Islamic Financial Services Act 2013 · s 291

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291.
Savings in respect of Islamic deposits accepted by co-operative societies
(1) Subject to the provision of this section, nothing contained in sections 149 and 150 shall render invalid any Islamic deposit accepted lawfully by a co-operative society from a person who is not a member of such co-operative society before the appointed date provided that such co-operative society shall, within six months from the appointed date or such longer period as may be specified by the
Bank, submit an application to the Bank together with such documents or information as may be specified by the Bank for it to continue accepting Islamic deposits from non-members.
(2) The Bank may approve, with or without conditions, or reject the application referred to in subsection (1) and a co-operative society so approved shall comply with any condition imposed on it by the
Bank.
(3) The Bank may grant an approval under subsection (2) if the
Bank is satisfied that such co-operative society has given a written undertaking that it will comply with such conditions as may be imposed by the Bank under subsection (2).
(4) Section 270 shall apply to a written undertaking given under this section.
(5) The Bank may, at any time, in writing amend or revoke any existing condition imposed on such approval under subsection (2) or impose any new condition thereto.

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s 291Savings in respect of Islamic deposits accepted by co-operative societies

(1)

Subject to the provision of this section, nothing contained in sections 149 and 150 shall render invalid any Islamic deposit accepted lawfully by a co-operative society from a person who is not a member of such co-operative society before the appointed date provided that such co-operative society shall, within six months from the appointed date or such longer period as may be specified by the

Bank, submit an application to the Bank together with such documents or information as may be specified by the Bank for it to continue accepting Islamic deposits from non-members.

(2)

The Bank may approve, with or without conditions, or reject the application referred to in subsection (1) and a co-operative society so approved shall comply with any condition imposed on it by the

Bank.

(3)

The Bank may grant an approval under subsection (2) if the

Bank is satisfied that such co-operative society has given a written undertaking that it will comply with such conditions as may be imposed by the Bank under subsection (2).

(4)

Section 270 shall apply to a written undertaking given under this section.

(5)

The Bank may, at any time, in writing amend or revoke any existing condition imposed on such approval under subsection (2) or impose any new condition thereto.

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