177. Circumstances for exercise of Bank’s power

Where the Bank is of the opinion that any of the following circumstances exist in respect of an institution:

the institution has breached or contravened any provision of this Act, the Central Bank of Malaysia Act 2009 or any written law, regardless that there has been no prosecution or other action in respect of the breach or contravention;

the institution has failed to comply with any direction under section 168;

the assets of the institution are not sufficient to give adequate protection to its depositors, investment account holders, takaful participants, participants, users or creditors, as the case may be;

the capital of the institution has reached a level or is eroding in a manner that may detrimentally affect its depositors, investment account holders, takaful participants, participants, users, creditors or the public generally;

the institution has become or is likely to become insolvent or is likely to become unable to meet all or any of its obligations; or

any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the depositors, investment account holders, takaful participants, participants, users or creditors of the institution or the owners of any assets under the licensed person’s administration, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Malaysia or elsewhere in respect of the holding company of the institution, including its financial holding company, the Bank may exercise its powers under this Division or Division 3.