s 24 Sanction required for reconstruction, etc., of the Bank
(1) No person shall enter into an agreement or arrangement— (a) which will result in a change in the control of the Bank or its holding company; (b) for the sale, disposal, or transfer of the whole or any part of the business of the Bank; (c) for the amalgamation or merger of the Bank with any other person; or (d) for the reconstruction of the Bank, unless— (i) the proposed agreement or arrangement is in writing; and (ii) all the parties thereto have first made an application in writing to the Minister for his approval of such agreement or arrangement and have obtained the Minister’s approval thereto. (2) For the purposes of this section, “business” means any activity carried on for the purpose of gain or profit and includes all property derived from, or used in or for the purpose of, carrying on such activity and all rights and liabilities arising from such activity. (3) Any person who fails to comply with subsection (1) shall not exceeding ten million ringgit or to imprisonment for a term not exceeding ten years or to both.