Malaysia legislation

Section 14

of *DEVELOPMENT FINANCIAL INSTITUTIONS ACT 2002

Section 14

(a)

subject to subsection 12(1), take control of a prescribed institution or its holding company; or

(b)

amalgamate or merge with any prescribed institution.

(2)

Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.

Transfer of business

Section 14 — DEVELOPMENT FINANCIAL INSTITUTIONS ACT 2002