Islamic Financial Services Act 2013 · s 172

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172.
Application of this Part to member institution
(1) Notwithstanding any other provision in this Part, in respect of an institution that is a member institution as defined under the Malaysia Deposit Insurance Corporation Act 2011—
(a) the Bank may exercise the following powers:
(i) the powers under sections 173 to 175 and paragraph 200(a); and
(ii) for the sole purpose of averting or reducing any risk to financial stability and where the institution has not ceased to be viable or is not considered by the Bank to be likely to become non-viable, the powers under the following provisions:
(A) paragraph 200(b);
(B) sections 201 and 202; and
(C) section 219; and
(b) the following provisions shall continue to apply:
(i) subsections 185(1) and (2) except where the application for the appointment of a receiver and manager to manage the whole or part of the business, affairs or property of a member

Islamic Financial Services                              165
institution is made by the Malaysia Deposit
Insurance Corporation;
(ii) subsection 185(3) and section 206; and
(iii) section 207 except where the application for the winding up of a member institution is presented by the Malaysia Deposit Insurance Corporation.
(2) For the avoidance of doubt, in respect of an institution that is a member institution as defined under the Malaysia Deposit
Insurance Corporation Act 2011, in relation to section 219, the provision shall be read to apply, only in relation to the powers that may be exercised by the Bank under subsection (1).
Removal of director, chief executive officer or senior officer

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s 172Application of this Part to member institution

(1)

Notwithstanding any other provision in this Part, in respect of an institution that is a member institution as defined under the Malaysia Deposit Insurance Corporation Act 2011—

(a)

the Bank may exercise the following powers:

(i)

the powers under sections 173 to 175 and paragraph 200(a); and

(ii)

for the sole purpose of averting or reducing any risk to financial stability and where the institution has not ceased to be viable or is not considered by the Bank to be likely to become non-viable, the powers under the following provisions:

(A)

paragraph 200(b);

(B)

sections 201 and 202; and

(C)

section 219; and

(b)

the following provisions shall continue to apply:

(i)

subsections 185(1) and (2) except where the application for the appointment of a receiver and manager to manage the whole or part of the business, affairs or property of a member

Islamic Financial Services 165

institution is made by the Malaysia Deposit

Insurance Corporation;

(ii)

subsection 185(3) and section 206; and

(iii)

section 207 except where the application for the winding up of a member institution is presented by the Malaysia Deposit Insurance Corporation.

(2)

For the avoidance of doubt, in respect of an institution that is a member institution as defined under the Malaysia Deposit

Insurance Corporation Act 2011, in relation to section 219, the provision shall be read to apply, only in relation to the powers that may be exercised by the Bank under subsection (1).

Removal of director, chief executive officer or senior officer