Malaysia legislation
Section 153
Section 153
Surcharge
(2)
The surcharge under subsection (1) in any particular year shall not exceed–
(a)
the fee, premium or levy payable by the prescribed person in respect of the stabilisation coverage for the preceding year; or
(b)
an amount of one million ringgit, whichever is higher.
(3)
Where in the opinion of the Corporation, the prescribed person—
(a)
(Deleted by Act A1505);
(b)
has failed or fails to comply with the terms and conditions of the membership, any undertaking given to or agreement made with the Corporation, or any regulations, rules, orders, by-laws, notifications, directives, guidelines, circulars or notes of the Corporation in respect of stabilisation coverage;
(c)
has failed or fails to comply with a request for information or has restricted access to information by the Corporation,
Bank Negara Malaysia or any person acting on behalf of the
Corporation, under this Act; or
(d)
has failed or fails to maintain proper deposit or takaful or insurance benefit records or has misrepresented, whether by act or omission, any information, including information on insured deposits, protected benefit liabilities, net contribution or net premiums used as a basis for the
Malaysia Deposit Insurance Corporation 161
assessment of any fee, premium or levy in respect of the stabilisation coverage, the Corporation shall—
(A)
if it proposes to impose a surcharge on the prescribed person, consult Bank Negara Malaysia on the reasons for imposing a surcharge and the amount of the surcharge; and
(B)
give the prescribed person an opportunity to make representations to the Corporation on any proposed surcharge within seven days from the date of a written notice issued by the Corporation to the prescribed person.
(4)
Where the
Corporation receives representations from a prescribed person within the time period stipulated in paragraph (3)(B), the Corporation shall consider those representations in deciding whether to impose a surcharge and, if so, deciding on the amount of the surcharge.
(5)
Where the Corporation decides to impose a surcharge, the
Corporation shall obtain the written approval of the Minister before imposing the surcharge on the prescribed person.
(6)
A surcharge shall be imposed by the Corporation by notice in writing to the prescribed person and shall be payable to the Corporation within thirty days from the date of such notice or such other period as may be specified by the Corporation.
(7)
Any opinion formed or decision made by the Corporation relating to the imposition or the amount of any surcharge in respect of any prescribed person shall be final and binding.
(8)
A surcharge paid to the Corporation under this section shall be paid into and form part of the Consolidated Fund.
162
Overdue charges