Malaysia legislation
Section 107
Section 107
Malaysia Deposit Insurance Corporation 121
(a)
shall have the power—
(i)
to enter into any premises of a member institution and take possession and control of the assets and require any person in the premises to account for and deliver up to the Corporation, the appointed person or the receiver possession and control of the assets;
(ii)
subject to subparagraph (iii), to sell or otherwise dispose of the assets and business undertaking of the member institution by private treaty or public sale or in such other manner and on such terms and conditions as the Corporation, the appointed person or the receiver deems it appropriate;
(iii)
to sell or otherwise dispose of any asset that is subject to an agreement creating a security interest to any person who agrees to assume the obligation secured by the security interest;
(iv)
to arrange for the assumption of all or any part of the liabilities of a member institution by any person;
(v)
to carry on the business of a member institution to the extent that the Corporation, the appointed person or the receiver deems it necessary or beneficial;
(vi)
to sue for, defend, compromise and settle, in the name of a member institution, any claim made by or against it;
(vii)
in the name of a member institution, to do all acts and execute all receipts and other documents and for that purpose, when necessary, use its common seal; and
(viii)
to do all such other things as may be necessary or incidental to the exercise of the rights, powers, privileges and immunities of the Corporation, the appointed person or the receiver; and
Malaysia Deposit Insurance Corporation 123
(b)
shall have the power to pay out of the assets of a member institution all the costs, charges and expenses of the
Corporation, the appointed person or the receiver in the exercise of their powers and duties, including the remuneration of the appointed person or the receiver, in priority to all other claims.
(2)
Without prejudice to subsection 101(6), where the Corporation, the appointed person or the receiver exercises one or more powers under subsection (1), the Corporation, the appointed person or the receiver shall not, by reason of the exercise of such powers, be held to have assumed or incurred any obligation or liability of the member institution for its own account.
(3)
Without prejudice to subsections 101(3) and 101(4), if any person has, or is vested with control, administration or management of the member institution, such control, administration or management shall immediately cease upon the assumption of control by the
Corporation or the appointed person or the appointment of the receiver.
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