Malaysia legislation

Section 22

of *DEVELOPMENT FINANCIAL INSTITUTIONS ACT 2002

Section 22

(2)

A preliminary order shall be binding on—

(a)

the defaulting person;

(b)

any person for the time being holding any shares to which such order applies; and

(c)

any other person specified in the order or to whom the order is directed.

(3)

Any person holding any shares to which a preliminary order applies shall within seven days of its service on the defaulting person, or such longer period as the Bank may allow, surrender such shares to the Bank.

(4)

Any person who contravenes subsection (3) commits an offence and shall on conviction be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five million ringgit or to both.

(5)

Any defaulting person against whom a preliminary order has been made, or any other person prejudicially affected by such order, may, within fourteen days of the service of the order on the defaulting person, make representations in writing to the Bank applying for a revocation of the order on the ground that he had not contravened the provisions in relation to which the order was made, or for a modification of the order on the ground that it would be just and proper to modify it for reasons to be set out in the representations.

Confirmation of preliminary order

Read in full context — *DEVELOPMENT FINANCIAL INSTITUTIONS ACT 2002 →