Malaysia legislation
Section 44
Section 44
(2)
The Central Bank may, with the approval of the Minister, if it considers it to be in the interests of the depositors, apply to the High Court for an order staying the commencement or continuance of any proceedings by or against the bank in regard to any business of the bank. Such an order shall be valid for a period not exceeding six months.
(3)
So long as an order under subsection (1) remains in force the licence granted to the bank under this Act shall be suspended.
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(4)
Where an order has been made under subsection (1), the Central Bank shall notify that fact in the Gazette.