185. Appointment of receiver and manager by persons other than Bank

Any person may make an application to the High Court for the appointment of a receiver and manager to manage the whole or part of the business, affairs or property of a licensed person, an approved person or operator of a designated payment system, as the case may be, by giving prior written notice of thirty days to the Bank of its intention to do so.

Where an application is made to the High Court for an order to appoint a receiver and manager to manage the whole or part of the business, affairs or property of a licensed person, an approved person or operator of a designated payment system, as the case may be, that person shall, as soon as practicable, deliver a sealed copy of the application to the Bank.

Where, pursuant to an Islamic instrument or any other instrument, a receiver and manager is appointed over the whole or part of the business, affairs or property of a licensed person, an approved person or operator of a designated payment system, as the case may be, by a person other than the Bank, that person shall immediately notify the Bank of the appointment.

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 five years or to a fine not exceeding ten million ringgit or to both.