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mylaw.myby aturio
In forceUpdated to 2 Jan 2025Read it in Bahasa Malaysia
Contents

Part VII · Ownership, Control and Transfer of Business

104. Maximum permissible holdings

(1)

Unless with the prior written approval of the Bank, no individual shall hold more than ten per cent of interest in shares of a licensed person.

(2)

The Bank may grant an approval under subsection (1) if the

Bank is satisfied that—

(a)

the aggregate holding of interest in shares of the licensed person by the individual would not result in him having the power to exercise control over the licensed person; and

(b)

such individual has given a written undertaking that he will not, either directly or indirectly through any person connected to him, exercise any control over the licensed person.

Islamic Financial Services 113

(3)

Section 270 shall apply to a written undertaking given under this section.

Report

Read on from s 105

Part VIII

Financial Groups

Read on from Part VIII

Part VI

Part VI—

Read on from Part VI

Part IX

Business Conduct and Consumer Protection

Read on from Part IX

Part X

Islamic Money Market and Islamic Foreign Exchange Market

Read on from Part X

Part XI

Submission of Document or Information

Read on from Part XI

Part XII

Examination

Read on from Part XII

Part XIII

Directions of Compliance

Read on from Part XIII

Part XIV

Intervention and Remedial Action

Read on from Part XIV

Part XV

Other Powers of Bank

Read on from Part XV

Part XVI

Enforcement and Penalties

Read on from Part XVI

Part XVII

General Provisions

Read on from Part XVII

Part XVIII

Repeal, Savings and Transitional

Read on from Part XVIII

Schedules