Islamic Financial Services Act 2013 · s 112

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112.
Approval required for business transfer scheme
(1) No person shall enter into an agreement or arrangement for a scheme to transfer the whole or any part of the business of a licensed person, except with the prior written approval of the Bank.
(2) For the purposes of subsection (1), in the case of a licensed international takaful operator or professional retakaful operator which is a foreign institution, a reference to “business” in subsection (1) is a reference to its Malaysian business as may be specified by the Bank.
(3) The transferor and transferee shall jointly submit an application for the approval of the Bank together with such documents or information as may be specified by the Bank.

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016
[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

Islamic Financial Services                              119
(4) Where an agreement or arrangement for a business transfer scheme proposes to transfer the whole business, or a material part of the business of a licensed person, the Bank shall, prior to giving approval—
(a) be satisfied that the proposed agreement or arrangement is not prejudicial to—
(i) the interests of any person likely to be affected by the scheme; and
(ii) the safety and soundness of such licensed person; and
(b) obtain the concurrence of the Minister in respect of the proposed agreement or arrangement.
(5) For the purpose of subsection (4), the Bank may, after consultation with the Minister, specify what constitutes a material part of the business of a licensed person.
(6) The Bank may approve an application submitted under subsection (3), with or without conditions, or reject the application.
(7) The Bank shall notify the transferor and transferee of its decision under subsection (6) in writing.

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s 112Approval required for business transfer scheme

(1)

No person shall enter into an agreement or arrangement for a scheme to transfer the whole or any part of the business of a licensed person, except with the prior written approval of the Bank.

(2)

For the purposes of subsection (1), in the case of a licensed international takaful operator or professional retakaful operator which is a foreign institution, a reference to “business” in subsection (1) is a reference to its Malaysian business as may be specified by the Bank.

(3)

The transferor and transferee shall jointly submit an application for the approval of the Bank together with such documents or information as may be specified by the Bank.

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

Islamic Financial Services 119

(4)

Where an agreement or arrangement for a business transfer scheme proposes to transfer the whole business, or a material part of the business of a licensed person, the Bank shall, prior to giving approval—

(a)

be satisfied that the proposed agreement or arrangement is not prejudicial to—

(i)

the interests of any person likely to be affected by the scheme; and

(ii)

the safety and soundness of such licensed person; and

(b)

obtain the concurrence of the Minister in respect of the proposed agreement or arrangement.

(5)

For the purpose of subsection (4), the Bank may, after consultation with the Minister, specify what constitutes a material part of the business of a licensed person.

(6)

The Bank may approve an application submitted under subsection (3), with or without conditions, or reject the application.

(7)

The Bank shall notify the transferor and transferee of its decision under subsection (6) in writing.