Islamic Financial Services Act 2013 · s 202

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s 202Application for moratorium

(1)

Where the Bank, in the interests of the depositors, investment account holders or takaful participants of an institution or participants, has issued a direction prohibiting an institution from carrying on all or part of its business under this Act, the Bank may apply to the High Court and the High Court may, on the application of the Bank, make an order staying for a period not exceeding six months, the commencement or continuance of any proceedings of a civil nature by or against the institution with respect to any of its business and the High Court may, upon hearing an ex parte originating summons filed by the Bank, make the order.

(2)

Where an order has been made under subsection (1), the Bank shall notify that fact in the Gazette.

Winding up

Subdivision 1 –General provisions on winding up