. (3) Notwithstanding the fact that the registration of an operator has been cancelled under this section, so long as the operator remains under any liability in respect of Malaysian certificates belonging to the class of takaful business to which the registration relates, Effectsof cancellation registration. [Pt. I, S. 11-12] the operator shall take such action as it considers necessary or as may be required by the Director General to satisfy him that reasonable provision has been or will be made for that liability and that adequate arrangements exist or will exist for payment in Malaysia of contributions and claims on those certificates. (4) When the Director General has cancelled a regıstration under subsection (1) he shall forthwith inform the operator of the cancellation. (5) Any operator whose registration has been cancélled pursuant to this section may within sixty days of being notified in writing of the cancellation appeal against the order of cancellation to the Minister whose decision thereon shall be final. (6) An order of cancellation made by the Director General, or where there is an appeal, the decision of the Mınister contirming the order of cancellation shall not take effect until the expiration of a period of fourteen days after the operator has been informed in writing of the order or decision.