Malaysia legislation
Section 187
Section 187
(a)
the approval of the proposal by the secured creditors of the affected person under section 185; or
192
(b)
where there are no secured creditors known to the conservator, the approval of the proposal by the
Corporation under subsection 184(4), propose modifications to the proposal.
(2)
Where the Corporation is of the view that the proposed modifications do not substantially differ from the proposal of the secured creditor under subsection (1), the Corporation shall determine the necessity to convene a meeting of secured creditors to consider the proposed modifications.
(3)
The decision of the Corporation under subsection (2) shall be final, conclusive and binding on the conservator, the affected person, all shareholders and creditors of the affected person and any other person affected by the proposal whether or not the person had knowledge or notice of the modified proposal.
(4)
Where the Corporation determines that it is necessary to convene a meeting of secured creditors to consider the proposed modifications, the Corporation shall by written notice inform the conservator of the need to convene such a meeting.
(5)
The conservator shall, within sixty days from receipt of the notice from the Corporation or such longer period as may be set out by the Corporation in the notice, convene such a meeting.
(6)
The conservator shall, prior to the meeting convened under subsection (5), send by prepaid registered post or in such other manner prescribed under this Act to the last known address of each of the secured creditors of the affected person known to the conservator—
(a)
a copy of the proposed modifications;
(b)
where the Corporation deems appropriate, a memorandum from the Corporation setting out such matters which in the view of the Corporation should be taken into account by the secured creditors in considering the proposed modifications; and
Malaysia Deposit Insurance Corporation 193
(c)
a notice of the meeting of secured creditors for the proposed modifications set out in this section.
(7)
The meeting of the secured creditors of the affected person to consider the proposed modifications shall be convened and conducted in the manner set out in section 185.
(8)
Without prejudice to section 188, compliance with any approval condition imposed by a regulatory body shall not be construed as a modification to the proposal for the purpose of this section.
Regulatory approval conditions