Section 12
ActRepealedProvision 12 of 61
Section 12
(1)
Where an order of revocation becomes effective under section 11—
(a)
notice of the revocation shall be published in the Gazette; and
(b)
the Islamic bank shall as from the date of the notice cease to transact any banking business in Malaysia except as may be approved by the Minister on the recommendation of the Central Bank for the purposes of winding up of its banking business.
(2)
The provisions of paragraph (b) of subsection (1) shall not prejudice the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any person.