s 88 Control over licensed person prohibited in some cases
(1) Subject to subsection (2), no person shall have control over a licensed person, unless such person obtains the prior written approval of the Minister, on the recommendation of the Bank.
(2) Subsection (1) shall not apply to—
(a) any director or chief executive officer of a licensed person in respect of the carrying out of his duties and functions in the management of the licensed person; and
(b) a person who has obtained an approval of the Minister under subsection 90(6) to hold more than fifty per cent of the interest in shares of the licensed person.
Malay text (authoritative)
Kawalan atas orang berlesen dilarang dalam beberapa hal
(1) Tertakluk kepada subseksyen (2), tiada seorang pun boleh mempunyai kawalan atas orang berlesen, melainkan jika orang itu mendapat kelulusan bertulis terdahulu Menteri, atas syor Bank.
(2) Subseksyen (1) tidak terpakai bagi—
(a) mana-mana pengarah atau ketua pegawai eksekutif orang berlesen berkenaan dengan penjalanan kewajipan dan fungsinya dalam pengurusan orang berlesen itu; dan
(b) seseorang yang telah mendapat suatu kelulusan Menteri di bawah subseksyen 90(6) untuk memegang lebih daripada lima puluh peratus kepentingan dalam syer orang berlesen itu.
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).
