Islamic Financial Services Act 2013 · s 19

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

19.
Surrender of licence or notification on cessation of business or operations
(1) A licensed person may surrender its licence to the Bank and upon surrendering, the licensed person shall provide a written notice of its surrender to the Bank.
(2) An approved person shall submit a written notice to the
Bank if it ceases to carry on its business.
(3) An approved representative office shall submit a written notice to the Bank if it ceases operations.
(4) The surrender under subsection (1) or the notification under subsection (2) or (3) shall take effect on the date the Bank receives such notice or where a later date is specified in the notice, on that date.
(5) The Bank—
(a) shall publish in the Gazette, as soon as practicable, a notice of a surrender of a licence under subsection (1); or
(b) may publish a notice of cessation of business under subsection
(2)
or cessation of operations under subsection (3) in such form as the Bank deems appropriate.

Islamic Financial Services                              63
(6) Any person who contravenes subsection (1), (2) or (3) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five million ringgit or to both.

Effect of revocation, surrender, notification on cessation of business or operations, and expiry

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 19Surrender of licence or notification on cessation of business or operations

(1)

A licensed person may surrender its licence to the Bank and upon surrendering, the licensed person shall provide a written notice of its surrender to the Bank.

(2)

An approved person shall submit a written notice to the

Bank if it ceases to carry on its business.

(3)

An approved representative office shall submit a written notice to the Bank if it ceases operations.

(4)

The surrender under subsection (1) or the notification under subsection (2) or (3) shall take effect on the date the Bank receives such notice or where a later date is specified in the notice, on that date.

(5)

The Bank—

(a)

shall publish in the Gazette, as soon as practicable, a notice of a surrender of a licence under subsection (1); or

(b)

may publish a notice of cessation of business under subsection

(2)

or cessation of operations under subsection (3) in such form as the Bank deems appropriate.

Islamic Financial Services 63

(6)

Any person who contravenes subsection (1), (2) or (3) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five million ringgit or to both.

Effect of revocation, surrender, notification on cessation of business or operations, and expiry