Islamic Financial Services Act 2013 · s 207

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207.
Winding up by High Court on application by persons other than Bank
(1) No application for the winding up of an institution or approved person may be presented to the High Court by any person without the prior written approval of the Bank.

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016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

184
(2) Subject to subsection (1), where an application for the winding up of an institution or approved person is presented to the High Court by a person other than the Bank—
(a) that person shall deliver a copy of the application to the
Bank at the same time as it is presented; and
(b) the Bank shall be party to the winding up proceedings and shall be entitled to appear and be heard in all proceedings relating to the application and to call, examine and cross-examine any witness.
(3) Any person who contravenes subsection (1) or paragraph (2)(a)
commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding five years or to a fine not exceeding ten million ringgit or to both.

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s 207Winding up by High Court on application by persons other than Bank

(1)

No application for the winding up of an institution or approved person may be presented to the High Court by any person without the prior written approval of the Bank.

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016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

184

(2)

Subject to subsection (1), where an application for the winding up of an institution or approved person is presented to the High Court by a person other than the Bank—

(a)

that person shall deliver a copy of the application to the

Bank at the same time as it is presented; and

(b)

the Bank shall be party to the winding up proceedings and shall be entitled to appear and be heard in all proceedings relating to the application and to call, examine and cross-examine any witness.

(3)

Any person who contravenes subsection (1) or paragraph (2)(a)

commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding five years or to a fine not exceeding ten million ringgit or to both.