Islamic Financial Services Act 2013 · s 221

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221.
Assessor Committee
(1) Any person aggrieved by the transacted price as a result of—

194
(a) a sale or disposal of the whole or part of the business or property of a licensed person or an operator of a designated payment system by the Bank or the appointed person under subsection 180(6); or
(b) a compulsory transfer of the whole or part of the business, assets or liabilities of a licensed person pursuant to section 188, may, within twenty-one days from the date of such sale, disposal or transfer, appeal on the transacted price to the Assessor Committee by submitting an appeal in writing to the Bank.
(2) Where any person appeals under subsection (1), the Bank shall constitute an Assessor Committee consisting of three independent persons as members of the Assessor Committee, drawn from a panel of ten persons appointed by the Minister on the recommendation of the Bank and refer the appeal to the Assessor Committee to assess the reasonableness of the transacted price.
(3) The Assessor Committee constituted under subsection (2) may determine its own procedures.
(4) In assessing the reasonableness of the transacted price, the
Assessor Committee shall have regard to such matters it considers relevant including the prevailing market conditions for the sale or transfer of similar property, business, assets or liabilities of the licensed person or operator of a designated payment system.
(5) Where the Assessor Committee decides that—
(a) the transacted price is less than the price that in its opinion is the reasonable price for the property, business, assets or liabilities, it shall advise the Bank to pay the difference between the transacted price and the reasonable price; or
(b) the transacted price is in its opinion the reasonable price, it shall advise the Bank accordingly.
(6) The Bank shall notify the aggrieved person in writing of the
Assessor Committee’s decision under subsection (5).
(7) Notwithstanding subsection (5), where the institution is insolvent and the whole of the property, business, assets or liabilities

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of the licensed person or an operator of a designated payment system is sold or disposed of by the Bank or the appointed person under subsection 180(6), or transferred by the Bank under section 188, a consideration of one ringgit shall be deemed to be reasonable as the transacted price.
(8) The sale or disposal of the whole or part of the business or property under subsection 180(6) or the transfer of the whole or part of the business, assets or liabilities under section 188 shall take effect despite any appeal to or any decision made by, the Assessor
Committee.
(9) A decision of the Assessor Committee is final and binding on the parties to the appeal.

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s 221Assessor Committee

(1)

Any person aggrieved by the transacted price as a result of—

194

(a)

a sale or disposal of the whole or part of the business or property of a licensed person or an operator of a designated payment system by the Bank or the appointed person under subsection 180(6); or

(b)

a compulsory transfer of the whole or part of the business, assets or liabilities of a licensed person pursuant to section 188, may, within twenty-one days from the date of such sale, disposal or transfer, appeal on the transacted price to the Assessor Committee by submitting an appeal in writing to the Bank.

(2)

Where any person appeals under subsection (1), the Bank shall constitute an Assessor Committee consisting of three independent persons as members of the Assessor Committee, drawn from a panel of ten persons appointed by the Minister on the recommendation of the Bank and refer the appeal to the Assessor Committee to assess the reasonableness of the transacted price.

(3)

The Assessor Committee constituted under subsection (2) may determine its own procedures.

(4)

In assessing the reasonableness of the transacted price, the

Assessor Committee shall have regard to such matters it considers relevant including the prevailing market conditions for the sale or transfer of similar property, business, assets or liabilities of the licensed person or operator of a designated payment system.

(5)

Where the Assessor Committee decides that—

(a)

the transacted price is less than the price that in its opinion is the reasonable price for the property, business, assets or liabilities, it shall advise the Bank to pay the difference between the transacted price and the reasonable price; or

(b)

the transacted price is in its opinion the reasonable price, it shall advise the Bank accordingly.

(6)

The Bank shall notify the aggrieved person in writing of the

Assessor Committee’s decision under subsection (5).

(7)

Notwithstanding subsection (5), where the institution is insolvent and the whole of the property, business, assets or liabilities

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of the licensed person or an operator of a designated payment system is sold or disposed of by the Bank or the appointed person under subsection 180(6), or transferred by the Bank under section 188, a consideration of one ringgit shall be deemed to be reasonable as the transacted price.

(8)

The sale or disposal of the whole or part of the business or property under subsection 180(6) or the transfer of the whole or part of the business, assets or liabilities under section 188 shall take effect despite any appeal to or any decision made by, the Assessor

Committee.

(9)

A decision of the Assessor Committee is final and binding on the parties to the appeal.