Section 12
New section 46a
of Malaysia Deposit Insurance Corporation (Amendment) Act 2022
The principal Act is amended by inserting before section 47
of Chapter 2 of Part IV the following section:
“Definitions 46a. (1) For the purposes of this Chapter—
(a)
“total insured deposits” means the total deposits separately insured as Islamic deposits or conventional deposits under section 42, calculated in such manner as specified by the Corporation;
(b)
“transferring party” means a person, including a deposit-taking member, which transfers its business under a business transfer scheme;
(c)
“business transfer scheme” refers to a scheme of transfer for the whole or material part of the deposit-taking business; and
(d)
“transfer date” means the date on which a business transfer scheme takes effect as specified by the Corporation.
(2)
For the purposes of paragraph (1)(c), the Corporation may specify what constitutes a material part of the deposit-taking business.”.