Malaysia legislation
Section 103
Section 103
(a)
a transaction or series of transactions that involves the sale or other disposal by the member institution of all or part of its assets or the assumption by any person of all or part of its liabilities or both;
(b)
any other transaction or series of transactions the purpose of which is to restructure the whole or part of the business of the member institution;
(c)
one or more transfers referred to in paragraph 99(1)(g); or
(d)
one or more transfers referred to in subsection 115(3), (4)
or (5).
(2)
Where the Corporation considers that a resolution referred to in subsection (1) has been substantially completed, it shall cause a notice to that effect specifying the date on which the resolution was, in the opinion of the Corporation, substantially completed to be published in the Gazette.
(3)
The Corporation shall petition for the winding up of the member institution if, in the opinion of the Corporation, no resolution referred to in subsection (1) has been or will be substantially completed on or before the date that is—
Malaysia Deposit Insurance Corporation 119
(a)
two years after the date on which the Corporation or the appointed person assumed control of the member institution; or
(b)
the expiration of the last extension approved under subsection (4), whichever is later.
(4)
The Minister may, on the recommendation of the Corporation, approve one or more extensions of the period set out in paragraph (3)(a) for a further period not exceeding three years and each extension shall not exceed one year.
Establishment of Assessor Committee