Malaysia legislation
Section 49A
Section 49A
(a)
the transferee member shall pay annual premium for that assessment year calculated on the basis as may be prescribed by the Minister;
Malaysia Deposit Insurance Corporation 71
(b)
the annual premium payable under paragraph (a) shall be—
(i)
based on the rates and subject to the minimum amounts to be prescribed by the Minister on the recommendation of the Corporation; and
(ii)
calculated in such manner and paid within such period as may be specified by the Corporation;
(c)
the transferring parties shall not be required to pay annual premium under section 48 for that assessment year; and
(d)
for the avoidance of doubt, where the transferring parties are deposit-taking members which have been approved under paragraph 15(1)(a) of the Financial Services Act 2013 to carry on Islamic banking business and their Islamic banking business is transferred under a business transfer scheme to a transferee member before the annual due date referred to in subsection 48(1) in an assessment year, no annual premium shall be required to be paid by the deposit-taking members for that assessment year in respect of the
Islamic banking business.
(2)
Where the business of one or more non-deposit taking members is transferred under a business transfer scheme to a deposit-taking member (referred to in this subsection as the “transferee member”)
after the annual due date referred to in subsection 48(1) in an assessment year—
(a)
the transferee member shall, notwithstanding that it has paid annual premium under subsection 48(1), pay additional annual premium calculated on the basis as may be prescribed by the Minister; and
(b)
the additional annual premium payable under paragraph (a) shall be—
(i)
based on the rates and subject to the minimum amounts to be prescribed by the Minister on the recommendation of the Corporation; and
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(ii)
calculated in such manner and paid within such period as may be specified by the Corporation.
(3)
For the avoidance of doubt, the rates prescribed under subsections (1) and (2) and the minimum amounts prescribed under subsections (1) and (2) may relate to categories in which deposit-taking members are classified under premium regulations and different rates and minimum amounts may apply to different categories.
(4)
Any deposit-taking member which contravenes subsection (1)
or (2) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit and shall, in addition, be liable to a daily fine not exceeding thirty thousand ringgit for every day the offence continues after conviction.
No set-off in respect of deposit-taking members