Malaysia Deposit Insurance Corporation Act 2011 s 56
s 56 Obligatory payment
(1) The Corporation shall make payment in respect of any deposit insured by the Corporation where a winding up order has been made in respect of—
(a) a deposit-taking member that holds the deposit;
(b) a former deposit-taking member as referred to in paragraph 40(1)(b), if the winding up order is made within two years from the effective date of the cancellation or termination of the membership; or
(c) any person to whom the deposit liability has been transferred under subsection 44(1) if the winding up order is made within the remainder of the assessment year after the date of transfer and assumption.
(2) Where the Corporation is obliged to make payment under subsection (1) in respect of any deposit, the Corporation shall as soon as possible and in any case not later than three months from the date of the winding up order (referred to in this section as the “statutory period”) make payment to such person based on the records of the deposit-taking member, former deposit-taking member or person to whom the deposit liability has been transferred as referred to in paragraph (1)(c), as in the opinion of the Corporation appears to be entitled to it.
(3) The statutory period shall not apply if the Corporation is unable to determine the person entitled to a payment or the amount to be paid in respect of a deposit, by reason of—
(a) the operation of law;
(b) a court action over the entitlement to or amount of a deposit;
(c) an order of a court; or
(d) a bankruptcy or winding up petition presented to a court against a depositor.
(4) Any decision made by the Corporation relating to the person entitled to a payment or the amount to be paid in respect of a deposit shall be final and binding.
Malay text (authoritative)
Bayaran wajib
(1) Perbadanan hendaklah membuat bayaran berkenaan dengan mana-mana deposit yang diinsuranskan oleh Perbadanan jika suatu perintah penggulungan telah dibuat berkenaan dengan—
(a) anggota penerima deposit yang memegang deposit itu;
(b) bekas anggota penerima deposit sebagaimana yang disebut dalam perenggan 40(1)(b), jika perintah penggulungan itu dibuat dalam tempoh dua tahun dari tarikh kuat kuasa pembatalan atau penamatan keanggotaannya; atau
(c) mana-mana orang yang kepadanya liabiliti deposit telah dipindahkan di bawah subseksyen 44(1) jika perintah
penggulungan dibuat dalam baki tahun taksiran selepas tarikh pemindahan dan pengambilalihan.
(2) Jika Perbadanan berkewajipan untuk membuat bayaran di bawah subseksyen (1) berkenaan dengan mana-mana deposit, Perbadanan hendaklah dengan seberapa segera yang mungkin dan dalam apa-apa hal tidak lebih daripada tiga bulan dari tarikh perintah penggulungan (dalam seksyen ini disebut sebagai “tempoh statutori”) membuat bayaran kepada orang itu berdasarkan rekod anggota penerima deposit, bekas anggota penerima deposit atau orang yang kepadanya liabiliti deposit telah dipindahkan sebagaimana yang disebut dalam perenggan (1)(c), sebagaimana Perbadanan berpendapat ternyata berhak kepadanya.
(3) Tempoh statutori tidak boleh terpakai jika Perbadanan tidak dapat menentukan orang yang berhak kepada suatu bayaran atau amaun yang hendaklah dibayar berkenaan dengan suatu deposit, disebabkan oleh—
(a) kuat kuasa undang-undang;
(b) suatu tindakan di mahkamah mengenai hak ke atas atau amaun deposit;
(c) suatu perintah mahkamah; atau
(d) suatu petisyen kebankrapan atau penggulungan dikemukakan kepada mahkamah terhadap seorang pendeposit.
(4) Apa-apa keputusan yang dibuat oleh Perbadanan berhubungan dengan orang yang berhak kepada suatu bayaran atau amaun yang hendaklah dibayar berkenaan dengan suatu deposit adalah muktamad dan mengikat.
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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).
