Islamic Financial Services Act 2013 · s 105

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s 105Notification on acquisition or disposal of interest in shares of licensed person

(1)

Where it comes to the knowledge of a director or an officer of a licensed person or a financial holding company that—

(a)

any agreement or arrangement as referred to in section 99

or 101 has been or is about to be effected; or

(b)

any person approved by the

Bank under paragraph 102(3)(a)

or the

Minister under subsection 102(6) in respect of subsection 99(2) or 100(1), has failed to comply or is likely to fail to comply with standards as may be specified under subsection 103(1), the director or officer shall immediately notify the Bank of all such information which is within his knowledge.

(2)

No director or officer shall be liable to any action for defamation at the suit of any person or be subject to any disciplinary proceedings in respect of the notification under subsection (1)

made by the director or officer without malice.

Action by Bank in event of breach