Section 209 — MALAYSIA DEPOSIT INSURANCE CORPORATION ACT 2011

(a)

with the approval of the Minister, regulations, rules or orders; or

(b)

by-laws, notifications, directives, guidelines, circulars or notes, as may be necessary or expedient for giving full effect to the provisions of this Act, for carrying out or achieving the objects and purposes of this Act, or any provision thereof, or for the further, better or more convenient implementation of the provisions of this Act.

(2)

Any regulations, rules, orders, by-laws, notifications, directives, guidelines, circulars or notes made under this section may relate to all, or any class, category or description of persons and different provisions may be made for different persons, classes, categories or description of persons.

(3)

Without prejudice to the generality of subsection (1), such regulations, rules, orders, by-laws, notifications, directives, guidelines, circulars or notes may be made in respect of—

(a)

forms, including forms of notifications, notices and certificates, for the purposes of this Act;

206

(b)

the conduct, business and affairs of the Corporation;

(c)

deposits of trustees, joint owners or businesses or professional practices;

(d)

the coverage of deposits, payments in respect of insured deposits and related matters on the following:

(i)

where the deposit liabilities of a deposit-taking member are transferred to and assumed by another deposit-taking member;

(ii)

where the deposit liabilities with a deposit-taking member are to be acquired by a person who is not a deposit-taking member; or

(iii)

in relation to bank drafts, cheques or other similar payment instruments or payment instructions or settlement instructions;

(e)

the order of priority of payment of different categories of

Islamic deposits;

(ea) (Deleted by Act A1647);

(f)

(Deleted by Act A1505);

(g)

the return or interest to be payable under subsubparagraph 3(10)(j) of the Third Schedule;

(h)

the coverage of takaful or insurance benefits, payments in respect of protected benefits and related matters, where the takaful certificate or insurance policy liabilities of an insurer member are transferred to and assumed by another insurer member;

(i)

dividing different types of family or general takaful benefits into different categories and prescribing an order of priority of payment as between those different categories of takaful benefits;

Malaysia Deposit Insurance Corporation 207

(j)

determining the date and rate of conversion into Ringgit for the purpose of making a payment under Part IV in respect of an insured foreign currency deposit;

(k)

forms, method and procedures for compounding of offences; or

(l)

anything under this Act required or authorized to be made as regulations, rules, orders, by-laws, notifications, directives, guidelines, circulars or notes.

(4)

Any regulations or orders made under this section shall be published in the Gazette and shall be laid before the Dewan Rakyat as soon as practicable after its publication.