Islamic Financial Services Act 2013 · s 101

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s 101Disposal of interest in shares requiring approval

Except with the prior written approval of the Minister, on the recommendation of the Bank, no person who has an aggregate interest in shares of a licensed person of—

(a)

more than fifty per cent; or

(b)

fifty per cent or less but has control over the licensed person, shall enter into an agreement or arrangement to dispose any interest in shares of a licensed person by which, if the agreement or arrangement is carried out, such disposal would result in the person holding an interest in shares of less than fifty per cent or in any way ceasing to have control over the licensed person.

Application procedures for section 99, 100 or 101