Labuan Financial Services and Securities Act 2010 s 170
s 170 Consequences of revocation or surrender of licence
(1) Where the revocation of a licence or registration under section 167 or the surrender of a licence or registration under section 169 has taken effect, the licensed entity shall, as from the date such revocation or surrender takes effect, cease to transact any further business.
(2) Notwithstanding subsection (1), where a licensed entity continues to exist as a corporation after the revocation of its licence has taken effect, the Minister may, on the recommendation of the Authority, authorise in writing such licensed entity to continue to transact its business activities to such extent and for such duration as the Minister may specify in the authorisation for the purposes of the winding-up of its affairs or for the purposes of meeting the claims of its policy owners, other customers or creditors.
(3) Every licensed entity whose licence has been revoked or surrendered shall continue to be subject to the provisions of this Act as long as its liabilities remain unsatisfied or not otherwise provided for.
Malay text (authoritative)
Akibat pembatalan atau penyerahan balik lesen
(1) Jika pembatalan sesuatu lesen atau pendaftaran di bawah seksyen 167 atau penyerahan balik lesen atau pendaftaran di bawah seksyen 169 telah berkuat kuasa, entiti berlesen itu hendaklah, mulai tarikh berkuatkuasanya pembatalan atau penyerahan balik itu, terhenti menjalankan apa-apa perniagaan selanjutnya.
(2) Walau apa pun subseksyen (1), jika suatu entiti berlesen terus wujud sebagai suatu perbadanan selepas pembatalan lesennya telah mula berkuat kuasa, Menteri boleh, atas syor Lembaga, membenarkan secara bertulis entiti berlesen itu untuk terus menjalankan aktiviti perniagaannya pada apa-apa takat dan bagi apa-apa tempoh masa sebagaimana yang ditentukan oleh Menteri dalam kebenaran itu bagi maksud penggulungan hal ehwalnya atau bagi maksud menjelaskan tuntutan pemunya polisinya, pelanggan atau pemiutang lain.
(3) Tiap-tiap entiti berlesen yang lesennya telah dibatalkan atau diserah balik hendaklah terus tertakluk kepada peruntukan Akta ini selagi liabilitinya belum dijelaskan atau tidak dibuat peruntukan selainnya mengenainya.
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Read this section in the full act → · Open Division 2 →
Find Act 704 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).
