(1) An approved clearing house may have default rules which provide for the taking of default proceedings if a participant has failed, or appears to be unable, or likely to become unable, to meet its obligations in respect of all or any unsettled market contracts to which the participant is a party.
(2) Where an approved clearing house takes any default proceedings, all subsequent proceedings or other action taken under its rules for the purposes of the settlement of market contracts of which the defaulter concerned is a party shall be treated as done under the default rules of the approved clearing house notwithstanding that, but for this subsection, such proceedings or other action would not be treated as done under the default rules of the approved clearing house.
Malay text (authoritative)
Kaedah-kaedah ingkar
(1) Suatu pusat penjelasan diluluskan boleh mempunyai kaedah-kaedah ingkar yang mengadakan peruntukan bagi pengambilan prosiding ingkar jika seorang peserta telah gagal, atau didapati tidak boleh, atau berkemungkinan tidak boleh, untuk menunaikan obligasinya berkenaan dengan semua atau mana-mana kontrak pasaran yang belum selesai yang peserta itu merupakan suatu pihak.
(2) Jika suatu pusat penjelasan diluluskan mengambil apa-apa prosiding ingkar, semua prosiding yang berikutnya atau tindakan lain yang diambil di bawah kaedah-kaedahnya bagi maksud penyelesaian kontrak pasaran yang orang ingkar itu merupakan suatu pihak hendaklah dikira terlaksana di bawah kaedah-kaedah ingkar pusat penjelasan diluluskan itu walaupun, jika tidak kerana subseksyen ini, apa-apa prosiding itu atau tindakan lain tidak akan dikira terlaksana di bawah kaedah-kaedah ingkar pusat penjelasan diluluskan itu.
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).
