Where the Bank proposes to take any action against a person under section 47 or 48, the Bank shall provide to the person a notice setting out the proposed action and the grounds for the proposed action.
Bank
“Bank” has the same meaning assigned to it in subsection 2(1) of the Central Bank of Malaysia Act 2009;
Any person who has received a notice under subsection (1)
person
“person” means any natural person, corporation, statutory body, local authority, society, trade union, co-operative society, partnership or any other body, organisation, association or group of persons, whether corporate or unincorporated and includes the Government and any State Government;
shall be given an opportunity to make a representation to the
Bank within fourteen days from the date of the notice.
If at the end of the period set out in subsection (2)—
the Bank did not receive any representation, the Bank shall proceed with the proposed action; or
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the Bank receives a representation, the Bank shall, after considering the representation, decide whether to—
proceed with the proposed action;
modify the proposed action; or
take no further action, and shall inform its decision to the person by a notice.
If the Bank decides to modify the proposed action under subparagraph (3)(b)(ii), the Bank shall provide an additional notice and an opportunity to the person to make a representation.
The decision of the Bank under paragraph (3)(b) shall take effect at any date as specified by the Bank in its notice.