Islamic Financial Services Act 2013 · s 188

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188.
Order for compulsory transfer of business, assets or liabilities
(1) The Minister shall, on the recommendation of the Bank, designate in writing a body corporate established or acquired by the
Bank under paragraph 48(1)(da) of the Central Bank of Malaysia Act 2009 as a bridge institution for the purposes of vesting in such body corporate the business, assets or liabilities of a licensed person referred to in subsection (2).
(2) Where any of the circumstances set out in section 177 exist in respect of a licensed person, the Bank may, with the prior approval of the Minister, by an order in writing, vest in a bridge institution or any other person, the whole or part of the business, assets or liabilities of such licensed person.
(3) For purposes of subsection (2), the Third Schedule of the
Central Bank of Malaysia Act 2009 shall apply in relation to an order of the Bank under this Subdivision and such order shall be binding on all persons to whom the order is made or who are affected by the order.

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s 188Order for compulsory transfer of business, assets or liabilities

(1)

The Minister shall, on the recommendation of the Bank, designate in writing a body corporate established or acquired by the

Bank under paragraph 48(1)(da) of the Central Bank of Malaysia Act 2009 as a bridge institution for the purposes of vesting in such body corporate the business, assets or liabilities of a licensed person referred to in subsection (2).

(2)

Where any of the circumstances set out in section 177 exist in respect of a licensed person, the Bank may, with the prior approval of the Minister, by an order in writing, vest in a bridge institution or any other person, the whole or part of the business, assets or liabilities of such licensed person.

(3)

For purposes of subsection (2), the Third Schedule of the

Central Bank of Malaysia Act 2009 shall apply in relation to an order of the Bank under this Subdivision and such order shall be binding on all persons to whom the order is made or who are affected by the order.