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← Financial Services Act 2013

Financial Services Act 2013 s 167

Financial Services Act 2013 s 167

s 167 Power to assume control

(1) Subject to section 262, where any of the circumstances set out in section 165 exist in respect of an institution, the Bank may, with the prior approval of the Minister, by an order in writing, assume control of the whole or part of the business, affairs or property of the institution and manage the whole or such part of its business and affairs, or appoint any person to do so on behalf of the Bank. (2) The terms and conditions of the appointed person shall be determined by the Bank. (3) Where an order has been made under subsection (1) or revoked under subsection 168(1), the Bank shall— (a) notify that fact in the Gazette; and (b) give notice of the commencement of the assumption of control under subsection (1), or revocation of the order in writing under subsection 168(1), as soon as is practicable by publication in at least two daily newspapers in Malaysia, one of which shall be in the national language. (4) All costs and expenses of the Bank, including the remuneration of the appointed person, shall be payable out of the funds and properties of the institution, as a first charge on the funds and properties of the institution.

Malay text (authoritative)

Kuasa untuk mengambil alih kawalan

(1) Tertakluk kepada seksyen 262, jika apa-apa hal keadaan yang dinyatakan dalam seksyen 165 wujud berkenaan dengan institusi, Bank boleh, dengan kelulusan terdahulu Menteri, melalui suatu perintah secara bertulis, mengambil alih kawalan keseluruhan atau sebahagian perniagaan, hal ehwal atau harta institusi itu dan menguruskan keseluruhan atau mana-mana bahagian perniagaannya dan hal ehwalnya, atau melantik mana-mana orang untuk berbuat sedemikian bagi pihak Bank. (2) Terma dan syarat orang yang dilantik hendaklah diputuskan oleh Bank. (3) Jika suatu perintah telah dibuat di bawah subseksyen (1) atau dibatalkan di bawah subseksyen 168(1), Bank hendaklah— (a) memberitahu hakikat itu dalam Warta; dan (b) memberi notis permulaan pengambilalihan kawalan di bawah subseksyen (1), atau pembatalan perintah secara bertulis di bawah subseksyen 168(1), seberapa yang praktik melalui penyiaran dalam sekurang-kurangnya dua surat khabar harian di Malaysia, salah satu daripada surat khabar itu dalam bahasa kebangsaan. (4) Semua kos dan perbelanjaan Bank, termasuk saraan orang yang dilantik, hendaklah dibayar daripada dana dan harta institusi itu, sebagai suatu caj pertama atas dana dan harta institusi itu.

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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