Malaysia Deposit Insurance Corporation Act 2011 s 124
Malaysia Deposit Insurance Corporation Act 2011 s 124
s 124 Assumption of portion of uninsured deposit or unprotected benefit liability
(1) Notwithstanding any law or contract, if the Corporation causes a portion of a deposit liability that is not insured by the Corporation or a portion of a takaful or insurance benefit liability that is not protected by the Corporation to be transferred to a bridge institution, the bridge institution shall be subrogated to all of the rights and interests of the creditor in relation to the entire liability and may maintain an action therefor in its own name or in the name of the creditor.
(2) As soon as the bridge institution has received an amount equal to the portion of the liability that it assumed, the rights and interests of the creditor in relation to the balance of the liability shall revert to the creditor, without any act of transfer or other formality.
Malay text (authoritative)
Pengambilalihan sebahagian liabiliti deposit yang tidak diinsuranskan atau manfaat yang tidak dilindungi
(1) Walau apa pun mana-mana undang-undang atau kontrak, jika Perbadanan menyebabkan sebahagian liabiliti deposit yang tidak diinsuranskan oleh Perbadanan atau sebahagian liabiliti manfaat takaful atau manfaat insurans yang tidak dilindungi oleh Perbadanan dipindahkan kepada suatu institusi perantaraan, institusi perantaraan itu adalah disubrogasi kepada semua hak dan kepentingan pemiutang berhubung dengan keseluruhan liabiliti itu dan boleh mengambil tindakan atas nama institusi perantaraan atau nama pemiutang.
(2) Apabila sahaja institusi perantaraan telah menerima suatu amaun yang bersamaan dengan bahagian liabiliti yang telah diambil alih itu, hak dan kepentingan pemiutang berhubung dengan baki
liabiliti itu hendaklah kembali kepada pemiutang itu, tanpa apa-apa tindakan pindahan atau formaliti yang lain.
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).
