Malaysia legislation
Section 43
Section 43
(2)
Where there is a transfer of deposit liabilities under subsection (1)—
(a)
the transferring member shall give notice of the transfer of deposit liabilities and the continued separate insurance referred to in subsection (1); and
(b)
the Corporation may give notice of the matters referred to in paragraph (a) if in the opinion of the Corporation, the public interest requires that such notice be given, by publication in at least two daily newspapers published in Malaysia, one of which shall be in the national language.
(3)
The transferring member shall indemnify the Corporation in the event that any payment is made by the Corporation to depositors on account of the separate insurance referred to in subsection (1).
(4)
If the membership of the transferring member is cancelled or terminated after the date on which a deposit liability is transferred to and assumed by a transferee deposit-taking member, the separate insurance referred to in subsection (1) shall apply in lieu of the continuing insurance referred to in paragraph 40(1)(b).
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(5)
A deposit-taking member shall maintain such records as are required by the Corporation for the purposes of subsection (1).
(6)
A deposit-taking member that contravenes paragraph (2)(a)
commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit and shall, in addition, be liable to a daily fine not exceeding fifty thousand ringgit for every day the offence continues after conviction.
Deposits of deposit-taking member acquired by non-deposit taking member