Islamic Financial Services Act 2013 · s 171

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s 171Additional provisions relating to paragraph 168(2)(b)

(1)

A direction issued pursuant to paragraph 168(2)(b) may direct the licensed person to issue shares or other capital instruments of a kind specified in the direction.

(2)

Where the licensed person issues shares or other capital instruments in compliance with a direction pursuant to subsection (1), the licensed person shall give a notice in writing to the members of the licensed person to subscribe to the shares or other capital instruments within the period specified in the notice.

164

(3)

Where a member of the licensed person does not subscribe to the shares or other capital instruments within the period specified in the notice given by the licensed person pursuant to subsection (2), the

Bank may issue a further direction pursuant to subsection 168(1) to the licensed person requiring the licensed person to allot the shares or other capital instruments to a person determined by the Bank.