Financial Services Act 2013 s 176
s 176 Order for compulsory transfer of business, assets or liabilities
(1) The Minister shall, on the recommendation of the Bank, designate in writing a body corporate established or acquired by the Bank under paragraph 48(1)(da) of the Central Bank of Malaysia Act 2009 as a bridge institution for the purposes of vesting in such body corporate the business, assets or liabilities of a licensed person referred to in subsection (2).
(2) Where any of the circumstances set out in section 165 exist in respect of a licensed person, the Bank may, with the prior approval of the Minister, by an order in writing, vest in a bridge institution or any other person, the whole or part of the business, assets or liabilities of such licensed person.
(3) For purposes of subsection (2), the Third Schedule of the Central Bank of Malaysia Act 2009 shall apply in relation to an order of the Bank under this Subdivision and such order shall be binding on all persons to whom the order is made or who are affected by the order.
Malay text (authoritative)
Perintah bagi pemindahan wajib perniagaan, aset atau liabiliti
(1) Menteri boleh, atas syor Bank, menamakan secara bertulis suatu pertubuhan perbadanan yang ditubuhkan atau diperoleh oleh Bank di bawah perenggan 48(1)(da) Akta Bank Negara Malaysia 2009 sebagai institusi perantaraan bagi maksud meletakhakkan dalam pertubuhan perbadanan itu perniagaan, aset atau liabiliti orang berlesen yang disebut dalam subseksyen (2).
(2) Jika mana-mana hal keadaan yang dinyatakan dalam seksyen 165 wujud berkenaan dengan orang berlesen, Bank boleh, dengan kelulusan terdahulu Menteri, melalui suatu perintah secara bertulis, meletakhakan pada institusi perantaraan atau mana-mana orang lain, keseluruhan atau sebahagian perniagaan, aset atau liabiliti orang berlesen itu.
(3) Bagi maksud subseksyen (2), Jadual Ketiga Akta Bank Negara Malaysia 2009 hendaklah terpakai berhubungan dengan suatu perintah oleh Bank di bawah Subpenggal ini dan perintah itu hendaklah mengikat semua orang yang perintah itu dibuat kepada atau terjejas oleh perintah 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).
