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← Financial Services Act 2013

Financial Services Act 2013 s 206

Financial Services Act 2013 s 206

s 206 Priority of payments in winding up of licensed investment bank carrying on Islamic banking business

(1) For the purposes of this section, “Islamic deposit” has the same meaning assigned to it in subsection 2(1) of the Islamic Financial Services Act 2012. (2) Without prejudice to section 205, in the winding up of a licensed investment bank which has been approved under paragraph 15(1)(a) to carry on Islamic banking business— (a) the assets of the licensed investment bank acquired in the course of its business other than its Islamic banking business, shall be applied to meet the liabilities incurred in the course of its business other than the Islamic banking business, in the order set out in section 205; and (b) where the assets of the licensed investment bank referred to in paragraph (a) is in surplus after payment has been made to meet its liabilities under paragraph (a), such surplus assets of the licensed investment bank shall be applied to meet the liabilities of the licensed investment bank under subsection (3). (3) Without prejudice to section 205, in the winding up of a licensed investment bank— (a) the assets acquired by the licensed investment bank in the course of its Islamic banking business including the Islamic banking funds or any accounts established under subsection 15(3), subject to paragraph (b)— (i) shall not be subject to the debts of the licensed investment bank except in respect of its Islamic banking business or as provided in paragraph (c); and (ii) shall be available to meet all liabilities of that licensed investment bank in respect of its Islamic deposits in Malaysia in priority to all other unsecured liabilities incurred in the course of its Islamic banking business, other than the preferential debts set out in subsection 292(1) of the Companies Act 1965 in the order set out in that subsection and the debts due and claims owing to the Government under section 10 of the Government Proceedings Act 1956, which is attributable to its Islamic banking business as may be specified by the Bank; (b) notwithstanding subsection 292(1) of the Companies Act 1965, but subject to any costs and expenses of the winding up set out in paragraph 292(1)(a) of the Companies Act 1965 directly incurred in realising the assets of the investment accounts and any tax set out in paragraph 292(1)(f) of the Companies Act 1965 which is attributable to the investment accounts, the assets of the investment accounts managed by the licensed investment bank in Malaysia, shall be available, in the order set out as follows: (i) to pay outstanding costs or expenses of the investment accounts; (ii) to pay any profit, fees, gains or other remuneration due to the licensed investment bank; and (iii) to meet the liabilities to the investment account holders; and (c) where the assets of the licensed investment bank referred to in paragraph (a) is in surplus after payment has been made to meet its liabilities under subparagraph (a)(ii), such surplus assets of the licensed investment bank shall be applied to meet the liabilities of the licensed investment bank including the liabilities of the licensed investment bank under section 205 in the order of priority stated therein. (4) For purposes of subparagraph (3)(a)(ii), regulations may be made under section 260 to prescribe the order of priority for payments of different categories of Islamic deposits.

Malay text (authoritative)

Keutamaan pembayaran dalam penggulungan bank pelaburan berlesen yang menjalankan perniagaan perbankan Islam

(1) Bagi maksud seksyen ini, “deposit Islam” mempunyai pengertian yang sama yang diberikan kepadanya dalam subseksyen 2(1) Akta Perkhidmatan Kewangan Islam 2012. (2) Tanpa menjejaskan seksyen 205, dalam penggulungan bank pelaburan berlesen yang telah diluluskan di bawah perenggan 15(1)(a) untuk menjalankan perniagaan perbankan Islam— (a) aset bank pelaburan berlesen itu yang diperoleh dalam penjalanan perniagaannya selain perniagaan perbankan Islamnya, hendaklah digunakan untuk memenuhi liabiliti yang ditanggung dalam penjalanan perniagaannya selain perniagaan perbankan Islam, dalam turutan yang dinyatakan dalam seksyen 205; dan (b) jika aset bank pelaburan berlesen yang disebut dalam perenggan (a) berlebihan selepas pembayaran dibuat bagi memenuhi liabilitinya di bawah perenggan (a), apaapa lebihan aset bank pelaburan berlesen itu hendaklah digunakan untuk memenuhi liabiliti bank pelaburan berlesen itu di bawah subseksyen (3). (3) Tanpa menjejaskan seksyen 205, dalam penggulungan bank pelaburan berlesen— (a) aset yang diperoleh oleh bank pelaburan berlesen dalam penjalanan perniagaan perbankan Islamnya termasuk kumpulan wang perbankan Islam atau mana-mana akaun yang diadakan di bawah subseksyen 15(3), tertakluk kepada perenggan (b)— (i) tidak tertakluk kepada hutang bank pelaburan berlesen itu kecuali berkenaan dengan perniagaan perbankan Islamnya atau sebagaimana yang diperuntukkan dalam perenggan (c); dan (ii) hendaklah menjadi sedia ada untuk memenuhi semua liabiliti bank pelaburan berlesen itu berkenaan dengan deposit Islamnya di Malaysia dalam keutamaan daripada semua liabiliti tidak bercagar lain yang ditanggung dalam penjalanan perniagaan perbankan Islamnya, selain hutang keutamaan yang dinyatakan dalam subseksyen 292(1) Akta Syarikat 1965 dalam turutan yang dinyatakan dalam subseksyen itu dan hutang yang kena dibayar dan tuntutan terhutang kepada Kerajaan di bawah seksyen 10 Akta Prosiding Kerajaan 1956, yang berpunca daripada perniagaan perbankan Islamnya sebagaimana yang ditentukan oleh Bank; (b) walau apa pun subseksyen 292(1) Akta Syarikat 1965, tetapi tertakluk kepada apa-apa kos dan perbelanjaan penggulungan yang dinyatakan dalam perenggan 292(1)(a) Akta Syarikat 1965 yang dibelanjakan secara langsung dalam menyelesaikan aset akaun pelaburan itu dan apa-apa cukai yang dinyatakan dalam perenggan 292(1)(f) Akta Syarikat 1965 yang berpunca daripada akaun pelaburan, aset akaun pelaburan yang diuruskan oleh bank pelaburan berlesen itu di Malaysia, hendaklah menjadi sedia ada, dalam turutan yang dinyatakan seperti yang berikut: (i) untuk membayar kos atau perbelanjaan akaun pelaburan yang belum selesai; (ii) untuk membayar apa-apa keuntungan, fi, perolehan atau saraan lain yang kena dibayar kepada bank pelaburan berlesen itu; dan (iii) untuk memenuhi liabiliti kepada pemegang akaun pelaburan; dan (c) jika aset bank pelaburan berlesen yang disebut dalam perenggan (a) berlebihan selepas pembayaran dibuat untuk memenuhi liabilitinya di bawah subperenggan (a)(ii), apa-apa lebihan aset bank pelaburan berlesen itu hendaklah digunakan untuk memenuhi liabiliti bank pelaburan berlesen itu termasuk liabiliti bank pelaburan berlesen itu di bawah seksyen 205 menurut aturan keutamaan yang dinyatakan di dalamnya. (4) Bagi maksud subperenggan (3)(a)(ii), peraturan-peraturan boleh dibuat di bawah seksyen 260 untuk menetapkan aturan keutamaan bagi pembayaran kategori yang berlainan bagi deposit Islam.

Read this section in the full act → · Open Division 3 →

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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