Financial Services Act 2013 s 165

s 165 Circumstances for exercise of Bank’s power

Where the Bank is of the opinion that any of the following circumstances exist in respect of an institution: (a) the institution has breached or contravened any provision of this Act, the Islamic Financial Services Act 2012, the Central Bank of Malaysia Act 2009 or any written law, regardless that there has been no prosecution or other action in respect of the breach or contravention; (b) the institution has failed to comply with any direction under section 156; (c) the assets of the institution are not sufficient to give adequate protection to its depositors, policy owners, participants, users or creditors, as the case may be; (d) the capital of the institution has reached a level or is eroding in a manner that may detrimentally affect its depositors, policy owners, participants, users, creditors or the public generally; (e) the institution has become or is likely to become insolvent or is likely to become unable to meet all or any of its obligations; or (f) any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the depositors, policy owners, participants, users or creditors of the institution, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Malaysia or elsewhere in respect of the holding company of the institution, including its financial holding company, the Bank may exercise its powers under this Division or Division 3. Subdivision 2 - Assumption of control

Malay text (authoritative)

Hal keadaan bagi pelaksanaan kuasa Bank

Jika pada pendapat Bank bahawa mana-mana hal keadaan yang berikut wujud berkenaan dengan institusi: (a) institusi itu telah mungkir atau melanggar mana-mana peruntukan Akta ini, Akta Perkhidmatan Kewangan Islam 2013, Akta Bank Negara Malaysia 2009 atau mana-mana undang-undang bertulis, tidak kira tiada pendakwaan atau tindakan lain berkenaan dengan kemungkiran atau pelanggaran itu; (b) institusi itu telah gagal mematuhi apa-apa arahan di bawah seksyen 156; (c) aset institusi itu tidak mencukupi bagi memberikan perlindungan yang memadai kepada pendepositnya, pemunya polisinya, pesertanya, penggunanya atau pemiutangnya, mengikut mana-mana yang berkenaan; (d) modal institusi itu telah mencapai suatu tahap atau merosot dengan cara yang boleh memberi kesan yang memudaratkan pendepositnya, pemunya polisinya, pesertanya, penggunanya atau pemiutangnya atau orang awam secara am; (e) institusi itu telah menjadi atau berkemungkinan untuk menjadi tidak solven atau berkemungkinan untuk menjadi tidak berupaya untuk memenuhi semua atau mana-mana obligasinya; atau (f) apa-apa hal ehwal keadaan lain yang wujud berkenaan dengan institusi itu yang boleh menjejaskan secara material kepentingan pendeposit, pemunya polisi, peserta, pengguna atau pemiutang institusi itu, termasuk jika prosiding di bawah suatu undang-undang yang berhubungan dengan kebankrapan atau ketidaksolvenan telah dimulakan di Malaysia atau tempat lain berkenaan dengan syarikat pemegangan kewangan institusi itu termasuklah syarikat pemegangan kewangannya, Bank boleh melaksanakan kuasanya di bawah Penggal ini atau Penggal 3. Subpenggal 2 – Pengambilalihan kawalan

Read this section in the full act → · Open Division 2 →

Find Act 758 on lom.agc.gov.my ↗

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).

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