Islamic Financial Services Act 2013 · s 55

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55.
Requirement to notify in event of insolvency, etc.
(1) Where an operator of a certified designated payment system—
(a) is insolvent or is likely to become insolvent;
(b) has become or is likely to become unable to meet any or all of its obligations; or
(c) has suspended payments or compounded with its creditors, such operator shall immediately notify the participants of the certified designated payment system.
(2) Where a participant of a certified designated payment system—
(a) is insolvent or is likely to become insolvent;
(b) has become or is likely to become unable to meet any or all of its obligations; or
(c) has suspended payments or compounded with its creditors, such participant shall immediately notify the operator who shall notify the other participants of the certified designated payment system.
(3) Any person who contravenes subsection (1) or (2) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.

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s 55Requirement to notify in event of insolvency, etc.

(1)

Where an operator of a certified designated payment system—

(a)

is insolvent or is likely to become insolvent;

(b)

has become or is likely to become unable to meet any or all of its obligations; or

(c)

has suspended payments or compounded with its creditors, such operator shall immediately notify the participants of the certified designated payment system.

(2)

Where a participant of a certified designated payment system—

(a)

is insolvent or is likely to become insolvent;

(b)

has become or is likely to become unable to meet any or all of its obligations; or

(c)

has suspended payments or compounded with its creditors, such participant shall immediately notify the operator who shall notify the other participants of the certified designated payment system.

(3)

Any person who contravenes subsection (1) or (2) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.