Financial Services Act 2013 s 173

s 173 Appointment of receiver and manager by persons other than Bank

(1) Any person may make an application to the High Court for the appointment of a receiver and manager to manage the whole or part of the business, affairs or property of a licensed person, an approved person, a registered person or an operator of a designated payment system, as the case may be, by giving prior written notice of thirty days to the Bank of its intention to do so. (2) Where an application is made to the High Court for an order to appoint a receiver and manager to manage the whole or part of the business, affairs or property of a licensed person, an approved person, a registered person or an operator of a designated payment system, as the case may be, that person shall, as soon as practicable, deliver a sealed copy of the application to the Bank. (3) Where, pursuant to a debenture or any other instrument, a receiver and manager is appointed over the whole or part of the business, affairs or property of a licensed person, an approved person, a registered person or an operator of a designated payment system, as the case may be, by a person other than the Bank, that person shall immediately notify the Bank of the appointment. (4) Any person who contravenes subsection (1), (2) or (3) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding five years or to a fine not exceeding ten million ringgit or to both.

Malay text (authoritative)

Pelantikan penerima dan pengurus oleh orang selain Bank

(1) Mana-mana orang boleh membuat suatu permohonan ke Mahkamah Tinggi bagi pelantikan penerima dan pengurus untuk menguruskan keseluruhan atau sebahagian daripada perniagaan, hal ehwal atau harta orang berlesen, orang yang diluluskan, orang berdaftar atau pengendali sistem pembayaran yang ditetapkan, mengikut mana-mana yang berkenaan, dengan memberikan notis bertulis tiga puluh hari kepada Bank tentang niatnya untuk melakukan sedemikian. (2) Jika suatu permohonan dibuat ke Mahkamah Tinggi bagi suatu perintah untuk melantik seorang penerima dan pengurus bagi menguruskan keseluruhan atau sebahagian daripada perniagaan, hal ehwal atau harta orang berlesen, orang yang diluluskan, orang berdaftar atau pengendali sistem pembayaran yang ditetapkan, mengikut mana-mana yang berkenaan, seberapa yang praktik, menyampaikan satu salinan permohonan orang itu hendaklah dimeterai kepada Bank. (3) Jika, menurut suatu debentur atau apa-apa instrumen yang lain, penerima atau pengurus telah dilantik bagi keseluruhan atau sebahagian daripada perniagaan, hal ehwal atau harta orang berlesen, orang yang diluluskan, orang berdaftar atau pengendali sistem pembayaran yang ditetapkan, mengikut mana-mana yang berkenaan, oleh seorang yang selain Bank, orang itu hendaklah dengan serta-merta memberitahu Bank tentang pelantikan itu. (4) Mana-mana orang yang melanggar subseksyen (1), (2) atau (3) melakukan suatu kesalahan dan boleh, apabila disabitkan, dipenjarakan untuk tempoh tidak melebihi lima tahun atau didenda tidak melebihi sepuluh juta ringgit atau kedua-duanya.

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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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