Malaysia Deposit Insurance Corporation Act 2011 s 113
Malaysia Deposit Insurance Corporation Act 2011 s 113
s 113 Agreements overridden for purposes of paragraph 99(1)(c) and section 106
Where the Corporation or the appointed person has assumed control of a member institution or a receiver has been appointed pursuant to this Act, any stipulation in any agreement shall be of no force or effect if it—
(a) has the effect of providing for, or permitting, anything that, in substance, is contrary to section 107, 109 or 125; or
(b) provides, in substance, that the member institution ceases to have the rights or the bridge institution or another transferee or assignee does not have the rights to use or deal with assets that the member institution or the bridge institution or other transferee or assignee would otherwise have, because of—
(i) the insolvency of the member institution;
(ii) the default by the member institution in the performance of an obligation;
(iii) the assumption of control or the appointment of the receiver; or
(iv) the agreement being transferred or assigned to or assumed by another member institution, a bridge institution or a qualified third party.
Malay text (authoritative)
Perjanjian diatasi bagi maksud perenggan 99(1)(c) dan seksyen 106
Jika Perbadanan atau orang dilantik telah mengambil alih kawalan suatu institusi anggota atau seorang penerima telah dilantik menurut Akta ini, apa-apa terma dalam mana-mana perjanjian tidak mempunyai kuat kuasa atau kesan sekiranya ia—
(a) mempunyai kesan untuk memperuntukkan bagi, atau membenarkan, apa-apa jua pun yang, pada matannya, bertentangan dengan seksyen 107, 109 atau 125; atau
(b) memperuntukkan, dalam perkara matan, bahawa institusi anggota itu terhenti mempunyai hak atau institusi perantaraan atau penerima pindahan atau pemegang serah hak tidak mempunyai hak untuk menggunakan atau berurusan dengan aset yang jika tidak, institusi anggota atau institusi perantaraan atau penerima pindahan atau pemegang serah hak itu akan mempunyai hak, disebabkan oleh—
(i) ketidaksolvenan institusi anggota itu;
(ii) keingkaran oleh institusi anggota itu dalam melaksanakan suatu obligasi;
(iii) pengambilalihan kawalan atau pelantikan penerima itu; atau
(iv) perjanjian itu dipindahkan atau diserahhakkan kepada atau diambil alih oleh institusi anggota lain, institusi perantaraan atau pihak ketiga yang layak.
Text as at 21 July 2023 (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).
