Islamic Financial Services Act 2013 · s 179

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179.
Power to assume control
(1) Subject to section 273, where any of the circumstances set out in section 177 exist in respect of an institution, the Bank may, with the prior approval of the Minister, by an order in writing, assume control of the whole or part of the business, affairs or property of the institution and manage the whole or such part of its business and affairs, or appoint any person to do so on behalf of the Bank.
(2) The terms and conditions of the appointed person shall be determined by the Bank.
(3) Where an order has been made under subsection (1) or revoked under subsection 180(1), the Bank shall—
(a) notify that fact in the Gazette; and
(b) give notice of the commencement of the assumption of control under subsection (1), or revocation of the order in writing under subsection 180(1), as soon as is practicable by publication in at least two daily newspapers in Malaysia, one of which shall be in the national language.
(4) All costs and expenses of the Bank, including the remuneration of the appointed person, shall be payable out of the funds and properties of the institution, as a first charge on the funds and properties of the institution.

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s 179Power to assume control

(1)

Subject to section 273, where any of the circumstances set out in section 177 exist in respect of an institution, the Bank may, with the prior approval of the Minister, by an order in writing, assume control of the whole or part of the business, affairs or property of the institution and manage the whole or such part of its business and affairs, or appoint any person to do so on behalf of the Bank.

(2)

The terms and conditions of the appointed person shall be determined by the Bank.

(3)

Where an order has been made under subsection (1) or revoked under subsection 180(1), the Bank shall—

(a)

notify that fact in the Gazette; and

(b)

give notice of the commencement of the assumption of control under subsection (1), or revocation of the order in writing under subsection 180(1), as soon as is practicable by publication in at least two daily newspapers in Malaysia, one of which shall be in the national language.

(4)

All costs and expenses of the Bank, including the remuneration of the appointed person, shall be payable out of the funds and properties of the institution, as a first charge on the funds and properties of the institution.