Malaysia Deposit Insurance Corporation Act 2011 s 43
s 43 Transfers of deposits among deposit-taking members
(1) Where deposit liabilities of a deposit-taking member (referred to in this section as the “transferring member”) are transferred to and assumed by another deposit-taking member, those deposits, less any withdrawals from the deposits, shall be deemed to be and continue to be separately insured by the Corporation up to such limit as prescribed under subsection 42(2) for a period of two years, or until maturity or full withdrawal, whichever is earlier, after the date of transfer and assumption.
(2) Where there is a transfer of deposit liabilities under subsection (1)—
(a) the transferring member shall give notice of the transfer of deposit liabilities and the continued separate insurance referred to in subsection (1); and
(b) the Corporation may give notice of the matters referred to in paragraph (a) if in the opinion of the Corporation, the public interest requires that such notice be given,
by publication in at least two daily newspapers published in Malaysia, one of which shall be in the national language.
(3) The transferring member shall indemnify the Corporation in the event that any payment is made by the Corporation to depositors on account of the separate insurance referred to in subsection (1).
(4) If the membership of the transferring member is cancelled or terminated after the date on which a deposit liability is transferred to and assumed by a transferee deposit-taking member, the separate insurance referred to in subsection (1) shall apply in lieu of the continuing insurance referred to in paragraph 40(1)(b).
(5) A deposit-taking member shall maintain such records as are required by the Corporation for the purposes of subsection (1).
(6) A deposit-taking member that contravenes paragraph (2)(a) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit and shall, in addition, be liable to a daily fine not exceeding fifty thousand ringgit for every day the offence continues after conviction.
Malay text (authoritative)
Pemindahan deposit antara anggota penerima deposit
(1) Jika liabiliti deposit anggota penerima deposit (dalam seksyen ini disebut sebagai “anggota pemindah”) dipindahkan kepada dan diambil alih oleh anggota penerima deposit yang lain, deposit itu, ditolak apa-apa pengeluaran daripada deposit itu, disifatkan sebagai dan akan terus diinsuranskan secara berasingan oleh Perbadanan setakat apa-apa had yang ditetapkan di bawah subseksyen 42(2) selama tempoh dua tahun, atau sehingga deposit itu matang atau dikeluarkan kesemuanya, mengikut mana-mana yang lebih awal, selepas tarikh pemindahan dan pengambilalihan.
(2) Jika terdapat pemindahan liabiliti deposit di bawah subseksyen (1)—
(a) anggota pemindah itu hendaklah memberikan notis mengenai pemindahan liabiliti deposit dan insurans yang berasingan yang berterusan yang disebut dalam subseksyen (1); dan
(b) Perbadanan boleh memberikan notis mengenai perkara yang disebut dalam perenggan (a) jika pada pendapat Perbadanan, kepentingan awam menghendaki supaya notis itu diberikan,
melalui penyiaran dalam sekurang-kurangnya dua akhbar harian yang disiarkan di Malaysia, salah satu daripadanya hendaklah dalam bahasa kebangsaan.
(3) Anggota pemindah hendaklah menanggung rugi Perbadanan sekiranya apa-apa bayaran dibuat oleh Perbadanan kepada pendeposit disebabkan oleh insurans berasingan yang disebut dalam subseksyen (1).
(4) Jika keanggotaan anggota pemindah dibatalkan atau ditamatkan selepas tarikh liabiliti deposit dipindahkan kepada dan diambil alih oleh anggota penerima deposit yang mengambil alihnya, insurans berasingan yang disebut dalam subseksyen (1) hendaklah terpakai sebagai ganti insurans berterusan yang disebut dalam perenggan 40(1)(b).
(5) Anggota penerima deposit hendaklah menyenggara apa-apa rekod yang dikehendaki oleh Perbadanan bagi maksud subseksyen (1).
(6) Anggota penerima deposit yang melanggar perenggan (2)(a) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi lima juta ringgit dan boleh, sebagai tambahan, dikenakan denda harian tidak melebihi lima puluh ribu ringgit bagi tiap-tiap hari kesalahan itu berterusan selepas sabitan.
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Find Act 720 on lom.agc.gov.my ↗
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).
