← Bank Simpanan Nasional Berhad Act 1997

Bank Simpanan Nasional Berhad Act 1997 s 48

s 48 Bank unable to meet obligations to inform the Minister

(1) In the event the Bank is insolvent, or is likely to become unable to meet all or any of its obligations, or that it is about to suspend payment to any extent, the Bank shall immediately inform the Minister of that fact. (2) Where the Bank fails to comply with subsection (1), it shall not exceeding three million ringgit and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction. (3) Where the Bank is guilty of an offence under subsection (2), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both and, in the case of a continuing offence, to a further fine not exceeding three thousand ringgit for each day during which the offence continues after conviction.

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Find Act 571 on lom.agc.gov.my ↗

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

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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