Islamic Financial Services Act 2013 · s 180

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180.
Effect of assumption of control
(1) Upon assuming control of the whole or part of the business, affairs or property of the institution, the Bank or the appointed person shall take custody and control of the whole or part of the business, affairs or property of the institution, and shall manage the whole or such part of the business and affairs of the institution in the name and on behalf of that institution until the order is revoked by the Bank in writing.

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(2) During the period an order under this Subdivision is in force, the functions, rights and privileges of—
(a) the directors and chief executive officer of the institution shall be suspended unless the Bank gives its approval in writing for any director to remain as director or the chief executive officer to continue in the employment of the institution on such terms and conditions as the Bank may determine; and
(b) such senior officers of the institution as may be specified by the Bank, shall be suspended.
(3) The Bank or the appointed person shall be vested with such powers and functions of the institution and its board of directors, under its constituent documents or exercisable by the institution or its directors under any written law regardless whether the powers are exercisable by resolution or in any other manner whatsoever.
(4) The Bank or the appointed person, in effecting any action under this Subdivision, shall not be required to notify or obtain the approval of the members or creditors of the institution in a general meeting or otherwise notwithstanding any contract or law including without limitation to sections 132C, 132D and 132E of the *Companies Act 1965 or anything in its constituent documents.
(5) The Bank or the appointed person may alter the constituent documents of the institution or other arrangements for governance if the alteration is necessary to facilitate the exercise of powers or performance of functions of the Bank or the appointed person under this Subdivision, in relation to the institution.
(6) The Bank or the appointed person may sell or otherwise dispose of the whole or part of the business or property of the institution, on any terms and conditions determined by the Bank.
(7) Sections 111, 112 and 113 shall not apply to any sale or disposal of the whole or part of the business or property under subsection (6).

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016
[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

170

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s 180Effect of assumption of control

(1)

Upon assuming control of the whole or part of the business, affairs or property of the institution, the Bank or the appointed person shall take custody and control of the whole or part of the business, affairs or property of the institution, and shall manage the whole or such part of the business and affairs of the institution in the name and on behalf of that institution until the order is revoked by the Bank in writing.

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(2)

During the period an order under this Subdivision is in force, the functions, rights and privileges of—

(a)

the directors and chief executive officer of the institution shall be suspended unless the Bank gives its approval in writing for any director to remain as director or the chief executive officer to continue in the employment of the institution on such terms and conditions as the Bank may determine; and

(b)

such senior officers of the institution as may be specified by the Bank, shall be suspended.

(3)

The Bank or the appointed person shall be vested with such powers and functions of the institution and its board of directors, under its constituent documents or exercisable by the institution or its directors under any written law regardless whether the powers are exercisable by resolution or in any other manner whatsoever.

(4)

The Bank or the appointed person, in effecting any action under this Subdivision, shall not be required to notify or obtain the approval of the members or creditors of the institution in a general meeting or otherwise notwithstanding any contract or law including without limitation to sections 132C, 132D and 132E of the *Companies Act 1965 or anything in its constituent documents.

(5)

The Bank or the appointed person may alter the constituent documents of the institution or other arrangements for governance if the alteration is necessary to facilitate the exercise of powers or performance of functions of the Bank or the appointed person under this Subdivision, in relation to the institution.

(6)

The Bank or the appointed person may sell or otherwise dispose of the whole or part of the business or property of the institution, on any terms and conditions determined by the Bank.

(7)

Sections 111, 112 and 113 shall not apply to any sale or disposal of the whole or part of the business or property under subsection (6).

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

170