Islamic Financial Services Act 2013 · s 191

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191.
Designation of bridge institution
(1) Where the Minister designates a bridge institution under section 188—
(a) the designation shall expire two years after it is made, unless the designation is—
(i) extended under paragraph (b); or
(ii) terminated under paragraph (c);
(b) the Minister may, on the recommendation of the Bank, extend the designation for one or more periods each of which may not exceed one year; and
(c) the designation shall terminate on the earlier of the date of occurrence of any one of the following events:
(i) the Bank ceases to hold shares in the bridge institution;

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(ii) all or a substantial amount of the assets of the bridge institution are acquired, or all or a substantial amount of the liabilities of the bridge institution are assumed, or both, by a person that is not a bridge institution; or
(iii) the Minister, on the recommendation of the Bank, decides that the designation shall be terminated.
(2) Where a bridge institution changes its company name within twelve months before or after such designation, the bridge institution shall be exempt from stating or otherwise showing the former name on any seal, document or instrument whatsoever.

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s 191Designation of bridge institution

(1)

Where the Minister designates a bridge institution under section 188—

(a)

the designation shall expire two years after it is made, unless the designation is—

(i)

extended under paragraph (b); or

(ii)

terminated under paragraph (c);

(b)

the Minister may, on the recommendation of the Bank, extend the designation for one or more periods each of which may not exceed one year; and

(c)

the designation shall terminate on the earlier of the date of occurrence of any one of the following events:

(i)

the Bank ceases to hold shares in the bridge institution;

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(ii)

all or a substantial amount of the assets of the bridge institution are acquired, or all or a substantial amount of the liabilities of the bridge institution are assumed, or both, by a person that is not a bridge institution; or

(iii)

the Minister, on the recommendation of the Bank, decides that the designation shall be terminated.

(2)

Where a bridge institution changes its company name within twelve months before or after such designation, the bridge institution shall be exempt from stating or otherwise showing the former name on any seal, document or instrument whatsoever.