Malaysia legislation
Section 40
of Act 627
Section 40
Provisions relating to assumption of control under paragraph 38(1)(a)
(2)
The Bank or the person appointed by the Bank shall control and carry on the property, business and affairs of the operator of the designated payment system as the case may be, in the name and on behalf of that operator of the designated payment system until the directive issued under section 37 or order made under paragraph 38(1)(a) is revoked.
(3)
During the period for which a directive under section 37 or an order under paragraph 38(1)(a) is in force—
(a)
no director or chief executive officer of the operator of the designated payment system shall engage in any activity in relation to the designated payment system, directly or indirectly, except as may be required or authorized by the Bank or the person appointed by the Bank;
(b)
no remuneration shall accrue or be payable to a director or chief executive officer of the operator of the designated payment system unless approved in writing by the Bank or the person appointed by the Bank; and
(c)
the Bank or the person appointed by the Bank shall be vested with all the powers of the operator of a designated payment system, and its board of directors, under its constituent documents, or exercisable by the operator of a designated payment system or its board of directors under any written law regardless whether such powers are exercisable by resolution.
(4)
For the avoidance of doubt, it is hereby declared that a directive under section 37 or an order under paragraph 38(1)(a) shall not have the effect of conferring on, or vesting in, the Bank or the person appointed by the Bank any title to, or any beneficial interest in, any property of the operator of a designated payment system to which the directive or order relates.
Power to reduce share capital and to cancel shares