Labuan Islamic Financial Services and Securities Act 2010 s 127
s 127 Consequences of revocation or surrender of licence
(1) Where the revocation of a licence or registration under section 124 or the surrender of a licence or registration under section 126 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 or surrender of its licence has taken effect, the Minister may, on the recommendation of the Authority, authorize 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 authorization 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(3) Every licensed entity whose licence has been revoked or surrendered shall continue to be subjected to the provisions of this Act as long as its liabilities remain unsatisfied or not otherwise provided for.
Malay text (authoritative)
Akibat pembatalan dan penyerahan balik lesen
(1) Jika pembatalan sesuatu lesen atau pendaftaran di bawah seksyen 124 atau penyerahan balik lesen atau pendaftaran di bawah seksyen 126 telah berkuat kuasa, entiti berlesen itu hendaklah, mulai dari tarikh pembatalan atau penyerahan balik itu berkuat kausa, terhenti untuk menjalankan apa-apa perniagaan selanjutnya.
(2) Walau apa pun subseksyen (1), jika sesuatu entiti berlesen terus wujud sebagai suatu perbadanan selepas pembatalan atau penyerahan balik lesennya mula berkuat kuasa, Menteri boleh, atas syor Lembaga, memberi kuasa secara bertulis kepada entiti berlesen itu untuk terus menjalankan aktiviti perniagaannya pada apa-apa takat yang dan bagi apa-apa tempoh masa sebagaimana yang dinyatakan oleh Menteri dalam kebenaran itu bagi maksud penggulungan hal ehwalnya atau bagi maksud menjelaskan tuntutan pemunya polisinya, pelanggan lain atau pemiutang.
(3) Tiap-tiap entiti berlesen yang lesennya telah dibatalkan atau diserahkan balik hendaklah terus tertakluk kepada peruntukan Akta ini selagi liabilitinya tidak dijelaskan atau tidak diperuntukkan selainnya.
Read this section in the full act → · Open Part XII →
Find Act 705 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).
