Malaysia legislation
Section 109
Section 109
Stay of proceedings
(a)
no action, suit or proceeding in any court or tribunal may be commenced against the Corporation or the appointed
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person in respect of the assumption of control or the receiver in respect of the appointment;
(b)
no action, suit or proceeding in any court or tribunal may be commenced or continued against the member institution or in respect of its assets;
(c)
no attachment, garnishment, execution or other method of enforcement of a judgement, award or order against the member institution or its assets may take place or continue;
(d)
no creditor of the member institution has any remedy against the member institution or its assets;
(e)
no creditor has any right of set off against the member institution, which for greater certainty, does not include the consolidation of accounts maintained in the normal course for the purpose of providing clearing and settlement services or the services referred to in section 114; and
(f)
no person may terminate or amend any agreement with the member institution or claim an accelerated payment under any such agreement by reason only of—
(i)
the insolvency of the member institution;
(ii)
a default, before the assumption of control under paragraph 99(1)(c) by the Corporation or the appointed person or the appointment of the receiver takes effect, by the member institution in the performance of its obligations under the agreement;
or
(iii)
the assumption of control under paragraph 99(1)(c)
by the Corporation or the appointed person or the appointment of the receiver, during the assumption of control of the member institution by the
Corporation or the appointed person or the appointment of the receiver, as applicable, except with the prior written consent of the Corporation.
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(2)
Nothing in this section shall prevent any step from being taken, or any action, suit or proceeding from being commenced or continued, by the Corporation in respect of a member institution or its business, affairs, assets or liabilities.
Extension of time