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In forceUpdated to 2 Jan 2025Read it in Bahasa Malaysia
Contents

Part III · Authorization

Section 20

(1)

Where—

(a)

the Minister revokes a licence of a licensed person under section 18;

(b)

the Bank revokes an approval of an approved representative office under subsection 17(6) or (7) or an approved person under section 18;

(c)

a surrender of a licence by a licensed person or notification by an approved person on the cessation of its business or an approved representative office on the cessation of its operations has taken effect under subsection 19(4); or

(d)

an approval granted to an approved person under section 11 has expired, such person or representative office shall immediately cease to carry on its business or operations, as the case may be.

(2)

Notwithstanding the revocation, surrender, notification on the cessation of business or operations, or expiry referred to in subsection (1), the person or representative office referred to in subsection (1) shall continue—

(a)

to be subject to this Act to the same extent as an authorized person or approved representative office, as the case may be; and

(b)

to discharge its obligations,

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until the Bank is satisfied that the person or representative office has discharged its obligations, or that adequate arrangements have been made to discharge its obligations, which remain undischarged at the time of revocation, surrender, notification on the cessation of business or operations or expiry, as the case may be.

(3)

A revocation, surrender, notification on the cessation of business or operations or expiry referred to in subsection (1) shall not operate so as to—

(a)

avoid or affect any agreement, arrangement or transaction entered into by the person or representative office referred to in subsection (1) with any person; or

(b)

affect any right, obligation or liability arising under any such agreement, arrangement or transaction.

(4)

Any person who contravenes subsection (1) or fails to discharge its obligations under subsection (2) 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.

Report

Read on from s 21

Part IV

Shariah Requirements

Read on from Part IV

Part V

Payment Systems

Read on from Part V

Part VI

Prudential Requirements

Read on from Part VI

Part VII

Ownership, Control and Transfer of Business

Read on from Part VII

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