Malaysia Deposit Insurance Corporation Act 2011 s 39
s 39 Termination of membership
(1) The Board may, at any time after the Corporation has received a notification under section 98 and whether or not the Corporation has exercised any of its powers under section 99, convene a meeting to determine whether the membership of the member institution should be terminated.
(2) Where the Board proposes to terminate the membership of the member institution, the Corporation shall give written notice of its proposal to the member institution and shall afford the member institution an opportunity to make representations within five days from the date of the notice in respect of the proposal.
(3) Where representations are received by the Corporation from the member institution, the Board shall consider the representations and shall make a determination to confirm or not to confirm the proposal to terminate the membership of the member institution.
(4) Where the Board has confirmed its proposal to terminate the membership of the member institution, the Corporation shallβ
(a) immediately inform the Minister and Bank Negara Malaysia in writing; and
(b) issue a written notice of termination of membership to the member institution whose membership shall terminate on the expiration of the period specified in the notice.
(5) (Deleted by Act A1505).
(6) (Deleted by Act A1505).
(7) Where, at any time after a notice of termination has been given to a member institution under subsection (4), the Corporation is satisfied that as the result of any action by the member institution, or any other person, the risks to depositors or takaful beneficiaries or insured persons or to the Corporation have been averted or substantially reduced, the Corporation may revoke its notice of termination and inform the Minister accordingly.
(8) Any decision by the Corporation to terminate a membership or to revoke such termination shall be final and binding.
Malay text (authoritative)
Penamatan keanggotaan
(1) Lembaga boleh, pada bila-bila masa selepas Perbadanan menerima suatu pemberitahuan di bawah seksyen 98 dan sama ada Perbadanan telah menjalankan mana-mana kuasanya di bawah seksyen 99 atau tidak, mengadakan suatu mesyuarat untuk memutuskan sama ada keanggotaan institusi anggota itu patut ditamatkan.
(2) Jika Lembaga bercadang untuk menamatkan keanggotaan institusi anggota itu, Perbadanan hendaklah memberikan notis bertulis mengenai cadangannya kepada institusi anggota itu dan hendaklah memberi institusi anggota itu suatu peluang untuk membuat representasi dalam tempoh lima hari dari tarikh notis itu berkenaan dengan cadangan itu.
(3) Jika representasi telah diterima oleh Perbadanan daripada institusi anggota itu, Lembaga hendaklah menimbangkan representasi itu dan hendaklah membuat keputusan untuk mengesahkan atau tidak mengesahkan cadangan untuk menamatkan keanggotaan institusi anggota itu.
(4) Jika Lembaga telah mengesahkan cadangannya untuk menamatkan keanggotaan institusi anggota itu, Perbadanan hendaklahβ
(a) dengan serta-merta memaklumkan Menteri dan Bank Negara Malaysia secara bertulis; dan
(b) mengeluarkan suatu notis bertulis mengenai penamatan keanggotaan kepada institusi anggota yang keanggotaannya
hendaklah ditamatkan apabila habis tempoh yang ditentukan dalam notis itu.
(5) (Dipotong oleh Akta A1505).
(6) (Dipotong oleh Akta A1505).
(7) Jika, pada bila-bila masa selepas suatu notis penamatan telah diberikan kepada suatu institusi anggota di bawah subseksyen (4), Perbadanan berpuas hati bahawa sebagai akibat daripada apa-apa tindakan oleh institusi anggota itu, atau mana-mana orang lain, risiko kepada pendeposit atau benefisiari takaful atau orang diinsuranskan atau Perbadanan telah dielakkan atau dikurangkan secara substansial, Perbadanan boleh membatalkan notis penamatannya itu dan memaklumkan Menteri sewajarnya.
(8) Apa-apa keputusan Perbadanan untuk menamatkan suatu keanggotaan atau membatalkan penamatan itu adalah muktamad dan mengikat.
Read this section in the full act β Β· Open Part III β
Find Act 720 on lom.agc.gov.my β
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).
