Section 102
Application to High Court for confirmation of business transfer scheme
of Financial Services Act 2013
(1)
Upon obtaining the approval of the Bank under subsection 100(6), the transferor and transferee may make an application to the High Court for confirmation of the business transfer scheme.
(2)
An application to the High Court with respect to any matter connected with a business transfer scheme may be made by a person,
116 Laws of Malaysia who in the opinion of the High Court, is likely to be affected by the scheme, at any time before the High Court grants an order under subsection (3) confirming the scheme.
(3)
The High Court may confirm the business transfer scheme by granting an order in the terms applied for, or with modifications to the terms applied, or refuse to confirm the scheme.
(4)
When the High Court makes an order confirming the business transfer scheme under subsection (3) after hearing all parties concerned, the High Court shall fix a date, to be applied for by the transferor and transferee and to be known as the transfer date, on which the business transfer scheme shall take effect.