Malaysia legislation
Section 56
Section 56
(a)
a deposit-taking member that holds the deposit;
(b)
a former deposit-taking member as referred to in paragraph 40(1)(b), if the winding up order is made within two years from the effective date of the cancellation or termination of the membership; or
(c)
any person to whom the deposit liability has been transferred under subsection 44(1) if the winding up order is made within the remainder of the assessment year after the date of transfer and assumption.
(2)
Where the Corporation is obliged to make payment under subsection (1) in respect of any deposit, the Corporation shall as soon as possible and in any case not later than three months from the date of the winding up order (referred to in this section as the “statutory period”) make payment to such person based on the records of the deposit-taking member, former deposit-taking member or person to whom the deposit liability has been transferred as referred to in paragraph (1)(c), as in the opinion of the Corporation appears to be entitled to it.
(3)
The statutory period shall not apply if the Corporation is unable to determine the person entitled to a payment or the amount to be paid in respect of a deposit, by reason of—
(a)
the operation of law;
(b)
a court action over the entitlement to or amount of a deposit;
(c)
an order of a court; or
(d)
a bankruptcy or winding up petition presented to a court against a depositor.
Malaysia Deposit Insurance Corporation 77
(4)
Any decision made by the Corporation relating to the person entitled to a payment or the amount to be paid in respect of a deposit shall be final and binding.
Discretionary payment