Malaysia legislation
Section 8C
Section 8C
(2)
A depository institution shall issue to each of its stock customers a statutory monthly statement in the form in the Second
Schedule in respect of his stock on or before the tenth day of the month succeeding the month in respect of which the statutory monthly statement is issued.
(3)
A statutory monthly statement shall be the sole evidence of the stock held by a stock customer at the close of the month in respect of which it is issued.
(4)
A depository institution shall—
(a)
pay the stock customer the interest on each of the stock which stands in the customer’s account, and the payment shall be made on the date the interest becomes payable under section 9; and
(b)
repay to the stock customer the principal moneys represented by each of the stock which stand in the stock customer’s account, and the repayment shall be made on the date the stock becomes redeemable under section 11.
(5)
The stock dealt with by a depository institution in respect of any transfer effected through it under subsection 8B(2) shall be dealt
16 Laws of Malaysia ACT 637
with solely and exclusively in the manner, and for the purpose, provided under section 8B, and shall not be dealt with or utilized by the depository institution in any other manner, or for any other purpose whatsoever.
(6)
A depository institution shall furnish to the Bank the returns, details, particulars or information in relation to the accounts maintained by it under subsection (1) in respect of each stock customer, or its stock customers generally, as may be specified by the
Bank, or as the Bank may, from time to time, require in writing.
(7)
The Bank may, through any of its officers authorized in writing by the Governor or the Deputy Governor of the Bank, inspect and take copies of accounts maintained by a depository institution under this section, including the accounts in respect of any particular stock customer or any other record or account relating to or affecting any stock under this Act, and the depository institution, and every director, officer, employee, servant or agent of the depository institution shall furnish to the officer of the Bank all such books, records, correspondence, or any other document as may be required by the officer, and shall provide him all the assistance as he may require.
(8)
The account of a stock customer maintained by a depository institution under subsection (1) shall be secret as between the institution and the stock customer and shall not be disclosed to any person by the depository institution except to the Bank, including the officers of the Bank referred to in subsection (7), unless such disclosure is authorized in writing by the stock customer.
(9)
A depository institution shall be absolutely and wholly responsible and liable to its stock customer in respect of all transfers taken or made by the stock customer through it under subsection 8B(2).
(10)
A depository institution shall not require a stock customer to pay any charge, fee, or any other payment in respect of any matter dealt with by it in relation to a stock customer under this Act, except as may be provided by rules made under section 20.
Loan (Local) 17
Bank’s power to require information, inspect and take copies