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

Part XV · Other Powers of Bank

224. Interpretation

(1)

For the purposes of section 225, unless the context otherwise requires—

“designated account” means an account opened in favour of any person by a financial institution as determined by the Bank;

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“foreign currency” includes—

(a)

currency notes or coins which are legal tender in any country, territory or place outside Malaysia;

(b)

any right to receive foreign currency—

(i)

in respect of any credit or balance at a licensed

Islamic bank or any other similar institution in or outside Malaysia; or

(ii)

from any person in or outside Malaysia; or

(c)

any document or device of a kind intended to enable the person to whom the document or device is issued to obtain foreign currency from another person on the credit of the person issuing it, and in particular, any traveller’s cheque or other draft or letter of credit so intended;

“giving or obtaining of guarantee” includes a renewal or extension of such guarantee;

“gold” means—

(a)

gold in whatever state or form other than gold which has been materially increased in value by skilled craftsmanship;

or

(b)

any right to receive gold—

(i)

in respect of any credit or balance at a licensed

Islamic bank or any other similar institution in or outside Malaysia; or

(ii)

from any person in or outside Malaysia;

“guarantee” includes the pledging of any Islamic security issued or registered in Malaysia or any other property in Malaysia to secure the repayment of a debt, obligation or liability;

“Islamic financial instrument” includes Islamic derivatives;

200

“Islamic securities” means shares, stock, bonds, notes (other than promissory notes), debentures, debentures stock, units under a unit trust scheme, shares in an oil royalty, a secondary security and returns, which are in compliance with Shariah, whether in scripless form or in bearer certificates, including certificates of title to Islamic securities or any letter of allotment which may be renounced, any letter of rights, any warrants conferring an option to acquire an Islamic security, any deposit certificate in respect of Islamic securities and such other documents conferring, or containing evidence of, rights to Islamic securities as may be specified by the Bank;

“issue” in relation to Islamic securities or Islamic financial instrument, means to bring or cause to be brought into existence those

Islamic securities or Islamic financial instrument, and the word

“issued” or “issuance” shall be construed accordingly;

“non-resident” means—

(a)

any person other than a resident;

(b)

an overseas branch, a subsidiary, regional office, sales office or representative office of a resident company;

(c)

Embassies, Consulates, High Commissions, supranational or international organizations; or

(d)

a Malaysian citizen who has obtained permanent resident status of a country or territory outside Malaysia and is residing outside Malaysia;

“payment” includes the act of transferring to, or placing to the credit of, a person, ringgit, foreign currency, Islamic financial instrument, gold, other precious metals or other valuable consideration, as the case may be, whether under an obligation or otherwise;

“person” means a natural person, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership or any other body, organization, association or group of persons, whether corporate or unincorporate and in addition includes the

Government, any State Government or any other government;

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“resident” means—

(a)

a citizen of Malaysia, excluding a citizen who has obtained permanent resident status in a country or a territory outside

Malaysia and is residing outside Malaysia;

(b)

a non-citizen of Malaysia who has obtained permanent resident status in Malaysia and is ordinarily residing in

Malaysia;

(c)

a body corporate incorporated or established, or registered with or approved by any authority, in Malaysia;

(d)

an unincorporated body registered with or approved by any authority in Malaysia; or

(e)

the Government or any State Government;

“ringgit” means currency notes or coins which are legal tender in

Malaysia and includes any right to receive ringgit in such form as may be specified by the Bank;

“settlement of a property” includes the making of any disposition, covenant, agreement or arrangement whereby the property becomes subject to a trust;

“transfer of Islamic securities” includes the buying, selling, borrowing or lending of Islamic securities.

(2)

Where under this Division, power is given to the Bank to require any person, or where any person is required under this

Division, to submit to the Bank any document or information—

(a)

the Bank may specify that the document or information shall be submitted, within a period, at such intervals, in the manner or form as may be specified by the Bank; and

(b)

such person shall not submit any document or information—

202

(i)

which he knows, or has reason to believe to be false or misleading in a material particular; or

(ii)

which is inaccurate or incomplete in respect of which there is a material error or omission, or any recurring error or omission.

Report

Read on from s 225

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